Brain Mapping Instruments Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Brain Mapping Instruments Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Brain Mapping Instruments market studied is expected to grow with an estimated CAGR of 5.8%, over the forecast period (2021-2026).

Covid 19 is likely to impact the brain mapping instruments market. COVID-19 is an incomparable global public health emergency that has affected almost every industry, and long-term effects are also impacting the growth during the forecast period. The changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. Coronavirus (COVID-19) has emerged as a human catastrophe worldwide, In 2021, according to an article titled, “Brain Stress Mapping in COVID-19 Survivors Using MR Spectroscopy: New Avenue of Mental Health Status Monitoring”, reported that the disease is not confined to the respiratory system but also leads to neurological and neuropsychiatric disorders suggesting that the virus is potent to affect the central nervous system (CNS), which may result in Cognitive impairment after covid subsides.

This pandemic situation leads to a significant increase in the demand for remote monitoring and patient engagement solutions. Most of the hospitals and healthcare setups are trying to improve the patient monitoring to home care settings to provide optimal care. The COVID 19 is likely to harm the brain mapping instrument business especially due to the hospitals are focusing on setting up with COVID 19 ICU (Intensive Care Units) along with temporary closing of production and manufacturing sites in major affected regions across the globe. This fluctuation in market growth is expected to last until the next few quarters.

The global incidence and prevalence of neurological disorders, like dementia, epilepsy, Parkinsonism, Huntington’s, multiple sclerosis (MS), Brain stroke, and cerebral palsy (CP), have increased significantly over the years. Brain disorders are the main cause of morbidity around the world. The American Medical Association (AMA) estimates that at least 60% of individuals aged 65 years and above will be suffering from any chronic condition by 2030. In June 2019, WHO (World Health Organization) data estimates, the number of people affected with epilepsy was approximately 50 million of this, nearly 80% live in low- and middle-income countries. The increasing prevalence of brain disorders made people look forward to and examine the brain and neurological functions. The risk of these neurological disorders and conditions increases with age. Rising health concerns and rising adoption of new technology are some of the key factors driving the growth of the brain mapping instruments market, as well as the rising number of diagnostics centers is also driving the growth of the brain mapping instruments market.

Computed Axial Tomography (CAT) is anticipated to hold the major share of revenue in the product type over the forecast period owing to its usage in X-ray procedures. Scanning with CAT is usually performed to monitor the internal structure of the human body so that doctors can treat patients more accurately. This helps physicians to clear visualizations of the small nodules and tumors which normal X-rays cannot depict, as well as also generates 3D images of the internal organs of the body. In February 2020, an article titled, “Clinical features of patients infected with 2019 novel coronavirus in Wuhan, China” stated that the chest imaging findings of COVID-19 included bilateral lung involvement and ground-glass opacities in the majority of hospitalized patients. However, CAT’s special features such as painless procedures, make the machine reliable for the patient which further leads to drive the market growth.

North America dominates the global brain mapping instruments market owing to the increasing prevalence of neurological disorders, early adoption of technological advancements, and improved healthcare infrastructure in United States. Alzheimer’s Disease is the most common cause of dementia among the geriatric population which causes loss of cognitive functioning such as reasoning, thinking, and remembering. In this condition, the patient is completely dependent on others. Thus, increasing neurological diseases are anticipated to drive market growth.

In July 2020, United Imaging, one of the global leaders in advanced medical imaging and radiotherapy equipment, announced U.S. Food Drug Administration approval for uMI 550 digital positron emission tomography (PET) / computed tomography (CT) scanner for the patients in America, with special features achieving high image contrast and quantification accuracy. Also, in October 2020, Royal Philips one of the global leaders in health technology and SimonMed Imaging, one of the largest outpatient imaging providers in the Unites States, bring the most advanced 3T Magnetic Resonance Imaging (MRI) Philips technology to its centers of excellence across the Unites States. The first MR systems, placed in California, Arizona, Illinois, and Colorado, will feature software and services to enhance diagnoses ranging from brain injuries to orthopedic injuries. Many key players such as United Imaging, Royal Philips are launching their products in United States, thereby propelling regional growth.

The brain mapping instrument market is moderately competitive with several players across the globe. In terms of market share, few of the major players currently dominate the market. With the rising patient awareness levels and high prevalence of neurological disorders, many regional players are expected to be part of the brain mapping instrument markets over the forecast period. Some of the major players of the market are General Electric Company, Koninklijke Philips N.V., Siemens Healthineers, Natus Medical Incorporated, Advanced Brain Monitoring, Inc., Medtronic PLC, and Nihon Kohden Corporation.

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