The Global Electroencephalographs Market is Anticipated to Witness High Growth Owing to Rising Demand for Neurodiagnostics

 

Electroencephalographs Market 

The global electroencephalographs market caters to the neurodiagnostics segment. Electroencephalograph (EEG) devices are used to record electrical activity in the brain through electrodes placed on the scalp. EEG equipment helps diagnose brain illnesses or injuries such as epilepsy, brain tumors, sleep disorders, coma and encephalopathies. It is a noninvasive technique and provides detailed information about the brain function. Growing instances of neurological issues due to surging lifestyle diseases and accidents have fueled the demand for EEG devices in recent years.

The Global Electroencephalographs Market is estimated to be valued at US$ 2919.86 MN in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the electroencephalographs market are HEYER Medical AG, Medicom MTD, Draeger, Inc., Natus Medical Incorporated, Masimo, NeuroWave Systems Inc., Brain Products, elmiko medical, CamNtech Ltd, Danmeter, Neurosoft and MT MonitorTechnik GmbH & CO.KG. These players are focusing on launching advanced EEG solutions and expanding their global footprints to consolidate their market shares.

The global Electroencephalographs Market provides numerous opportunities such as integrating digital technologies like artificial intelligence and cloud services to develop smart EEG devices. Market players are also investing in wearable and portable EEG devices to expand access to neurodiagnostics in remote locations.

Key players are involved in partnerships and acquisitions to strengthen their international presence. For instance, Natus Medical acquired Digital EEG to augment its product portfolio. Several players are setting up manufacturing plants across Asia Pacific and Latin America to meet the rising demand in emerging economies.

Market drivers and restraints

Rising geriatric population prone to neurological disorders is a major market driver. According to the United Nations, the global population aged 60 years and above is projected to reach 2.1 billion by 2050 from 1 billion in 2019. Growing cases of traumatic brain injuries from road accidents and contact sports also boost the need for EEG monitoring.

High equipment costs pose a significant challenge. EEG machines require heavy investments and their maintenance involves additional expenditures. Shortage of trained healthcare professionals to operate these devices and interpret EEG readings acts as a market restraint. Strong competition and lack of reimbursement policies in developing nations further restrict industry expansion.

Segment Analysis

The electroencephalographs market sees the standalone conventional EEG systems as the dominating sub segment currently. Standalone EEG systems provide dedicated and basic epilepsy monitoring for critical care centers, neurology clinics as well as hospitals. Standalone systems hold over 60% of the total EEG devices market share owing to their simple design offering basic monitoring requirements for physicians in a cost effective manner.

Global Analysis

North America accounts for the largest regional electroencephalographs market share currently. High healthcare spending, presence of leading medical device manufacturers and advanced epilepsy care infrastructure drives the North American EEG devices market. The region is expected to witness a growth rate above the global average during the forecast period on account of increasing incidence of neurological disorders, growing adoption of digital EEG recorders and favorable reimbursement scenario in countries like the US and Canada. Asia Pacific region is poised to emerge as the fastest growing regional market for electroencephalographs atttributed to rising geriatric population, growing healthcare expenditures and expanding medical tourism industry in countries like India, China and Japan.

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