High target disease prevalence, product launches, increasing strategic developments such as partnerships, extensions and agreements, favorable research funding scenario, and device development pressure on pharmaceuticals due to high patient demands are key factors contributing to high CAGR of Electroencephalography (EEG) Devices during forecast period.
Market Size – USD 822.1 Million in 2018, Market Growth – CAGR of 7.6%, Market Trends – Product launches and research for advanced Electroencephalography (EEG) Devices
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According to the current analysis of Reports and Data, the global Electroencephalography (EEG) Devices market was valued at USD 822.1 million in 2018 and is expected to reach USD 1.48 billion by year 2026, at a CAGR of 7.6%. The study covers EEG devices, a typically noninvasive electrophysiological monitoring system designed to record electrical activity of the brain. This electrical activity is measured over a period of time, and abnormalities are studied to diagnose the patient’s condition. EEG is generally used to diagnose epilepsy, brain death, sleep disorders, encephalopathies, coma, depth of anesthesia, tumors, stroke and other focal brain disorders. But innovations in Electroencephalography such as wearable EEG by new company Cogwear LLC provide wearable EEG looking like headband applicable in sports, gym and majorly in healthcare as it is useful in studying team work, trust within individual, communication and brain reaction to situation and also detects anxiety and depression among younger generation. The Society for Neuroscience estimated that approximately 38% of the European region experiencing neurological disorders costing an average of around USD 902.43 billion every year which require brain study to understand an individual and deliver proper treatment this will improve the demand of Electroencephalography in the respective regional market.
Rising prevalence of target diseases like epilepsy, unmet needs of patients pushing device development, rise in number of neurologists, significant focus of pharmaceutical companies on development of better technology, availability of public as well private funds for research, rise in the rate of accidental injuries and favorable regulatory scenario, are some of the key factors propelling market growth in the industry. Increasing speed of population aging will boost prevalence of chronic disorders and neurological diseases such as dementia, Alzheimer’s disease, Parkinson’s disease which require neurological imaging to study the brain activity which leads to increased demand of Electroencephalography in market. Rise in the technological investment and advances done in the market, for instance one of global serving company of brain computer interface manufacturer and consumer wearable Neurosky created a software Mindscrib which help people with Amyotrophic lateral sclerosis (ALS) in communication irrespective of their motor function non-working. However the advent of high-resolution anatomical imaging techniques such as magnetic resonance imaging (MRI) and computed tomography (CT) have reduced the use of EEG and may hamper the market this innovation can be the solution for locked-in syndrome and is expected to boom at high pace. High cost of complex brain monitoring devices and unfavorable reimbursement policies may further restrain the market during the forecast period.
Key companies operating in the market include:
Cadwell Laboratories Inc., Compumedics Limited, EB Neuro S.P.A, Elekta A.B., BrainScope Company Inc., Electrical Geodesics Inc., Natus Medical Inc., Lifelines Neurodiagnostic Systems Inc., and Neurowave Systems Inc.
Further key findings from the report suggest
- Electroencephalography (EEG) Devices market is growing at a CAGR of 6% in Asia Pacific followed by North America and Europe, with 7.4 % and 7.2% CAGR, respectively. High pruritus prevalence across the globe is the key factor to accelerate the market growth during forecast period across all regions.
- As of 2018, 32-channel EEG dominated the market accounting for 42% of the revenue market share and is also projected to maintain its dominance during the forecast period due to its constant technological advancements and its high adoption by healthcare professionals
- Portable devices is expected to be the fastest growing market segment during forecast period 2019-2026 with a CAGR of 8.2%. However, high costs and lack of sufficient development are major challenge for the market growth of this market segment.
- On the basis of end use, hospitals segment dominated the market holding 68.5% of the market share since patients usually turn to hospitals for treatment and the rise in number of hospitals in emerging countries
- Asia Pacific is expected to account for the 21.4% of the global Electroencephalography (EEG) Devices market. Developing nations such China, and India are likely to witness high growth
- The advent of high-resolution anatomical imaging techniques such as magnetic resonance imaging (MRI) and computed tomography (CT), high cost of complex brain monitoring devices and unfavorable reimbursement policies is likely to hinder the market growth during the forecast period.
The report covers an extensive analysis of the key market players in the market along with their business overview, expansion plans, and strategies. The report also focuses on recent strategic alliances in the market including mergers and acquisitions, joint ventures, partnerships, agreements, corporate and government deals, product launches, and brand promotions, among others.
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On basis of product types and application offered by the Electroencephalography (EEG) Devices industry, the market is segmented into:
Product Outlook (Revenue, USD Million; 2017-2027)
- 8-channel EEG
- 21-channel EEG
- 25-channel EEG
- 32-channel EEG
- 40-channel EEG
- Multichannel EEG
Type Outlook (Revenue, USD Million; 2017-2027)
- Standalone devices
- Portable devices
End Use Outlook (Revenue, USD Million; 2017-2027)
- Diagnostic Centers
The report aims to provide a better understanding of the market dynamics and the workings of the industry on a global level. To gain a deeper understanding of the industry, the global Electroencephalography (EEG) Devices market is further segmented on the basis of key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The report also offers a country-wise analysis to provide crucial insights into market size, market growth, market revenue growth, and economic growth in each region.
The regional analysis covers:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Benefits of Electroencephalography (EEG) Devices Market Report:
- Panoramic overview of the opportunities and risks in the Electroencephalography (EEG) Devices sector
- Study of recent innovations and developments in the industry
- Comprehensive study of the growth pattern of the Electroencephalography (EEG) Devices industry
- In-depth assessment of the competitive landscape of the key players of the Electroencephalography (EEG) Devices industry
- Analysis of the Electroencephalography (EEG) Devices market drivers, constraints, and opportunities
- Assessment of technological developments and latest trends of the industry
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