EEG Devices Market 2022 Global Analysis by Technology, Application, Products Analysis and Forecast to 2031

EEG Devices Market 2022

The EEG Devices Market is expected to grow on a vigorous note shortly. Though telemedicine has turned out to be an easily accessible service, proper amalgamation with therapy decisions is of utmost importance. At-home lab tests are a good by-product of telehealth. Remote monitoring and diagnosis are cost-effective. It also saves on downtime. So, saving on time and investing in convenience would be one of the trends of the healthcare vertical in the years to come.

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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.

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.

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This release was published on openPR.