- Ease of use, compatibility with third-party EEG amplifiers has created diverse target markets for BRSF’s NeuroCap
- Recent forecasts show telemedicine industry expected to experience CAGR of 15.1% through 2027
- BRSF has potential to disrupt sleep industry, which is forecast to reach $585 billion by 2025
Brain Scientific (OTCQB: BRSF) is offering solutions to the EEG industry’s limitations. The current method of administering an EEG is slow and expensive, plus requires specialized EEG technologists and bulky equipment. This essential procedure is not easily accessible to all, particularly those in rural communities, because of the expense and a neurologist shortage.
The NeuroCap(TM) is Brain Scientific’s patented, disposable EEG headset. FDA cleared, the revolutionary device can be set up by any clinical personnel within five minutes. The headset is third-party compatible and has no bulky equipment. The NeuroCap makes EEGs accessible to anyone who needs one.
The ease of use and compatibility with third-party EEG amplifiers has created a diverse target market for NeuroCap. Typically EEGs are administered primarily at hospitals or neurology practices, but the NeuroCap makes EEGs available to other markets not previously seen as viable options. Two growing industries that Brain Scientific plans to target as potential markets are telemedicine and sleep studies.
Last year — 2020 — saw a significant increase in telemedicine. The CDC reported that the first quarter of 2020 saw an increase of 50% from the previous year while week 13 experienced a 154% increase (https://ibn.fm/hA0Rc).
Dr. John Hixson, an associate professor of neurology at the University of California San Francisco and the San Francisco VA, described the NeuroCap as an attractive device in situations where there is no standard of care currently. “In community hospitals, they typically don’t have EEG resources,” noted Hixon, “Yet the question of whether a person is having a subclinical seizure or not comes up quite frequently” (https://ibn.fm/BwArg).
Nurses at these facilities would be able to apply the headset, collect the EEG signals quickly and then access a neurologist remotely, Hixon explained.
Changes in the CPT Code, or numbers used to identify medical services and procedures furnished by qualified healthcare professionals, show a significant change in outpatient codes, the first large overhaul in more than 25 years (https://ibn.fm/YMfPW). This change reflects the changes within the industry as the demand for telehealth continues to increase.
In 2019, the telemedicine market size was estimated at $41.4 billion globally, and recent forecasts show the industry is expected to experience a compounded annual growth of 15.1% through 2027. Part of this increase is credited to the need for improved care while also reducing the burden on medical professionals (https://ibn.fm/q2Jwp).
Telemedicine is not the only sector in need of portable, low-cost, reliable equipment. The sleep industry is seeing an uptick in clients as 50 to 70 million people in the United States suffer from one or several sleep disorders. With more than 4,700 sleep centers and labs across the country, these potential patients can access the care they need (https://ibn.fm/3G0a0). Many of them will need an EEG as abnormalities in sleep may be a sign of neurologic disorders (https://ibn.fm/56K5T).
There is a move within the sleep clinics to provide at-home sleep studies due to the convenience and lower cost. However, at-home studies only monitor breathing. The addition of the NeuroCap to a sleep clinic’s toolbox will provide higher convenience. With the sleep industry worldwide expected to reach $585 billion by 2025 (https://ibn.fm/JEL1m), this is a lucrative market BRSF has the potential to disrupt.
Brain Scientific is creating innovative ways to make a much-needed medical procedure more accessible to all.
For more information, visit the company’s website at www.BrainScientific.com.
NOTE TO INVESTORS: The latest news and updates relating to BRSF are available in the company’s newsroom at https://ibn.fm/BRSF