Global Electroencephalography (EEG) Device Market

Electroencephalography (EEG) Devices Market Overview

The Electroencephalography (EEG) devices market was valued at USD 1,025.92 million in 2021, and It is reaching USD 1,699.52 million by 2028, with expected to grow at a CAGR of 7.5% during the forecast period of 2022 to 2028. The market is pushed by the increasing prevalence of neurological disorders like epilepsy and sleep disorders, rise in the rate of road traffic injuries, rise in the number of skilled physicians and rise in self-care for these disorders—neurological disorders such as Dementia Alzheimer’s disease is majorly seen in older or aged population. According to World Health Organization, by 2020, the number of people aged 60 or older will increase the number of children younger than five years. The speed of population aging globally is growing every year; by 2050, people above 60 years are expected to reach 2 billion. It will enhance the demand for Electroencephalography devices.

What is Electroencephalography (EEG) Device?

Electroencephalogram (EEG) refers to the diagnostic processes or tests undertaken to estimate or detect the electrical activity in the brain utilizing the help of electrodes and are also undertaken to consider the health of the brain, the muscles and the motor neurons that manage them. An EEG is mainly undertaken to analyze and treat neurological disorders such as epilepsy and others such as brain tumors, strokes, brain damage, encephalopathy, and sleep disorders.

Growth Drivers

Increasing incidence and prevalence of neurological conditions

The global incidence and prevalence of neurological diseases, such as dementia, epilepsy, Parkinson’s disease, Huntington’s disease, headache disorders, multiple sclerosis, neuro disorders, stroke, and cerebral palsy, have risen significantly over the years. Brain disorders, which contain a combination of developmental, psychiatric, and neurodegenerative diseases, are a growing reason for morbidity worldwide. It can largely be attributed to the growing geriatric population (by 2050, more than 20% of the global population is predicted to be aged over 65 years). The American Medical Association (AMA) estimates that at least 60% of individuals aged 65 years and above will be living with more than one chronic condition by 2030. Below are some important statistics connected to the incidence and prevalence of neurological disorders.

Opportunities

The increasing market for non-invasive and minimally invasive devices

Invasive monitoring is a difficult, painful, and difficult procedure concerning direct intervention with sensitive brain tissue. Therefore, doctors and patients show a high inclination toward using non-invasive or minimally invasive brain monitoring devices. There are advantages, and there has been a rapid growth in the demand for non-invasive ICP monitors, TCD devices, tympanic membrane displacement procedures, optic nerve sheath diameter, CT scan/MRI, and fundoscopy, which are reliable alternatives to invasive techniques, thus stimulating players in this market to create and commercialize such products. In March 2019, Masimo obtained CE Mark approval for its next-generation SedLine brain operation monitor for pediatric patients aged between one and 18 years of age; this product assesses brain function while under anesthesia. In March 2018, Nihon Kohden (Japan) launched aireeg WEE-1200, a wireless EEG system that delivers real-time data during long-term epilepsy monitoring, intensive care, and routine EEG.

Restraints

Research High cost of complicated brain monitoring systems and devices

The high price of brain monitoring surgeries and devices is the main factor controlling the global brain monitoring market, mainly in countries with poor reimbursement policies. Brain monitoring devices are highly complicated, and the processes implicating these devices are generally expensive. For example, the average cost of a standard EEG is ~USD 200–700; this process can cost as high as USD 3,000 for expanded monitoring. A dual-channel TCD costs approximately USD 3,000–3,200, and an ICP monitor costs approximately USD 340–500. Likewise, a single MEG system costs roughly USD 2.5–3 million. Due to the increased price of healthcare skills, even in countries with wide adoption of high-tech medical equipment, it is not easy to procure MEG devices. Additionally, the maintenance cost and other associated indirect expenditures raise the full cost of ownership of these devices, thereby restricting their adoption.

Pre Covid-19 Impact on Global Electroencephalography (EEG) Device Market

Before the covid-19 period, the rising problems of these neurological conditions has made it extremely vital to monitor brain and neurological processes. Many neurological disorders and conditions increase, and their risk increases with age. Further, other diseases and conditions, such as sickle-cell diseases and cardiac disorders, are growing. Cardiac procedures may sometimes influence the routine functioning of the brain, which is a major factor in driving the demand for brain monitoring devices.

Covid-19 Impact on Global Electroencephalography (EEG) Device Market

During the covid-19 period, the urgency to fight the pandemic has led to a  remarkable increase in the demand for remote monitoring and patient engagement solutions. Some hospitals/healthcare facilities expand patient monitoring to home care settings or other temporary setups to deliver optimal care. Covid-19 controls conducted to a considerable surge in demand for ventilators, and manufacturers are currently concentrating their actions to help the increasing need for ventilators, including other respiratory devices, in contrast to brain monitoring devices. The pandemic is likely to harm the brain monitoring business, particularly due to the emphasis of hospitals on setting up distinct covid-19 ICUs, along with the temporary suspension of production and manufacturing areas in the main affected regions across the world.

Post Covid-19 Impact on Global Electroencephalography (EEG) Device Market

After the covid-19 outbreak, the Increasing funding for neurological research has increased the improvement in technology. Thus, it is expected to fuel the global electroencephalography devices market. Increased healthcare infrastructure across the globe is acting as a prospect for its growth in the global electroencephalography devices market.

By Product Segmental Analysis

Based on the Product, the global Electroencephalography (EEG) device market is categorized into 32-channel and multichannel. 32-channel EEG was the highest revenue grossing segment in the previous year and is projected to dominate during the forecast period. Technological advancement in 32-channel EEG products and their high adoption by healthcare professionals are the major factors pushing growth.

By Application Segmental Analysis

The global Electroencephalography (EEG) device market is categorized into portable devices and standalone devices based on application. Standalone devices accounted for a significant market share in revenue in 2021. The standalone devices are the most commonly used type of EEG. The high application of these devices in critical care is a key element donating to its high revenue share. Standalone EEG systems are selected or implanted at a special place. Such systems are used primarily in hospital settings and consist of hardware and software solutions that let physicians interpret results efficiently. EEG devices are used to record electrical activities in the brain. With an increase in neurological diseases like tumors, cerebral palsy, strokes, and other brain-related disorders, many patients have been admitted for treatment in hospital settings. It has mainly contributed to the surge of standalone devices operated in such settings.

By End-User Segmental Analysis

Based on End-User, the global Electroencephalography (EEG) device market is categorized into Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Research Laboratories and others. Hospitals led the overall market in 2021, owing to the growing number of patients suffering from traumatic brain injuries, epilepsy, and other neurological disorders. In addition, increasing focus on developing healthcare infrastructure in developing countries of the Asia Pacific and Africa propels the segment growth.

By Regional Segmental Analysis

The global Electroencephalography (EEG) device market is categorized into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. North America led the EEG devices demand in 2021, followed by Europe and the Asia Pacific. The rising prevalence of different sleep and neurodegenerative disorders and accessibility to insurance are major elements contributing to the regional growth. Moreover, the highly developed healthcare infrastructure and distribution&sales network of leading traders in this region are anticipated to drive the growth.

Competitors Analysis

The companies include Bio-Signal Group Corp., BrainScope Company Inc., Cadwell Laboratories, Inc., Cephalon A/S, Compumedics Ltd., Electrical Geodesics, Inc., Elekta AB, Neuroscience Inc., Koninklijke Philips, Lifelines Neurodiagnostics Devices Inc., Natus Medical Neurosoft Ltd. and other prominent players in the global electroencephalography market. Key Stakeholders

• Market research and consulting firms
• Electroencephalography (EEG) Device industries
• Local Governments
• Regulatory bodies
• Electroencephalography (EEG) Device Market
• Suppliers
• Service Providers

Recent Developments

• In 2021, Innovative Medcare Technology PTY Ltd. partnered with Spiegelberg to allocate Spiegelberg’s product portfolio in Australia & New Zealand.
• In 2018, GE Healthcare established its SIGNA Premier 3.0T magnetic resonance imaging (MRI) system in Canada.
• In March 2018, Nihon Kohden (Japan) established aireeg WEE-1200, a wireless EEG system that delivers real-time data during long-term epilepsy monitoring, intensive care, and routine EEG.
• In 2018, Philips cooperated with Samsung Electronics to connect Samsung’s ARTIK Smart IoT Platform to Philips’ HealthSuite Digital Platform. It managed the growing demand for connected health media that can safely access, share, and analyze information, allowing health systems and providers to achieve their goal of providing better care to consumers.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 1,025.92 million
The revenue forecast in 2028	USD 1,699.52 million
Growth Rate	CAGR of 7.5 % from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Bio-Signal Group Corp., BrainScope Company Inc., Cadwell Laboratories, Inc., Cephalon A/S, Compumedics Ltd., Electrical Geodesics, Inc., Elekta AB, Neuroscience Inc., Koninklijke Philips, Lifelines Neurodiagnostics Devices Inc., Natus Medical Neurosoft Ltd. are the key players.

Market Modelling

By Product

• 32-Channel
• Multichannel

By Application

• Portable Devices
• Standalone Devices

By End-User

• Hospitals
• Diagnostic Centers
• Ambulatory Surgical Centers
• Research Laboratories
• Others

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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