According to Acumen Research and Consulting, the global Electroencephalography (EEG) Systems market is expected to grow at noteworthy CAGR around 8.4 % throughout the forecast period and reach around US$ 1.4 billion by 2026.
Electroencephalography is a method for recording the human brain's electrical activity. Other concerns related to inappropriate brain function that can be diagnosed with EEG machines include, inter alia, coma, confusion, stroke, and tumors. Increasing demand for effective brain surveillance equipment is driving product innovation and boasting development during the forecast era (2015-2021) of the international EEG market. The ambulatory or mobile EEG is to be a possibly feasible region for businesses working on the EEG device market among different modalities accessible. This is because it is easy to access and offers high patient convenience during the operation.
The report provides analysis of global Electroencephalography (EEG) Systems market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Increased incidence and awareness of neurological disorders are the main contributors to development. The increased adoption of EEG systems was driven by a high prevalence of Alzheimer's illness, epilepsy, dementia, multiple sclerosis, Parkinson's illness, and stroke. Almost 5.7 million Americans were affected by Alzheimer's in 2018, according to information from the Alzheimer's Association. In addition, more than half the population over the age of 65 is estimated to be dementia by 2050. The ALS Association information indicates that every year more than 5,000 Americans are diagnosed with Amyotrophic Lateral Sclerosis (ALS), and this will soon be doubled. Estimates from the Centers for Disease Control and Prevention (CDC) national vital statistical report suggest that stroke is the fifth most common cause of death in the United States. The same source data shows that, as a result of cerebrovascular diseases, the average years of prospective lives lost under 75 years of era was 187.1 in the USA. These facts are indicative of a rise in disease prevalence, a demand for EEG devices requiring continuous surveillance and therapy.
According to the International Alzheimer's Disease (ID), Southeast Asia is expected to see the number of instances involving Alzheimer's increase by 226% while the African area is supposed to see an increase of 345%. Data from the same source show also that by 2050 over 106.23 million patients will be suffering from Alzheimer's disease globally. As a result, increasing geriatrics worldwide due to improved health care systems facilitates increased neuroscience research and development. Takeda's work on Alzheimer's and Parkinson's and Biogen's links with Pfizer with Denali Therapeutics for the creation of mental medicines for schizophrenia are expected to have a positive effect on the growth of the market during the era of projection.
Another important factor in the development of the electroencephalography devices industry is the increase in R&D investments by suppliers for sophisticated brain surveillance equipment. Natus Medical, Inc., for example, invested approximately US$ 33.4 million in research and development in 2016. Companies invest in research and technology to enhance current products and create new products to meet the growing demand for sophisticated equipment.
The 32-channel EEG segment was also expected to retain dominance during the forecast period as the biggest revenue-scaling sector in 2018. The main drivers of development are technological progress in EEG products of 32 channels and their elevated levels of acceptance by the health professional.
With regard to income, 25-channel EEG and 40-channel EEG segments will be accompanied by the 32-channel EEG in 2018. Products from businesses such as the Neurofax EEG-1200 Diagnostic and Monitoring Platform of Nihon Kohden Corporation are anticipated to increase in popularity within the next few years. These sections are anticipated to be important CAGR during the forecast period. Multichannel EEG devices are used for recording electrical brain operations, for diagnosing and detecting tumors, neurologic disorders, strokes and other brain disorders. The businesses providing these products are Compumedics Limited, including Natus Medical Inc. (NicoletOne, XLtek EEG Systems, Grael LT EEG System, Grael 4K-EEG). The segment is expected to show considerable development during the forecast period.
The main market share in terms of revenue in 2018 accounted for standalone phones. The most frequently used EEGs are standalone devices. The heavy use of these instruments in critical care is a main factor in their large share of revenues. Standalone EEG systems are fixed or implanted devices in a certain location. These systems are primarily used in hospital environments and consist of hardware and software alternatives that enable physicians to effectively interpret outcomes. EEG systems are used for the recording of electrical brain activity. A large number of patients have been admitted for therapy in the hospital with an rise in neurological conditions, such as tumors, cerebral paralysis, strokes, and other brain related illnesses. This has led mainly to the growth of standalone instruments used in these environments.
Portable EEG equipment can be transported by nature and can infer the same outcomes as standalone equipment. They are often used in the ambulatory and other paramedic environments, in order to comprehend the patient's situation, when the brain's electric activity must be measured. Portable devices also use comatoses and patients with other neurological disorders in home-care environments.
The largest CAGR during the forecast period is anticipated in the Portable Devices section. Manufacturers are focusing increasingly on technological developments such as portability, light weight and the concurrent acquisition of raw information. Included in the growth segment is expected to boost the increasing need for handheld devices for clinical exercise and for outdoor research.
End Use Industry
Due to the increasing amount of traumatic brain injuries, epilepsy and other neurological disorders, Hospital companies resulted the general market in 2018. Furthermore, the growing focus on health infrastructure development in Asia-Pacific and Africa developing nations drives the growth of the segment.
Due to increased admission of traumatic brain injuries, epilepsy and other neurological conditions, hospitals had the largest market share. The hospitals are the primary end users of ECG devices for their rhythm and electrical activity and for their clinical and research purposes they must analyze the results in detail. Thus, due to the elevated patient response and frequent readmissions, this section dominated the market in 2018.
The segment of diagnostic centres, as a result of increasing knowledge of neurodegenerative illnesses, is anticipated to grow fastest during the study period. People are increasingly aware of demand for state of the art EEG products for the diagnosis and prevention of illnesses. Due to highly-developed health infrastructure in these nations, demand for sophisticated diagnostic products is high in developed countries like the United States and Germany.
The other segment consists of neurological centres, clinical investigation and scholarly investigation organisations. Neurological centers are especially suited for those patients with neurological diseases. The increasing amount of neurological illnesses has resulted in an enormous demand for diagnosis and therapy in facilities that offer specific therapy and leadership to patients.
In 2018, Europe and Asia Pacific were the leader of America's EEG device industry. The increasing incidence, accessibility to insurance and multiple sleep and neurodegenerative disorders contribute significantly to regional development. In addition, there are projected growth drivers for extremely advanced health infrastructure and for the powerful distribution and sales network of the major suppliers in this area.
Due to a well-established health care scheme, Europe is anticipated to show constant development over the forecast era. A further boost is anticipated for the market by the establishment of several non-consumer organisations, such as the European Multiple Sclerosis Platform (EMSP). According to the EMSP, neurodegenerative diseases affect roughly 9 million individuals in Europe. This organisation promotes various sclerosis-related research and information collection and is focusing on spreading knowledge in Europe and elsewhere, thereby boosting development.
In the forecast period, Asia Pacific is projected to grow at the largest CAGR as the population in the region grows. Furthermore, untapped opportunities in nations such as India and China, together with quickly emerging healthcare infrastructure drive market growth.
Global Electroencephalography (EEG) Systems Market, By Product
Global Electroencephalography (EEG) Systems Market, By Type
Global Electroencephalography (EEG) Systems Market, By End Use
Global Electroencephalography (EEG) Systems Market, By Geography
The market research study on “Electroencephalography (EEG) Systems Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Electroencephalography (EEG) Systems market segments with market dynamics and their impact. The report also covers basic technology development policies.
Key Players & Strategies
Some of the major players on the market include Electrical Geodesics, Inc.; Natus Medical, Inc.; Medtronic; Compumedics Ltd.; Noraxon US.A.; Cadwell Laboratories, Inc. NeuroWave Systems, Inc.; and Nihon Kohden America, Inc.
Companies like Medtronic; Electrical Geodesics, Inc.; and Cadwell Industries, Inc. have a wide product range and powerful regional presence in this field. Existence of a wide spectrum of products and the creation of fresh products is one of the main variables in the company's growth.
Major businesses undertake multiple organic and inorganic strategies for the unmet requirements of their clients, such as new product development, collaborations, acquisitions, fusions and regional expansion.
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