The global brain monitoring market is expected to reach USD 12.22 Billion by 2021 from USD 8.80 Billion in 2016, growing at a CAGR of 6.8% from 2016 to 2021.
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Increasing applications in clinical trials
The continued development of innovative treatments is thoroughly dependent on the ability of research organizations and drug companies to meticulously test and validate their work. Certain factors, such as rising geriatric population, high incidence and prevalence of chronic diseases, growing inclination of medical practitioners and patients towards authentic evidence-based medicine, and increasing health awareness among people are driving the number of clinical trials conducted globally. Many pharmaceutical companies in developing countries are conducting clinical trials, with brain monitoring devices finding increasing applications in this area. As certain novel drugs may have adverse neurocognitive effects, several leading pharmaceutical companies are assessing the impact of new drugs on neurocognitive functions. Regeneron Pharmaceuticals, Inc. and Sanofi SA assessed potential neurocognitive side effects of their experimental cholesterol drug, Praluent. This serves as an opportunity for the brain monitoring market.
Shortage of trained professionals
Trained medical personnel are required to effectively operate devices involved in the complex process of brain monitoring. The positioning of electrodes on the scalp and insertion of muscular needles require accuracy and have to be performed only by highly trained personnel. Also, the results generated by EEG and TCD machines are complex and can only be interpreted by qualified technicians or skilled professionals. Without these fundamental skills, end-users will have difficulties maximizing the utility of their brain monitoring equipment. The presence of highly skilled medical personnel and staff is, therefore, vital for the effective use of brain monitoring equipment.
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Currently, there is a shortage of skilled medical personnel in both developed and developing countries. According to the WHO, globally, there was a shortage of approximately 7.2 million healthcare workers in 2013, and this figure is expected to reach 12.9 million by 2035. According to the American Association of Colleges of Nursing, there is a projected shortage of registered nurses in the U.S., and it is expected to intensify by 2030. Moreover, shortage of trained and experienced neurodiagnostic technologists globally has compelled hospitals to cross-train other allied health professionals to perform neurodiagnostic examinations. This presents a key challenge for the growth of the global brain monitoring market.