EEG Devices Market: Growing incidence of neurovascular diseases
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 the market along with those that act as hindrances. The key factors that are 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.
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.
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Key Findings from The EEG devices Market
The EEG devices market on the basis of product is segmented into 8-channel EEG, 21-channel EEG, 25-channel EEG, 32-channel EEG, 40-channel EEG, and multi-channel EEG. In 2018, the 32-channel EEG accounted for the largest market share in the global EEG devices market by product.
Technological development in 32-channel EEG products and its high acceptance by healthcare professionals are the major factors driving the growth of the segment. Owing to factors such as increasing usage in the 32-channel EEG segment is anticipated to grow in the future. However, the multi-channel EEG systems are projected to grow at the highest CAGR over the forecast period, owing to its various applications in recording electrical activities in the brain to detect strokes, neurological disorders, and other brain disorders.
The companies operating in the EEG devices market have been implementing various strategies to grow in their corresponding markets; this has, in turn, enabled them to bring various changes in the market. The companies have utilized strategies such as product launches, and approvals of their product portfolio and acquisitions for the growth of their organizations.
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.
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.
Medical Tourism in Emerging Nations
Medical tourism is the major driving factor that is leading to the growth of EEG devices. The patients travel to other countries due to the use of advanced and sophisticated medical technology devices, equipment, and other products. Medical tourism takes place in such cases where medical care and surgeries are required. The medical tourism is rising in Asia Pacific regions where India is the favorite destination because of the key opportunities in the form of efficient infrastructures and technology in the Indian healthcare sector. The National medical systems and the health insurance market are well developed in the country, which is convenient for visitors from the West and the Middle East. Also, hospital expenses very affordable in the country.
Several established companies in the industry have been spending a requisite amount of their revenue in research and development activities for the development of better and advanced products and technologies to be used in the healthcare industry. Also, the availability of reimbursement for various medical procedures is expected to fuel the growth of the sector in the coming years. On the other hand, many of the European countries are becoming the destination of medical tourism. The growing medical tourism in the emerging nations in the EEG devices market is expected to offer significant growth opportunities to the players operating in the market during the forecast period.
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