The EEG Devices Market is expected to be unstoppable shortly. The upcoming period is there to dwell on predictive analytics. As such, vital information of patients through lab results and prescriptions could be easily accessed and the subsequent course of action could be decided upon. This effective streamlining of the hospital workflows is expected to help a great deal in reducing duplication of patients’ data. This is how the healthcare vertical is expected to progress.
The use of electroencephalography (EEG) devices is gathering momentum around the world, owing to its proven clinical advantages over other brain imaging techniques for the diagnosis of various neurological disorders. Electroencephalography devices are the most promising devices used to measure and record electrical activities in the brain, which helps in the diagnosis of epilepsy, Parkinson’s disease, Alzheimer’s disease, and other neurological disorders. Increase in the demand for high-quality EEG devices along with advances in technology have amplified the success of electroencephalography devices for the diagnosis of brain disorders.
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Electroencephalography devices have gained clinical significance on basis of their performance, such as measuring cognitive functions and seizure diagnosis through ambulatory EEG. High temporal resolution, low hardware cost, and powerful diagnostic tool for recording brain activity are factors that are surging the electroencephalography devices market. Moreover, high incidence of Alzheimer’s disease, epilepsy, dementia, multiple sclerosis, Parkinson’s disease, and stroke are factors expected to drive the electroencephalography market further through 2030.
The global electroencephalography devices market was valued at US$ 1.2 Bn in 2019, and is expected to exhibit a CAGR of nearly 7% during the forecast period (2020–2030).
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Company Profiles:
- 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
Key Takeaways of Electroencephalography Devices Market Study
- 32 Channel EEG has emerged as the largest segment by product, representing 25.9% of revenue share in the EEG devices market. This is attributed to technological advancements and high adoption by healthcare professionals.
- The portable devices segment is expected to exhibit the highest CAGR during the forecast period. Major factor contributing to its growth is increasing focus of manufacturers on technological advancements such as portability, lightweight, and simultaneous raw data acquisition. Also, the rising demand for portable devices for clinical practice and outdoor investigation is projected to surge the segment even more over the coming years.
- Diagnostic centers accounted for a major revenue share of 61%, owing to growing awareness regarding neurodegenerative disorders. This rising awareness among people leads to the demand for advanced EEG products for disease diagnosis and prevention.
- Cumulatively, North America and Europe contribute more than 70% share in the global EEG devices market, with North America holding a noteworthy market share, and 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 further.
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