Brain Monitoring Devices Market Trends

Growth Drivers

• Rising awareness for advanced care of neurological conditions: The rising awareness for neurological disorders has resulted in the need for brain monitoring devices. According to a report published by the Lancet Neurology in 2021, more than 3 million people globally are diagnosed with a neurological condition. In 2022, the World Health Assembly, adopted the Neurology Action Plan to foster research and innovation in neurological care. Due to the progressive nature of neurological conditions, the requirement for brain monitoring devices will continue to grow steadily going ahead.
• Increased regulatory approvals: There has been a positive trend of approvals for brain monitoring devices in recent years. In February 2022, the FDA approved Neurosteer’s brain monitoring system while in March 2022, approval was granted to SedLine’s brain function monitoring electroencephalogram (EEG) sensor system. Due to the increased focus on advanced neurological care and continuous technological innovations, the regulatory hurdles have lessened. An increasing rate of regulatory approvals in the market boosts its growth as more products can be introduced to help the end user.
• Technological innovations and increasing clinical studies: A key growth factor boosting brain monitoring devices market growth has been the increasing number of clinical studies conducted on brain monitoring wearable devices. As per a study conducted by the American Stroke Association in February 2020, wearable non-invasive brain stimulation devices can improve motor functions in patients suffering from stroke. In March 2021, a clinical trial was conducted by Brain Scientific Inc. to improve its Cognilum brain monitoring device.
  
  Another study on brain implants by Neuralink Corp is currently underway, and expected to be completed by 2026. This implant may give paralyzed patients the ability to operate digital devices by their thoughts. The innovation-oriented approach lays the groundwork for the continuous growth of the market.

Challenges

• High cost of treatments: The cost of neurological treatments is high and can be unaffordable for patients in developing nations. Since the application of the devices are intricate, they also incur high costs in application which can deter a lot of end users. The lack of investments in the healthcare sector in certain emerging economies can prove to be a restraint for the growth of the market. Another roadblock to the growth is the safety concerns associated with the devices.
• High rate of complexity of the devices: The brain monitoring devices can be complex to put into application and require trained healthcare professionals to implement. A lot of emerging economies struggle to fill the gap in the lack of trained workforce in the healthcare sector which hampers the brain monitoring devices market growth. The reimbursement policies in emerging economies can often be unfavorable which adds to the indirect expenses in the maintenance of these devices. Market growth can be affected due to the lack of cost-effectiveness in the application of these devices.