Market Trends of Brain Mapping Instruments Industry
This section covers the major market trends shaping the Brain Mapping Instruments Market according to our research experts:
Hospitals Segment is Expected to Grow Faster and Dominate the Market Over the Forecast Period
- The increase in hospital admission and product launches by the key market players drives the hospital segment. The increasing number of hospitals in the United States is also propelling the market's growth. The American Heart Association (AHA) statistics published in January 2021 reported that there were 951 state and local government community hospitals, and 1,228 investor-owned (for-profit) community hospitals in 2021 in the United States. Such a huge number of hospitals creates the demand for brain mapping instruments and thus is expected to boost the market's growth.
- Moreover, the increasing launch of technologically advanced products in the market is expected to boost segment growth. For instance, in August 2022, IBS Hospital announced India's first brain mapping technology, connectomics/Quicktome. With the advent of such customized brain mapping, treatment for brain tumors and other brain procedures have become significantly safer, and accuracy has allowed for avoiding harm to critical brain areas.
- Thus, all aforementioned factors are expected to boost segment growth.
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North America Dominates the Market and Expected to do Same in the Forecast Period
- 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 the United States. For instance, as per the Alzheimer's Association 2021, an estimated 6.2 million Americans aged 65 and older had Alzheimer's dementia in the United States in 2021, and the number is expected to reach 12.7 million by 2050.
- Additionally, according to the 2022 statistics published by CerebralPalsy.org, cerebral palsy affects roughly 8,000 to 10,000 kids born in the United States each year. The demand for brain mapping tools is anticipated to increase due to the population's rising prevalence of neurological illnesses, fostering the market growth.
- Moreover, the increasing investment by the private players is also boosting the market's growth. For instance, in June 2022, the CAMH, a significant player in brain mapping, launched a campaign in Canada and the United States to seek donor financing and raise mental health awareness to develop effective, personalized medicine.
- Additionally, in September 2021, Scientists at Washington University School of Medicine in St. Louis joined a national network to map the intricacies of the brain, increase understanding of how the brain works and generate new insights into how the brain functions in healthy people and how it malfunctions in Alzheimer's, schizophrenia, autism, and a variety of other conditions. Thus, the rising prevalence of neurological illnesses is expected to drive the demand for brain mapping instruments, thereby boosting the market growth in the region.
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