The use of electroencephalography equipment is on a rise, owing to surge in prevalence of neurological disorders such as epilepsy and Alzheimer’s disease.
The use of electroencephalography equipment is on a rise, owing to surge in prevalence of neurological disorders such as epilepsy and Alzheimer’s disease.” Furthermore, surge in adoption of EEG systems in surgical centers is another factor that boosts the growth of the market.
The EEG equipment market was estimated at $1.40 billion in 2018, and is expected to hit $1.99 billion by 2026, registering a CAGR of 4.5% from 2019 to 2026.
Electroencephalography equipment are used to run brain wave test on patients for the diagnosis of diseases, monitor the sleep pattern, and others. This brain wave test is non-invasive and is called as an electroencephalogram. The test is performed by placing the electrodes on the scalp to detect the electrical activity of the brain. However, this electrical activity of the brain is very low and requires amplification that is achieved by the amplifier in the device. The amplified electrical activity is then visualized and analyzed for any abnormality. EEG equipment are mainly used in hospitals and diagnostic centers and are also employed in research centers to conduct various experiments.
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COVID-19 scenario:
- Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
- However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
- Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
The key factors that drive the growth of the global electroencephalography equipment market are rise in geriatric population and surge in adoption of EEG equipment in surgery centers. The other factors that contribute toward the growth of the market include increase in prevalence of neurological disorders such as epilepsy and Alzheimer’s disease. Furthermore, technological advancements in the field of EEG equipment is another factor that contributes to the growth of the global EEG equipment market. However, presence of large number of substitute products in the market hinders the growth of the market. Whereas, growth potential in developing nation is expected to provide lucrative opportunity for the global EEG equipment market during the forecast period.
The electroencephalography equipment market is segmented based on product, application, end user, and region to provide a detailed assessment of the market.
On the basis of product, the EEG accessories segment was a major revenue contributor in 2018 and is expected to maintain its dominant position throughout the analysis period as these devices are purchased repeatedly. Moreover, the other factors that contribute to the growth of this market include the surge in various neurological disorders such as epilepsy, Alzheimer’s and others.
According to application, the disease diagnosis segment accounted for the highest market share in 2018, and is expected to register fastest growth rate, owing to surge in prevalence of neurological disorders such as epilepsy, Alzheimer disease, and others across the globe. Moreover, increase in adoption of EEGs in neonatal intensive care units (NICUs) is another major reason that boost the growth of this segment.
Based on end user, the hospitals segment accounted for the highest market share in 2018 and is anticipated to maintain this trend during the forecast period, as these facilities provide vast number of EEG applications. For instance, the hospitals provide brain monitoring, sleep monitoring, and anesthesia monitoring.
In 2018, North America accounted for the major share of electroencephalography equipment market size and is expected to continue this trend owing to higher number of R&D activities, presence of skilled technicians, and wide availability of technologically advanced EEG equipment. Moreover, surge in prevalence of various neurological disorders is another factor that boost the EEG market in the region. On the other side Asia-Pacific is estimated to register the fastest growth during the forecast period owing to rise in healthcare expenditure, and surge in prevalence of various neurological disorders such as epilepsy and others.
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The Major Key Players Are:
Advanced Brain Monitoring, Inc., Cadwell Industries, Inc., Cephalon A/S, Compumedics Limited, Fresenius SE & Co. KGaA, General Electric Company (GE Healthcare), Koninklijke Philips N.V. (Philips Healthcare), Medtronic plc., Natus Medical Incorporated, and Nihon Kohden Corporation.
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