The increasing incidence of neurological disorders, rising awareness about neurodegenerative diseases, growth in the number of traumatic brain injuries, and technological advancements are major factors driving the demand for brain monitoring devices. On the other hand, the shortage of trained professionals to effectively operate brain monitoring devices and unfavorable reimbursement policies are restraining the growth of Brain Monitoring Market.
Based on end user, the brain monitoring market is segmented into hospitals, neurology centers, clinics and ambulatory surgical centers (ASCs), ambulances, and other end users. In 2016, the hospitals segment is expected to dominate the global brain monitoring market. Hospitals have access to all kinds of equipment for proper diagnosis and also the inflow of patients is considerably higher in hospitals as compared to other healthcare settings. Moreover, hospitals have a better capacity to afford the high installation and maintenance costs of these complex devices. As a result, the adoption of brain monitoring devices is higher in hospitals as compared to other healthcare settings.
Based on region, the global brain monitoring market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is expected to account for the largest share of the market by the end of 2016. This large share can be attributed to the increase in the geriatric population, growing incidence of various neurodegenerative and sleep disorders, availability of insurance coverage for brain monitoring techniques, government initiatives to support technological advancement in the field of neurosciences, and increasing awareness about the benefits of early diagnosis of diseases.
The key growth strategies adopted by the top players profiled in the report include partnerships, collaborations, contracts, and agreements; approvals, clearances and product/technology launches and upgrades; expansions; acquisitions; and other strategies (include investments, grants, and funding).
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Prominent players in the brain monitoring market include Natus Medical Inc. (U.S.), Nihon Kohden Corporation (Japan), Philips Healthcare (Netherlands), GE Healthcare (U.K.), Siemens Healthineers (Germany), Compumedics Ltd. (Australia), Electrical Geodesics Incorporated (U.S.), Medtronic plc (Ireland), CAS Medical Systems, Inc. (U.S.), and Advanced Brain Monitoring (U.S.).
The brain monitoring is a highly fragmented market with several big as well as emerging players fighting to secure a larger market share. The majority of the companies in the brain monitoring market are based in the U.S.
Partnerships, agreements, contracts, and collaborations accounted for the largest share of the total growth strategies adopted by key players in the brain monitoring market. Companies adopted this strategy to develop advanced products in the market, strengthen their market shares, expand their customer base, and cater to the unmet needs of their customers. Philips Healthcare (Netherlands), GE Healthcare (U.K.), Compumedics Limited (Australia), Electrical Geodesics, Inc. (U.S.), CAS Medical Systems, Inc. (U.S.), and Advanced Brain Monitoring (U.S.) are some of the leading companies that adopted this strategy.
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