Brain health devices are used in the treatment of neurological disorders such as Alzheimer disease and other dementias, epilepsy, cerebrovascular diseases, including stroke, migraine, and other headache disorders, Parkinson’s disease, multiple sclerosis, neuroinfections, brain tumors, traumatic disorders of the nervous system due to head trauma and neurological disorders as a result of malnutrition. Neurological disorders may also occur due to various infections such as viral infection (Zika virus), bacterial infection (Neisseria meningitides), and fungal infection (Cryptococcus). Click to Read More On Brain Health Devices Market
According to the World Health Organization (WHO), in 2016, around 450 millions of people were affected by neurological disorders across the world. Around 50 million people were reported to be suffering from epilepsy across the globe and over 6 million people die due to stroke each year. Brain health devices such as CT scan, MRI, EEG, MEG, Transcranial Doppler (TCD) devices are commonly used to monitor brain activity.
Rising prevalence of Alzheimer’s disease is expected to boost market growth
The major factor contributing to growth of the brain health devices market is the rising number of Alzheimer’s cases. For instance, According to the Alzheimer’s Association, in 2017, over 5 million people are estimated to be suffering from Alzheimer’s disease, which is also reported to be the sixth-leading cause of death in the U.S.
Furthermore, growing geriatric population, rising number of traumatic brain injury cases, and rampant advancements in technology such as brain biomarkers, gene therapy, stem cell therapy and smart brain prosthetics are contributing to growth of the brain health devices market. Furthermore, diagnosis and treatment neurodegenerative diseases through the microbiome and neuroimaging techniques further augments market growth. However, high costs of these devices are responsible for hindering market growth.
FDA approval of the first handheld medical device Ahead 300 launched by BrainScope is expected to propel the brain health devices market
Major players involved in the global brain health devices market include BrainScope Company, Inc., Bio-Signal Group Corp., Cadwell Industries, Inc. Advanced Brain Monitoring, Inc., Compumedics Ltd., Elekta, DePuy Synthes, Electrical Geodesics, Inc., Medtronic, GE Healthcare, MEG International Services Ltd, Natus Medical, Inc., Neurowave Systems Inc., Nihon Kohden Corporation, and Philips Healthcare.
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The key players are focusing on strategic mergers and acquisitions and development of innovative products. For instance, in 2016, Food and Drug Administration (FDA) approved the first handheld medical device named Ahead 300, launched by BrainScope Company, Inc. for assessing traumatic brain injury.