EEG Devices Market is expected to reach US$ 1,699.52 million by 2028

by Sameer Joshi or 02-Aug-2021
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Report : EEG Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (8-channel EEG, 21-channel EEG, 25-channel EEG, 32-channel EEG, 40-channel EEG, Multi-channel EEG); Application (Sleep Disorders, Neuroscience, Head Trauma, Brain Tumors, Others); Device Type (Standalone Devices, Portable Devices); End User (Hospitals & Clinics, Diagnostic Centers, Academic & Research Institutes, Research Centers), and Geography.

32-channel EEG Segment to Contribute Major Share to EEG Devices Market During 2021–2028

According to our new market research study on “EEG Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, Device Type, and End User,” the market is expected to reach US$ 1,699.52 million by 2028 from US$ 1,025.92 million in 2021; it is estimated to grow at a CAGR of 7.5% from 2021 to 2028. The report highlights the trends prevailing in the market along with the market drivers and deterrents. Factors such as growing incidence of neurovascular disorders and significantly rising elderly population drive the market. However, high cost of EEG devices hinders the EEG devices market growth.
  
Neurological diseases are the diseases of the spine, brain, and nerves that connect them. The neurovascular systems are highly dependent on the continuous supply of oxygen and nutrients, which has been supplied by the arteries and veins. The amount of oxygen and nutrients to the brain is essential for its working; therefore, a defect in the system can impair the function, and it may quickly become a life-threatening factor. The neurovascular diseases include hemorrhage stroke, ischemic stroke, and brain tumors. Genetic disorders, lifestyle habits, and related chronic conditions may cause the development of neurovascular diseases. During the last few years, the predominance of neurological disorders has increased significantly. For instance, epilepsy is one of the neurovascular diseases that is rising significantly across the globe. The rising cases of brain tumors worldwide is the primary factor for the EEG devices market growth. For instance, as per the data of Lancet Neurol 2019; 18: 376–93, approximately 329,673 cases of brain and central nervous system (CNS) cancer were reported globally in 2016. The most regular type of essential CNS cancer is Glioma, which is a group of malignant brain tumors that includes high-grade Glioma or glioblastoma and low-grade Glioma (astrocytoma, oligodendroglioma). Epilepsy is a non-communicable disease of the brain that affects people of every age group. According to data from the World Health Organization (WHO), in 2019, around 50 million people across the globe had epilepsy, which makes it one of the most common neurological diseases worldwide. Approximately 80% of people with epilepsy are living in low- and middle-income nations. The projected ratio of the overall population with active is between 4 and 10 per 1,000 people.

Moreover, data from World Health Organization (WHO) stated that in 2010, the total number of people with dementia across the globe was reported at 35.6 million and is anticipated to nearly double every 20 years, to 65.7 million in 2030 and around 115.4 million in 2050. The new cases of dementia per year across the globe are approximately 7.7 million, implying one new case every four seconds. The majority of the increase will be in emerging nations, the fastest growth in the aging population in China, India, and their south Asian and western Pacific neighbors. Thus, it is anticipated that the increasing prevalence of neurovascular diseases is likely to fuel the growth of the market during the forecast period.

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, 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. 

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. 

Prominent players operating in the EEG Devices market include 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. Market players are launching new and innovative products and services to maintain their position in the EEG devices market. In March 2020, EMOTIV introduced a brand new 14-channel mobile brainwear EPOC X on its 10th Anniversary. The product launch has further enabled neuroscience research in different contexts with an updated sustainable design.

The report segments the global EEG devices market by product, application, device type, end user, and geography. Based on product, the 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 terms of application, the market is segmented into brain tumors, head trauma, sleep disorders, neuroscience, and others. Based on device type, the market is segmented into standalone devices and portable devices. Based on end user, the market is segmented into hospitals & clinics, diagnostic centers, research centers, and academic & research institutes. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America.

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