The EEG devices market is projected to reach US$ 1,699.52 million by 2028 from US$ 1,025.92 million in 2021; it is expected to grow at a CAGR of 7.5% from 2021 to 2028.
The EEG devices market is projected to reach US$ 1,699.52 million by 2028 from US$ 1,025.92 million in 2021; it is expected to grow at a CAGR of 7.5% from 2021 to 2028.
Electroencephalography (EEG) is the study of electrical brain action along with the scalp. With the help of multiple electrodes placed on the head, the EEG equipment examines voltage fluctuations resulting from ionic current flows in the brain's neurons. EEG is among the most stable and predicative pointers when analyzing human cognition, evaluating a subject's health condition, or observing their mental state. EEG is widely used to detect epilepsy. Moreover, the device is used to identify sleep disorders, coma, anesthesia, encephalopathies, and brain death. The device is utilized for the diagnosis of tumors, stroke, and other brain ailments.
The EEG devices market is segmented based on product, device type, application, end user, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the market, emphasizing on parameters such as market trends, technological advancements, and market dynamics, along with the analysis of competitive landscape of the globally leading market players.
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EEG devices Market Competitive Landscape and Key Development
- Based on product, the global EEG devices market is segmented into 32-channel EEG, 25-channel EEG, 40-channel EEG, multi-channel EEG, 21-channel EEG, and 8-channel EEG. In 2020, the 32-channel EEG segment held the largest share of the market. However, the multi-channel EEG segment is expected to register the highest CAGR during 2021–2028.
- High-tech development in 32-channel EEG products and increased implementation of these products by healthcare professionals are the major factors driving the segment. The market for the segment is anticipated to grow in the future, owing to the increasing use of these devices to treat neurological diseases.
- Based on application, the global EEG devices market is segmented into brain tumors, head trauma, sleep disorders, neuroscience, and others. In 2020, the brain tumors segment held the largest share of the market; however, the head trauma segment is expected to grow at the highest CAGR during 2021–2028. The growth of the brain tumors segment can be attributed to factors such as the rising prevalence of brain tumors, growing awareness about neurological disorders, and increasing availability of advanced EEG products. Thus, the increase in brain tumor cases has created more demand for EEG devices in the health care market.
- A few prominent players operating in the EEG devices market are 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.; and Bitbrain Technologies, among others.
The COVID-19 pandemic has had a mixed impact on the EEG devices market. Due to the rapid spread of the disease, many cities were on a lockdown, causing treatments and doctors/surgeons appointment cancellations. The patients in the need of critical surgeries such as spinal surgery, neurosurgery, and ENT surgery need physical presence and need to implement procedures in the clinics. The procedures include intraoperative neuromonitoring by systems, services, and accessories. Moreover, companies are also focused on manufacturing COVID-19 diagnostics and related products. For instance, in June 2020, Ceribell Inc.—a Mountain View, California-based startup—deployed its cloud-linked, portable electroencephalogram (EEG) device to enable EEG assessments in minutes in emergency rooms and intensive care units. The rapid response EEG system is used in the Montefiore Health System in New York and at Northwell Health’s North Shore University Hospital, which are the health care providers at the epicenter of the US COVID-19 crisis.
Significantly Rising Elderly Population Contributes Significantly to Market Growth
The aging population is defined as a group of people aged 65 and over. The growth of the aging population is poised to become one of the most significant social transformations of the twenty-first century. The geriatric population has been rising significantly worldwide. As per the data of the United Nations, in 2017, there were around 962 million people aging 60 or above worldwide, which contained 13% of the population globally. The geriatric population is projected to grow at a rate of 3% per year.
At present, Europe and Asia Pacific have the highest population aged 60 years and above. The number of the aging population in the world is projected to reach around 1.4 billion in 2030, and it will reach about 2.1 billion by 2050 and is expected to reach up to 3.1 billion by 2100. The elderly population has been linked with various chronic diseases due to problems related to it. Neurological disorders are most commonly observed in older adults, affecting between 5% and 55% of people aged 55 years and above. They are associated with a high risk for adverse health outcomes, such as mortality, disability, institutionalization, and hospitalization. Mental and neurological disorders in elderly adults’ report 6.6% of the total disability (disability adjusted life years-DALYs) for this age group. Roughly, 15% of adults aged 60 and above have a mental disorder. The most common mental and neurological disorders observed in the geriatric population are dementia and depression, which affect approximately 5% and 7% of the world’s older population, respectively. Therefore, due to increase in geriatric population and surge in associated neurological disorders, the market for EEG devices is anticipated to witness significant growth.
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