Market Size of Brain Mapping Instruments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Brain Mapping Instruments Market Analysis
- The brain mapping instruments market is expected to grow at a CAGR of 5.8% during the forecast period.
- COVID-19 is an incomparable global public health emergency that has affected almost every industry. For instance, according to the article published in the Journal of Alzheimer's Diseases in December 2021, COVID-19 is not only confined to the respiratory system but also leads to neurological and neuropsychiatric disorders. This suggests that the virus can affect the central nervous system (CNS), which may result in cognitive impairment after COVID-19 subsides. As a result, neurological diseases worsened in COVID-19 patients. This created a demand for brain mapping instruments-this significantly impacted market growth during the pandemic.
- The global incidence and prevalence of neurological disorders like dementia, epilepsy, Parkinsonism, Huntington's, multiple sclerosis (MS), brain stroke, and cerebral palsy (CP) increased significantly over the years. Brain disorders are the leading cause of morbidity around the world.
- For instance, according to the September 2021 update by the World Health Organization (WHO), about 55 million people worldwide were living with dementia in 2021, and nearly 10 million cases are reported every year. As per the same source, Alzheimer's is the most common form of dementia and constitutes about 60%-70% of the total cases of dementia. With the growing prevalence of Alzheimer's worldwide, the demand for brain mapping instruments is expected to increase during the forecast period.
- Additionally, technological advancement in the product and product launches by the key market players is likely to support the market's growth. For instance, in July 2021, Omniscient Neurotechnology, a pioneering brain mapping software company, received United States FDA (USFDA) clearance for Quicktome, a digital brain mapping platform that allows neurosurgeons to visualize and understand a patient's brain network before performing life-changing brain surgery.
- Additionally, in January 2021, South Korean biomedical start-up iMediSync designed an EEG digital biomarker for the early detection of Alzheimer's dementia on its AI cloud platform. Thus, all the above-mentioned factors are expected to boost market growth over the forecast period.
- However, the high cost of brain mapping instruments may restrain the market growth.
