Global Electroencephalography (EEG) Devices Market 2022: Rapidly Rising Demand for Diagnosis of Neurological Disorders Catalyzing Market Growth

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.

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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).

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.

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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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Key Questions Answered in This Report.

What are the Roadblocks for EEG Devices Market Suppliers?
What are the Key Opportunities for EEG Devices Market Manufacturers?
How is Focus on Safety Influencing EEG Devices Market Demand?
What is the Regulatory Impact on Global Sales of EEG Devices Market?
Which Region Offers the Largest Opportunity for Sales of EEG Devices Market?
Where Does the U.S. Stand in the Market for EEG Devices Market?
What Is the Outlook for EEG Devices Market Manufacturers in China?
Why is Germany a Lucrative Market for EEG Devices Market Manufacturers?
Why Will Belgium Outpace Other European Markets for EEG Devices Market?
Why is There High Demand for Tires in EEG Devices Market?
Why are Sales of EEG Devices Market Surging?

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