COVID-19 Impact On EEG Devices Market and Analysis By Brain Products GmbH, g.tec medical engineering GmbH, Cognionics, Inc., Wearable Sensing, Neuroelectrics, ANT Neuro, Mitsar Co. Ltd., Neurosky, Biosemi And Others

The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries including Biotechnology Industry, and many more. Trade barriers are further restraining the demand- supply outlook. As government of different regions have already announced total lockdown and temporarily shutdown of industries, the overall production process being adversely affected; thus, hinder the overall EEG Devices market globally. This report on 'EEG Devices market' provides the analysis on impact on Covid-19 on various business segments and country markets. The report also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation.

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According to The Insight Partners market research titled 'EEG Devices Market to 2027 - Global Analysis and Forecasts by Product, Application, Device Type, and End User'. The global EEG devices market is expected to reach US$ 1,764.27 Mn in 2027 from US$ 830.71 Mn in 2018. The market is estimated to grow with a CAGR of 8.9% from 2019-2027. The report provides trends prevailing in the global EEG devices market and the factors driving market along with those that act as hindrances.

The global EEG devices market, based on the device type was segmented into standalone devices and portable devices. In 2018, the standalone devices segment held the largest share of the market. However, the portable devices segment is expected to grow at the fastest rate during the coming year. Portable EEG devices are used for long term signal recording or remote real-time monitoring. They are frequently small-sized and low-cost and consequently suitable for daily using. With smaller size and low cost, it is suitable for daily usage which owes to its fastest growth over the coming years.

The key factors driving the growth of the market are growing incidences of neurovascular disorders and significantly rising elderly population. However, the restraints such as the high cost of EEG devices are likely to impact the growth of the market in the forecast period.
Key Competitors In EEG Devices Market

The EEG devices market majorly consists of the players such as, Brain Products GmbH, g.tec medical engineering GmbH, Cognionics, Inc., Wearable Sensing, Neuroelectrics, ANT Neuro, Mitsar Co. Ltd., Neurosky, Biosemi, Advanced Brain Monitoring, Inc., EMOTIV, MUSE, Koninklijke Philips N.V., Bitbrain Technologies, Natus Medical Incorporated and Koninklijke Philips N.V. among others. Various companies are focusing on organic strategies such as product launch and product approvals. For instance, in December 2017, Brain Products has extended the line with a 64 channel version to complement the LiveAmp family that is the most flexible wireless high-density EEG/ExG recording system.

Market Insights

Growing incidence of neurovascular diseases
Neurological diseases are the diseases of the spine, brain, and the nerves that connect them and provides oxygenated blood. The neurovascular systems are highly dependent on the continuous supply of oxygen and nutrients, which has been supplied by the arteries and veins. The amount of oxygen and nutrients to the brain is essential for its working; therefore, a defect in the system can impair the function, and it may quickly become a life-threatening factor.

The neurovascular diseases include hemorrhage stroke, ischemic stroke, brain tumors, and more. The genetic disorders, lifestyle habits, related chronic conditions may cause the development of neurovascular diseases. During the last few years, the predominance of neurological disorders has increased significantly. For instance, epilepsy is one of the neurovascular diseases that is rising significantly across the globe.

The rising cases of brain tumors worldwide is the primary factor for the EEG devices market growth. For instance, as per the data of Lancet Neurol 2019; approximately 330 000 cases of central nervous system (CNS) cancer were reported in the world in 2016. The most regular type of essential CNS cancer is Glioma, which is a group of malignant brain tumors that includes high-grade Glioma or glioblastoma and low-grade Glioma (astrocytoma, oligodendroglioma). Thus, it is anticipated that the increasing prevalence of neurovascular diseases is likely to fuel the growth of the market during the forecast period.

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The report segments Global EEG Devices Market as follows:

Global EEG Devices Market - By Product

32-channel EEG
25-channel EEG
40-channel EEG
Multi-channel EEG
21-channel EEG
8-channel EEG

Global EEG Devices Market - By Application

Brain Tumors
Head Trauma
Sleep Disorders
Neuroscience
Others

Global EEG Devices Market - By Device Type

Standalone Devices
Portable Devices

Global EEG Devices Market - By End User

Hospitals & Clinics
Diagnostic Centers
Research Centers
Academic & Research Institutes

Global EEG Devices Market - By Geography

North America,
Europe,
Asia-Pacific (APAC),
Middle East and Africa (MEA)
South & Central America.

And 13 countries globally along with current trend and opportunities prevailing in the region.

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