Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
EEG Devices Market – Insights
Electroencephalography (EEG) is a neurological test that is used to measure and record electrical activities in the brain. The test is used in the diagnosis of various neurological disorders such as epilepsy, Parkinson’s disease, and Alzheimer's disease. EEG monitoring is also used in the diagnosis of seizures and epilepsy in children. There are different types of EEG (Electroencephalography) devices such as standalone, portable, and wireless, depending on the modality of the device.
The global EEG (Electroencephalography) devices market is estimated to account for US$ 2,198.0 Mn in terms of value by the end of 2027.
Global EEG Devices Market: Drivers
High incidence of neurological disorders such as epilepsy, Parkinson disease, Alzheimer and other dementias, and cerebrovascular diseases is expected to boost growth of the global EEG (Electroencephalography) devices market over the forecast period. Moreover, the prevalence of cerebrovascular diseases is higher compared to other disorders such as epilepsy, Alzheimer’s disease, migraine, and meningitis. For instance, according to the World Health Organization (WHO), the percentage of total disability-adjusted life years (DALYs) of epilepsy is expected to account for 0.5% while of cerebrovascular diseases for 3.6%. Moreover, percentage of total DALYs of cerebrovascular disease is projected to reach 3.9%, while that of epilepsy is expected to remain more or less constant by 2030.
Moreover, increasing product development and launch activates are also expected to boost growth of the global EEG (Electroencephalography) devices market. For instance, on October 2019, Nihon Kohden, a developer of precision medical products and services launched VitalEEG wireless electroencephalogram (EEG) headset designed for fast assessment of brain-wave information in patients who are unconscious.
North America region dominated the global EEG (Electroencephalography) devices market in 2018, accounting for 43.6% share in terms of volume, followed by Europe.
Figure 1. Global EEG (Electroencephalography) Devices Market Value (US$ Mn), by Region, 2018
Global EEG (Electroencephalography) Devices Market: Restraints
However, neurological study requires skilled professionals to operate and administer testing in accurate manner. Therefore, lack of skilled professionals is expected to hinder growth of the global EEG devices market. Moreover, setup of conventional EEG is a time consuming process and may lead to patient inconvenience and EEG test offers poor spatial resolution compared to other brain monitoring techniques such as functional magnetic resonance imaging (fMRI) and electromyography (EMG), which is expected to further restrict growth of the market over the forecast period.
Global EEG (Electroencephalography) Devices Market: Opportunities
Development of wireless devices and brain-controlled interface technology can enhance patient convenience and offer growth opportunities for market players. For instance, Brain Products GmbH offers LiveAmp—a wireless EEG solution. LiveAmp has internal data storage and can be used in research related to sports, sleep, and cognitive behavior.
Moreover, increasing use of EEG devices for event-related potential (ERP) detection is also expected to offer lucrative growth opportunities for the market players. For instance, Advanced Brain Monitoring, Inc. offers B-Alert X24—a product that aids Defense Advanced Research Projects Agency (DARPA) in real time ERP detection. The product is portable, easy-to-use, wireless, and comfortable for hours of EEG monitoring.
Global 25 Channel EEG (Electroencephalography) devices segment was valued at US$ 287.8 Mn market in 2018 and is forecast to reach a value of US$ 530.6 by 2027 at a CAGR of 7.3% between 2019 and 2027
Global EEG (Electroencephalography) Devices Market: Trends
The field of neurology is witnessing increasing technological developments that are focused on comprehending the functioning of brain in order to develop new approaches for the treatment of various neurological diseases. Some of the most prominent R&D activities are real-time brain feedback boosting, analyzing changing non-invasive brain stimulation behavior, and development of drug to ensure prevention of post-traumatic stress.
Several market players are focused on solidifying their distribution network in existing markets while simultaneous focusing on business expansion in emerging and untapped markets. Moreover, increasing prevalence of neurological disorders in emerging economies is expected to boost growth of the market.
Global EEG (Electroencephalography) Devices Market: Competitive Landscape
Major players in the market are focused on adopting product launch strategies to expand their product portfolio. For instance, on January, 2019, BrainScope a medical neuro-technology company focused on concussion and mild traumatic brain injury received FDA clearance for multi parameter and expansion of product indications for Brainscope One.
Key players in the market are also focused on adopting expansion strategies to expand their product portfolio. For instance, on October 2018 Lifelines Neurodiagnostic Systems, Inc., a provider of neurodiagnostic equipment and services completed acquisition of Incereb Ltd. The acquisition is anticipated to increase its market presence in developing market and expand its product portfolio.
Major players operating in the global EEG (Electroencephalography) devices market include Cadwell Laboratories Inc., Compumedics Limited, Natus Medical Incorporated, Neurosoft Ltd., Elekta AB, Electrical Geodesics, Inc., NeuroWave Systems Inc., EB Neuro S.p.A., and Nihon Kohden Corporation.