EEG Devices Market 2022
The global EEG Devices Market is bound to witness a CAGR worth satiating In Upcoming Years. In the era of cloud computing, the cloud revolution is there to break the stereotypes. Several key stakeholders are going for cloud hosting solutions providers to enhance their accounting services. This migration to cloud technology is making way for the enterprises to simplify their daily tasks, that too, conveniently and cost-effectively. As such, the industry could be on the “cloud computing nine” in the forecast period.
The global EEG devices market is estimated to be worth US$ 1.35 Bn in the year 2021.The global EEG devices market is expected to witness a CAGR of 7.3% between 2021 and 2031.
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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).
Companies covered in EEG Devices Market Report
- Cadwell Laboratories Inc.
- Nihon Towards Corporation
- Compumedics Limited
- Hood Medical Incorporated
- Neurosoft Ltd
- Elekta AB
- Electrical Geodesics Inc
- NeuroWave Systems Inc
- EB Neuro S.p.A
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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.
“The global electroencephalography devices market increases in parallel with the increasing population suffering from neurological disorders. New technological developments in EEG devices with a wider range of applications, such as critical monitoring in neuro intensive care units, first aid assistance, and early diagnosis of neurodegenerative diseases, are propelling market growth,” says a PMR analyst.
Acquisitions – Strategic Focus of EEG Device Manufacturers
Various players in the EEG devices market space are focusing on inorganic growth strategies such as acquisitions and partnerships. These activities have played a vital role in the expansion of business and customer base of market players. For example, October 2018 Lifelines Neurodiagnostic Systems, Inc., a provider of neurodiagnostic equipment and services, completed the acquisition of Incereb Ltd. This acquisition is anticipated to help increase its market presence in developing markets and expand its product portfolio. These winning strategies by leading players are also being followed by regional and local players.
Impact of COVID-19 on Electroencephalography Devices Market
The outbreak of COVID-19 is having a dual impact on the EEG devices market. On the positive side, the demand for these devices rises from hospitals and clinics to monitor neurology-related complications in COVID-19 patients. However, factors such as disruption of the medical supply chain, halted productions, and limited workforce are playing adversaries to market growth. For instance, The Nihon Kohden Group has production sites in Japan, the U.S., China, India, and Italy, and has temporarily suspended operations at most of these sites, but continues operating R&D and sales offices in Japan. Other major market players are in a similar state. Nevertheless, the demand for these devices amid such critical times and the need to provide effective treatment will overcome the aforementioned restraints.
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More Valuable Insights on Electroencephalography (EEG) Devices Market
Persistence Market Research brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2030. The global electroencephalography devices market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provide compelling insights on the EEG devices market on the basis of product (21 Channel EEG, 25 Channel EEG, 32 Channel EEG, 40 Channel EEG, 8 Channel EEG, and Multi-Channel EEG), modality (portable devices, standalone (fixed devices), and end user (hospitals and diagnostic centers), across seven major regions.
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