The most recent published by Reports & Insights termed as “Cognitive Dysfunction Devices Market: Opportunity Analysis and Future Assessment 2022-2030” provides exclusive information about the market, covering in-depth data about future market opportunities and prospects along with the possible challenges. It further mentions recent trends and impact of various factors which affects the growth of Cognitive Dysfunction Devices market. Moreover, the report also thoroughly states about the leading players competing in the market for the interest of its readers.
The global cognitive dysfunction devices market in 2020 is estimated for more than US$ 10,724.5 Mn and expected to reach a value of US$ 34,000.9 Mn by 2028 with a significant CAGR of 15.6%
Global Cognitive Dysfunction Devices Market, by Product Type (hearing aids, voice recognition devices, pill dispensers & reminders, prostheses, mobility aids), By Distribution Channel (Hospitals, Clinics, e-commerce, rehabilitation centres), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
As per the report, the rise in the prevalence of dementia and Alzheimer’s disease is attributed to the growth of the cognitive dysfunction devices market. According to WHO estimates the worldwide prevalence of dementia in the population above 60 years is 5% to 8%. In Canada, these rates are as high as 14.9% for the aged 65 and above. Cognitive dysfunction or cognitive impairment is associated with dementia and Alzheimer’s disease. Over 20 million individuals have a cognitive disability in the U.S.
Moreover, improving life expectancy is also contributing to the increased prevalence of cognitive dysfunctions. In the U.S. there are over 526,000 individuals over 60 years of age with mental retardation and other developmental disabilities. Some other risk factors for cognitive dysfunction are attention deficit hyperactivity disorder (ADHD), traumatic brain injury, Cerebrovascular Incidents (CVA), Autism, stroke etc. Traumatic brain injury can affect different cognitive functions such as memory, language, reasoning, learning, etc. About 2 million people in the U.S. have a brain injury every year, and about 10% of those have long-term cognitive deficits that interfere with their everyday functioning.
Furthermore, Reports and Insights (R&I) Study identifies that cognitive dysfunction devices are commonly used by elderly patients. These devices may help to slow functional decline in this population and help prevent patients from becoming more seriously ill. Cognitive dysfunction devices can significantly compensate for physical and sensory deficits, but they may pose risks to health and safety if not used properly. Cognitively impaired patients are found to use these devices for their physical impairment mainly because of worries relating to safety.
Cognitive dysfunction devices can be customised to the patient’s needs. However, the lack of training for assistive device use explains the lower rate of device use among geriatric patients with cognitive deficits. A study conducted in Sweden concluded that the more complex the technology, the less likely are elders with cognitive impairments to use it effectively.
R&I Study identifies some of the key participating players in the cognitive dysfunction devices market globally are Siemens AG, Signia, Rexton, HearUSA, Phonak (Sonova), Starkey, Sonic Innovations, Belton, Oticon, Unitron, Bernafon, Earnet, Hansaton, Interton, etc. among others.
Cognitive Dysfunction Devices Market Pipeline Device Study Overview
In the global cognitive dysfunction device market, 5 devices are in the pipeline including Cognigram, Cognision system, Defence Automated Neurobehavioral Assessment (DANA), Immediate Post-Concussion Assessment and Cognitive Testing (ImPACT) and ImPACT Paediatric. The Cognigram is the device which is useful for the patients with cognitive dysfunction disease accompanied by multiple sclerosis, mild cognitive impairment, Alzheimer’s disease, HIV-related dementia, schizophrenia etc. it is a FDA approved device which tests even the subtle changes that occur during the early stages of cognitive decline.
The Cognision system is also FDA approved electroencephalography (EEG) device that allows non-specialists to measure electrical activity in the brain with a portable, hand-held recorder. Defense Automated Neurobehavioral Assessment (DANA) is a set of tests measures items like reaction time, spatial discrimination, and memory which was originally developed to detect cognitive impairment in soldiers on the battlefield but now has expanded to the clinical use. Cognitive skills like word memory, reaction time, as well as word recognition are tested by Immediate Post-Concussion Assessment and Cognitive Testing and ImPACT Paediatric devices.