(PharmaNewsWire.Com, October 30, 2019 ) The Brain Monitoring Market is projected to reach a value of USD 12.2 billion by 2021, at a CAGR of 6.8% during the forecast period.
The increasing prevalence of neurological disorders and the growing number of traumatic brain injuries are driving the growth of the brain monitoring market. Additionally, technological advancements in brain monitoring devices and the increasing awareness about neurodegenerative diseases are further expected to support the growth of the brain monitoring market during the forecast period.
The key growth strategies adopted by the top players profiled in the report include partnerships, collaborations, contracts, and agreements; approvals, clearances and product/technology launches and upgrades; expansions; acquisitions; and other strategies (include investments, grants, and funding).
Prominent players in the brain monitoring market include Natus Medical Inc. (U.S.), Nihon Kohden Corporation (Japan), Philips Healthcare (Netherlands), GE Healthcare (U.K.), Siemens Healthineers (Germany), Compumedics Ltd. (Australia), Electrical Geodesics Incorporated (U.S.), Medtronic plc (Ireland), CAS Medical Systems, Inc. (U.S.), and Advanced Brain Monitoring (U.S.).
The brain monitoring is a highly fragmented market with several big as well as emerging players fighting to secure a larger market share. The majority of the companies in the brain monitoring market are based in the U.S.
Natus Medical Inc. (U.S.) held the first position in the brain monitoring market in 2015. The large share of this company can be attributed to its well-diversified product portfolio and strong and wide global reach. The company primarily focuses on inorganic growth strategies to leverage the growth opportunities in the brain monitoring market. In January 2015, the company acquired Global Neuro-Diagnostics (U.S.), which helped it to mark its entry in the neurodiagnostic services market, thus enhancing its product portfolio and strengthening its market position.
Furthermore, in February 2013, the company acquired the Grass Technologies Product Group from Astro-Med, Inc. (U.S.). This acquisition enabled the company to extend its existing product portfolio with the addition of clinically differentiated neurodiagnostic and monitoring products, thus expanding its presence in the global market.
Nihon Kohden Corporation (Japan) held the second position in the brain monitoring market in 2015. The company focuses on achieving sustainable growth by enhancing its operating base and launching competitive technologies. It plans to strengthen its business through the organic strategy of expansions. In accordance with this, in March 2013, Nihon Kohden Corporation established a sales subsidiary in Kuala Lumpur, Malaysia, to expand its sales across the Asia-Pacific region. This expansion enabled the new entity to manage import licenses.
Philips Healthcare (Netherlands) held the third position in the brain monitoring 2015. To meet customer needs more efficiently and enhance its market share, the company focuses on introducing innovative products in the market. For instance, in December 2014, the company launched Ingenia 1.5T S, its novel MRI system designed for first-time-right imaging. Similarly, in March 2013, the company launched two novel imaging systems, the Multiva 1.5T MRI system and Ingenuity Flex (16 slice CT scanner). This enabled the company to strengthen its imaging devices product portfolio.
Partnerships, agreements, contracts, and collaborations accounted for the largest share of the total growth strategies adopted by key players in the brain monitoring market. Companies adopted this strategy to develop advanced products in the market, strengthen their market shares, expand their customer base, and cater to the unmet needs of their customers. Philips Healthcare (Netherlands), GE Healthcare (U.K.), Compumedics Limited (Australia), Electrical Geodesics, Inc. (U.S.), CAS Medical Systems, Inc. (U.S.), and Advanced Brain Monitoring (U.S.) are some of the leading companies that adopted this strategy.
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