Global Non-Invasive Brain Trauma Monitoring Devices Market Is Expected to Reach USD 18.30 Billion by 2027 : Fior Markets
Fior Market Research LLP
7 min read
Non-Invasive Brain Trauma Monitoring Devices Market by Product (Monitoring Devices, Consumables), End-Use (Hospitals, Neurological Centers, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
Newark, NJ, Aug. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global non-invasive brain trauma monitoring devices market is expected to grow from USD 10.12 billion in 2019 to USD 18.30 billion by 2027, at a CAGR of 7.7% during the forecast period 2020-2027.
There are certain key factors that are driving the growth of the global non-invasive brain trauma monitoring devices market such as the increasing incidences of TBIs (Traumatic Brain Injuries) and the rising preference of non-invasive or minimally invasive medical devices. Minimally Invasive Surgery (MIS) is less traumatic & painful for patients and comes with fewer complications, which enables quicker healing. Other factors like technological advancement in medical science and growing awareness of neurological disorders are also boosting the growth of the market.
Neurological devices are of two types, invasive and non-invasive. Invasive devices are inserted inside the brain, whereas non-invasive devices operate externally. Invasive devices like intracranial pressure monitors are usually used in severe cases. Non-invasive brain trauma monitoring devices are medical devices that monitor pressure and electrical & neural activity inside the brain. In case of any brain complications or injury, like trauma, epilepsy, or even brain death, these devices assist in analyzing the rate of blood flow in veins & arteries in the brain. Non-invasive brain trauma monitoring devices monitor the brain without being invasive as well as provide accurate results quickly & safely. These devices have been observed as an advantage to neurologists worldwide. For this market, the key demographic comprises of individuals over 60 years old. This portion of the population is at a higher risk for TBIs and their co-morbidities. The increase in the elderly population is driving the market growth.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the non-invasive brain trauma monitoring devices market. With less disposable income and broken supply chains, the growth of the market is expected to slow down. Another factor that is hampering the growth of this market is the high cost of such devices.
Key players operating in the global non-invasive brain trauma monitoring devices market include Natus Medical, Inc., Philips Healthcare, Nihon Kohden Corporation, GE Healthcare, Advanced Brain Monitoring, Integra LifeSciences, CAS Medical Systems, Inc., Compumedics Ltd., Siemens, and Medtronic Plc., among others. To gain a significant market share in the global non-invasive brain trauma monitoring devices market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. GE Healthcare and Medtronic Plc are some of the biggest manufacturers and suppliers of non-invasive brain trauma monitoring devices in the global market.
Monitoring devices dominated the market and held the largest market share of 63.1% in the year 2019
The product segment comprises of monitoring devices and consumables. The monitoring devices segment is further divided into MRI scanners, PET scanners, CT scanners, magnetoelectroencephalography (MEG), electroencephalography, intracranial pressure monitoring, and other devices. The consumables segment is further divided into sensors, electrodes, fiber optic cables, and others. Monitoring devices dominated the market and held the largest market share of 63.1% in the year 2019. This is due to the rising demand for such devices globally owing to new healthcare settings. However, the consumables segment is expected to grow at a high growth rate during the projected period due to the repeated purchasing of consumables & their maintenance activities.
Hospital dominated the market and valued at USD 9.13 Billion in the year 2019
The end-use segment consists of hospitals, neurological centers, and other centers like ambulatory surgical settings. Hospital dominated the market and valued at USD 9.13 Billion in the year 2019. This is because of factors such as the greater number of surgeries performed in hospitals and the strong financial capabilities of hospitals relative to other centers. And the neurological segment has been projected to grow at a significant rate over the forecasted period because of its effectiveness in treating patients.
Regional Segment Analysis of the Non-Invasive Brain Trauma Monitoring Devices Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global non-invasive brain trauma monitoring devices market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 45.79% in the year 2019. This is mainly due to factors like having a developed economy, high per capita income, preventive diagnosis initiatives, and an advanced healthcare system. The APAC region is forecasted to grow at the highest CAGR over the projected period due to key factors like rapid development of medical technology, improving economic conditions, growing geriatric populous, and high population in general. Economic developments in emerging economies like India and China are expected to boost the demand for these products.
The global non-invasive brain trauma monitoring devices market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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