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Global Electroencephalography (EEG) Devices Market 2023: Rapidly Rising Demand for Diagnosis of Neurological Disorders Catalyzing Market Growth

01-30-2023 05:38 AM CET | Health & Medicine

Press release from: Persistence Market Research

Global Electroencephalography (EEG) Devices Market 2023:

The Electroencephalography (EEG) Devices Market is an emerging segment in the healthcare industry. EEG devices are used to monitor brain activity and diagnose neurological disorders. Recent advances in technology have allowed for the development of more efficient and accurate EEG devices, increasing their demand in medical settings. The Electroencephalography (EEG) Devices Market is expected to see significant growth over the coming years as more sophisticated instruments become available. Pharmaceutical companies are investing heavily in researching and developing innovative EEG devices that can help in the diagnosis and treatment of various neurological conditions.

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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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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.

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