EEG Devices Market by Product (21 Channel EEG, 25 Channel EEG, 32 Channel EEG, 40 Channel EEG, 8 Channel EEG and Multi-Channel EEG)
Industry: Healthcare
Published Date: February-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 164
Report ID: PMRREP7616
The Global revenue from the EEG Devices Market was around US$ 1.40 Billion in 2022, with the global market expected to grow at a CAGR of 7.1% to reach a valuation of around US$ 2.96 Billion by the end of 2033.
|
Market Size (2023) |
US$ 1.49 Billion |
|
Projected Market Value (2033) |
US$ 2.96 Billion |
|
Global Market Growth Rate (2023 to 2033) |
7.1% CAGR |
|
Market Share of Top 5 Countries |
60.7% |
As assessed by Persistence Market Research, diagnostic centers held a market share of around 44.7% in the global market, in 2022. Overall, EEG devices market sales account for around 21.2% of revenue share in the global brain monitoring devices market, which was valued at around US$ 6.66 Billion in 2022.
The global market recorded a historic CAGR of 6.0% in the last 7 years from 2015 to 2022.
The need for medical devices is rising due to increased neuroscience research and development. Additionally, it is expected that demand for technologically advanced products would be fueled by government investments for neuroscience research as well as by the penetration of private research companies. Developing effective treatment options for epileptic seizures is a top priority for doctors and researchers due to the rising prevalence of neurological disorders.
Advantages like easy data integration across different laboratories, data collection, and the development of powerful tools for examining brain functioning in a systematic manner have led to an increase in the adoption of modern technologies such as EEG and EMG as compared with CT scan and MRI. This is intended to provide physicians worldwide with better neuroimaging methods for monitoring the brain.
The demand of consumers for EEG tests to diagnose various neurological conditions is a result of rising risk factors such as cardiovascular diseases, childhood seizures, neurological complications, and prevalence of dementia worldwide. This has resulted in more EEG devices being installed in diagnostic facilities and hospitals in recent years, and it is expected that this trend will continue throughout the forecast period.
The global market is likely to show high growth over the coming years at a CAGR of 7.1% and reach a global market size of US$ 2.96 Billion by 2033.
“Prevalence of Neurological Disorders and Rising Demand for Brain Function Monitoring”
Worldwide, the prevalence of neurological disorders is rising over a significant rate. Epilepsy, Parkinson's disease, Alzheimer's disease and other dementias, as well as cerebrovascular diseases, are among the many neurological conditions, which are expected to create lucrative opportunities for the EEG devices market to grow in the future.
The development of a brain-controlled interface technology that would enable control of electrical equipment through brain activity is being explored by scientists and researchers. Additionally, there is a growing demand for wearable technology, which reflects market's future growth.
The increased use of advanced techniques, particularly for the monitoring of brain activity, is a result of the increasing prevalence of serious diseases or disorders. EEG is now widely utilized to track consumer response for conditions like meditative state, eye blink artefacts, and other conditions aside from vital brain monitoring.
Thus, as result of increased applications of EEG devices will cater in greater demands for the same in future.
“High Production Cost and Current Limitations in Patient Scalability”
Comparing the spatial resolution of an EEG test to that of fMRI and EMG, two other methods of brain monitoring, is inadequate. Since measurements are being obtained at the scalp, a high number of neurons are present. Additionally, it makes it difficult to pinpoint the precise source of information or mental activity.
The presence of deep or minor lesions that cause inaccurate EEG results, the incorrect localization of the epileptogenic zone, the effects of hypoglycemia and alertness, and the short sampling period are some other drawbacks of EEG. All of the aforementioned drawbacks result in low spatial sampling and weak resolution, which limits the widespread use of EEG devices by consumers and medical professionals.
Apart from EEG, other methods for monitoring the brain functioning include EMG, fMRI, CT, and positron emission tomography (PET). Due to the availability of various methods available, consumers have a strong tendency to switch between technologies for brain monitoring, which as a result obstruct the market growth.
Why is the United States Market Booming?
“Increasing Cases of Neurodegenerative Disorders”
The United States accounted for around 31.8% market share in the global market in 2022.
Growth is anticipated to be fueled by the increased incidence of different sleep and neurodegenerative disorders, accessibility, the presence of a highly developed healthcare infrastructure, and the nation's strong distribution and sales networks of top manufacturers.
Furthermore, the use of these devices for the diagnosis of neurological disorders has increased due to favourable reimbursement policies in the United States The rise of the United States market is also facilitated by the existence of governmental agencies such as the NINDS (National Institute of Neurological Disorders and Stroke), which provides funding for research and development activities relevant to the treatment of cognitive disorders.
Will the Germany Be a Lucrative Market for EEG Devices?
“Growing Number of Patients Suffering from Cognitive Disorders”
The Germany market held around 7.4% market share of the global market in 2022.
The rising prevalence of various cognitive disorders such as Alzheimer’s disease and dementia in the German population coupled with rising awareness of brain function monitoring devices are expected factors to drive up the market in Germany throughout the forecast period.
For instance, according to Federal Ministry of Health (Germany), there are 1.6 million individuals currently living with dementia in Germany. Statistics show that one individual in every 25 households has dementia. By 2050, this number is expected to rise to 2.8 million.
Thus, the increasing patient pool suffering from disrupted brain functioning will create high demands for brain monitoring devices such as EEG devices.
How is China Emerging as a Prominent Market?
“Growing Elderly Population”
China held a market share of about 4.1% of the global market in 2022.
According to an article published in Scientific Journal, 2018, China's elderly population is increasing with a significant rate. One of the most prevalent health issues affecting the elderly population is cognitive impairment. According to estimates, more than 40% of elderly individuals 80 years and above believed to have cognitive impairment. Cognitive impairment increases the risk of disability and death. The prevalence of cognitive disorders in geriatric population is expected to propel the market further.
Which Product is Driving Demand within the Global Market?
“Benefits Associated with the Utilization of 32-Channel EEG in Brain Function Monitoring”
The 32 channel EEG segment held around 26.1% share of the total market in 2022.
The main aspect of the greater utilisation of 32 channel EEG are the growing use of 32-channel EEG products by healthcare practitioners and technological advancements in these products. The ability to monitor brain activity as it occurs in real time, at the millisecond level, is one of the main benefits of 32 channel EEG. As a result of these benefits, 32 channel EEGs are in higher demand than other brain function monitoring products.
Which Modality Segment is Highly Adopted Within the Global Market?
“Greater Utilization in Homecare Settings”
Portable devices segment held around 50.6% share of the total market in 2022.
Manufacturers' increased emphasis on technological developments including portability, lightweight design, and synchronous raw data acquisition is a significant factor in the market's growth. Additionally, it is expected that the growing need for portable equipment for clinical practise will be favorable for segment growth. Also, portable devices are frequently employed in homecare settings to treat unconscious patients and patients with other neurological disorders, which also contributes to their increased use.
Which End User Utilizes the EEG Devices?
“Oversight on Illicit Drugs and Availability of Mitigation Strategies”
Diagnostic centers segment held around 44.7% share of the total market in 2022.
Due to significant patient turnover, frequent readmissions, and an increase in admissions of patients with traumatic brain injuries, epilepsy, and other neurological conditions, diagnostic centers held the dominant market share. Due to their requirement to record the rhythm and electrical activity and thoroughly analyze the results for clinical and research purposes, diagnostic centers are the main end-users of ECG devices.
One of the key aspects determining the success of the companies is the availability of a wide range of product portfolios. Another is the development of new products. To meet the unmet demands of their customers, the leading players are employing various strategies, including new product development, and expansion projects.
Some key instances of development include:
Similarly, the team at Persistence Market Research has tracked recent developments related to companies in the EEG devices market, which are available in the full report.
|
Attribute |
Details |
|
Forecast Period |
2023 to 2033 |
|
Historical Data Available for |
2015 to 2022 |
|
Market Analysis |
USD Million for Value |
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Covered |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon Request |
Product:
Modality:
End User:
Region:
To know more about delivery timeline for this report Contact Sales
The global market is currently valued at around US$ 1.40 Billion in 2022.
Sales of the market are set to witness growth at a CAGR of 7.1% and be valued at around US$ 2.96 Billion by 2033.
The global market will be valued at around US$ 14.9 Billion by the end of 2023.
Demand for the global market increased at a 6.0% CAGR from 2015 to 2022.
The U.S., Canada, Germany, the U.K., China account for most demand within the market, currently holding around 60.7% market share.
The U.S. accounts for around 31.8% share of the global market in 2022.
The China market held a share of about 4.1% in the global EEG devices market in 2022.
The Germany market held around 7.4% market share of the global market in 2022.
Natus Medical Incorporated, NeuroWave Systems Inc., and Cardwell Laboratories Inc. areealthcarehhhhh among others are the key players in the global market.
An increase in technological advancements in the field of EEG devices, demand for least invasive measures for the diagnosis, and the growing patient population of neurological disorders are few of the factors propelling the global market.
