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.
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.
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.
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.
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.
Electroencephalography (EEG) Devices Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global electroencephalography (EEG) devices market. The study provides a detailed assessment of key market dynamics, including the drivers, trends, opportunities restraints, and detailed information about the electroencephalography devices market structure. The market study presents exclusive information about how the electroencephalography devices market will grow during the forecast period (2020-2030).
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compound annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. Other information includes definition, drivers, and opportunity analysis by region and by product type, which helps in deep understanding of the market segment details by researchers, suppliers, manufactures, and distributors. This information can help readers understand quantitative growth prospects of the EEG devices market during the forecast period.
The study is relevant for manufacturers, neuro surgeons, neurologist, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researchers, shareholders, and industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to the macroeconomic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the electroencephalography devices market. Furthermore, small businesses and new entrants in the EEG devices market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
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.
Questions Answered in PMR’s Electroencephalography (EEG) Devices Market Report
Electroencephalography Devices Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the electroencephalography devices market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions.
Secondary resources referred to include statistics from government healthcare organizations, medicines journals, research journals, press release, annual reports, white papers, directories, and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the electroencephalography devices market space, and makes PMR’s projection on the growth prospects of the EEG devices market more accurate and reliable.