Eeg Devices Market
Global Market Study on Electroencephalography (EEG) Devices: Rapidly Rising Demand for Diagnosis of Neurological Disorders Catalyzing Market Growth
Electroencephalography Devices Market is segmented by Product that is 21 Channel EEG, 25 Channel EEG, 32 Channel EEG, 40 Channel EEG, 8 Channel EEG, Multi-Channel EEG, and by Modality that is Portable Devices, Standalone (Fixed Devices).
The global electroencephalography (EEG) devices market was valued at US$ 1.2 billion in 2019, and is expected to expand at CAGR of nearly 7% from 2020 to 2030. Electroencephalography devices have turned out to be promising devices that are used to measure and record electrical activities in the brain. These devices used in the diagnosis of various neurological disorders such as epilepsy, Parkinson’s disease, and Alzheimer's disease.
Due to this increased use and demand for high-quality EEG devices, there are numerous companies that cater to the specific needs of EEG users. Each offers something unique for the consumer, whether it’s the number of channels, a stationary or portable device, the predefined metrics offered, or the price of the device.
The readings from an EEG device are used to diagnose various neurological disorders, and monitor sleep disorders and patients under anesthesia. The equipment works with the help of electrodes that are attached to the scalp of the patient to collect the reading of brain waves.
Recent technology advances in electroencephalography devices make a strong case for their place within the diagnosis spectrum of neurological disorders.
A rise in the adoption of EEG devices in surgery centers and increase in the patient population of neurological disorders are playing a vital role in the growth of the EEG devices market.
Moreover, increase in technological advancements in the field of EEG equipment has surged the demand for electroencephalography devices from neurologists and neurosurgeons to correctly diagnose brain disorders, and this is expected to be an important factor surging the growth of the electroencephalography devices market over the coming years.
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- Cadwell Laboratories Inc.
- Nihon Kohden Corporation
- Compumedics Limited
- Natus Medical Incorporated
- Neurosoft Ltd
- Elekta AB
- Electrical Geodesics Inc
- NeuroWave Systems Inc
- EB Neuro S.p.A
Added Technological Features Fueling Market Growth
The advantage of EEG measurement is that, it is the least invasive measure of brain activity, and provides a lot of quantitative information during relevant cognitive processes. There has been the advent of portable EEGs in which brain signals can be digitized and sent to a recording machine, such as a smartphone, computer, or the cloud.
Ambulatory EEG plays a vital role in recording abnormal brain activity, which is used to diagnose epilepsy (EEG epilepsy), seizure disorders, and sleep disorders. Ambulatory EEG records continuously for up to 72 hours, while traditional EEG lasts for 1-2 hours.
Cloud-computing software is considered a critical innovation in EEG data processing, as it allows for the real-time analysis of recordings at scale. Wearable EEG devices, such as EEG caps, can support more sensors, as they have a larger surface area for electrode placement.
With added advantages over other brain imaging techniques, EEG devices create a strong place within the diagnostic spectrum. Several clinical investigations have shown promising advantages, such as high temporal resolution, significantly lower hardware costs, data collected non-invasively, no physical danger around an EEG machine, no exposure to radioligands, and acts as a powerful tool for tracking and recording brain activity during different activities of daily life.
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North America to Dominate Electroencephalography Devices Market
North America holds a noteworthy market share in the global electroencephalography devices market, with 44% of total revenue, and is expected to progress at a CAGR of more than 7% during the forecast period. Rising prevalence of various sleep and neurodegenerative disorders and accessibility to insurance are major factors contributing to this regional growth.
Moreover, the presence of highly developed healthcare infrastructure and strong distribution and sales network of leading vendors in this region are anticipated to drive growth even further. Europe is expected to showcase steady growth over the forecast period, owing to the presence of a well-established healthcare system.
Establishment of various non-profit organizations, such as the European Multiple Sclerosis Platform (EMSP), is expected to further boost the market. Continuous rise in the demand for advanced technologies and expansion of private hospitals and neuro clinics in rural areas are boosting the demand for EEG devices in Asia Pacific.
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Competitive Landscape of Electroencephalography Devices Market
The EEG devices market is a blend of large, well-established public companies and private firms. Some of the key players are Natus Medical, Inc., Electrical Geodesics, Inc., and Nihon Kohden. Key players in the market are also focused on adopting expansion strategies to expand their product portfolios.
For instance, in October 2018, Lifelines Neurodiagnostic Systems, Inc., a provider of neurodiagnostic equipment and services, completed the acquisition of Incereb Ltd. This acquisition is anticipated to increase its market presence in developing markets and expand its product portfolio.
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Impact of COVID-19 on Electroencephalography Devices Market
The EEG devices market is expected to emerge largely unhinged through the pandemic. The high need for these devices is likely to outweigh restraining factors such as disruption of the medical supply chain and limited production. EEG systems will find significant applications during the pandemic to monitor and identify neurology-related complications that the coronavirus could potentially cause in patients.
Owing to this fact, players in the EEG devices market will find substantial opportunities from hospitals and clinics. However, catering to the demand and meeting production deadlines could be a challenge on the back of social distancing measures and ongoing operations with a limited workforce.
The research report on the electroencephalography devices market provides recommendations, overview of market, and estimation of market growth over the next decade.
Technology innovation leading to new product launches, rising demand for EEG devices, increasing geriatric population, increasing incidence of neurological disorders such as epilepsy, Parkinson disease, Alzheimer’s and other dementias, and cerebrovascular diseases, are responsible for the growth of the market at an impressive rate, with North America and Europe holding substantial share of the global electroencephalography devices market.
Solid monetary position and new collaboration for the effective management of EEG equipment are expected to drive the growth of the EEG devices market over the coming years.
Key Segments of Electroencephalography Devices Market
PMR’s study on the EEG devices market offers information divided into four important segments - product, modality, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in Report
- How much is the EEG devices market worth?
The global EEG devices market is estimated to be worth US$ 1.35 Bn in the year 2021.
- What will be the demand outlook?
The global EEG devices market is expected to witness a CAGR of 7.3% between 2021 and 2031.
- What was the last 5 year market CAGR?
The EEG devices market recorded a CAGR of 5.9% between 2015 and 2020.
- What are the key trends of EEG devices market?
Inorganic mode of growth adopted by the key players in EEG devices market is one of the current trends.
- What is driving the demand for EEG devices?
Growing incidences of Alzheimer’s, multiple sclerosis, dementia, epilepsy, stroke, and Parkinson’s disease are driving the demand for EEG devices.
- What is the market share of top 5 players?
The top 5 players such as Natus Medical, Inc., Medtronic, Electrical Geodesics, Inc., NeuroWave Systems, and Noraxon U.S.A., Inc. hold more than 50% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving the demand include the US< Germany, UK, Russia, and India.
- What is North America’s market Outlook?
North America holds more than 40% of the market share, thanks to the US.
- At what percentage EEG devices market is going to register growth in Europe?
Europe is expected to register growth at the rate of 4% in the EEG devices market between 2021 and 2031.
- What are the key market statistics in Korea and Japan?
South Korea and Japan are expected to witness stability in the EEG devices market between 2021 and 2031.