According to the current analysis of Reports and Data, the global EEG preparation Devices market was valued at USD 896.1 Million in 2019 and is expected to reach USD 1.58 Billion by year 2027, at a CAGR of 7.4%. The study covers EEG devices, a typically noninvasive electrophysiological monitoring system designed to record electrical activity of the brain. This electrical activity is measured over a period of time, and abnormalities are studied to diagnose the patient’s condition. EEG is generally used to diagnose epilepsy, brain death, sleep disorders, encephalopathies, coma, depth of anesthesia, tumors, stroke and other focal brain disorders. But innovations in Electroencephalography such as wearable EEG by new company Cogwear LLC provide wearable EEG looking like headband applicable in sports, gym and majorly in healthcare as it is useful in studying team work, trust within individual, communication and brain reaction to situation and also detects anxiety and depression among younger generation. The Society for Neuroscience estimated that approximately 38% of the European region experiencing neurological disorders costing an average of around USD 902.43 billion every year which require brain study to understand an individual and deliver proper treatment this will improve the demand of Electroencephalography in the respective regional market.
Rising prevalence of target diseases like epilepsy, unmet needs of patients pushing device development, rise in number of neurologists, significant focus of pharmaceutical companies on development of better technology, availability of public as well private funds for research, rise in the rate of accidental injuries and favorable regulatory scenario, are some of the key factors propelling market growth in the industry. Increasing speed of population aging will boost prevalence of chronic disorders and neurological diseases such as dementia, Alzheimer’s disease, Parkinson’s disease which require neurological imaging to study the brain activity which leads to increased demand of Electroencephalography in market. Rise in the technological investment and advances done in the market, for instance one of global serving company of brain computer interface manufacturer and consumer wearable Neurosky created a software Mindscrib which help people with Amyotrophic lateral sclerosis (ALS) in communication irrespective of their motor function non-working.
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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth
Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Further key findings from the report suggest
- EEG preparation Devices market is growing at a CAGR of 6% in Asia Pacific followed by North America and Europe, with 7.4 % and 7.2% CAGR, respectively. High pruritus prevalence across the globe is the key factor to accelerate the market growth during forecast period across all regions.
- As of 2019, 32-channel EEG dominated the market accounting for 42% of the revenue market share and is also projected to maintain its dominance during the forecast period due to its constant technological advancements and its high adoption by healthcare professionals
- Portable devices is expected to be the fastest growing market segment during forecast period 2019-2027 with a CAGR of 8.2%. However, high costs and lack of sufficient development are major challenge for the market growth of this market segment.
- On the basis of end use, hospitals segment dominated the market holding 68.5% of the market share since patients usually turn to hospitals for treatment and the rise in number of hospitals in emerging countries
- Asia Pacific is expected to account for the 21.4% of the global EEG preparation Devices market. Developing nations such China, and India are likely to witness high growth
- The advent of high-resolution anatomical imaging techniques such as magnetic resonance imaging (MRI) and computed tomography (CT), high cost of complex brain monitoring devices and unfavorable reimbursement policies is likely to hinder the market growth during the forecast period.
Top Players in the Global EEG preparation Devices Market:
Cadwell Laboratories Inc., Compumedics Limited, EB Neuro S.P.A, Elekta A.B., BrainScope Company Inc., Electrical Geodesics Inc., Natus Medical Inc., Lifelines Neurodiagnostic Systems Inc., and Neurowave Systems Inc.
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.
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EEG preparation Devices Market Segmentation:
Product Outlook (Revenue, USD Million; 2017-2027)
- 8-channel EEG
- 21-channel EEG
- 25-channel EEG
- 32-channel EEG
- 40-channel EEG
- Multichannel EEG
Type Outlook (Revenue, USD Million; 2017-2027)
- Standalone devices
- Portable devices
End-Use Outlook (Revenue, USD Million; 2017-2027)
- Diagnostic Centers
Global EEG preparation Devices Market Report: Regional Segmentation
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Frequently Asked Questions Answered in the Report:
- What is the estimated revenue growth rate of the global EEG preparation Devices market over the forecast period?
- What are the major factors driving the global market revenue growth?
- Which are the leading manufacturers and suppliers in the global EEG preparation Devices market?
- Which regional market is expected to lead in terms of revenue share in the global EEG preparation Devices market over the forecast years?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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