Electroencephalography Systems Devices Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Electroencephalography Systems Devices Market Analysis
The electroencephalography systems devices market is expected to register a CAGR of 8% over the forecast period.
The COVID-19 situation necessitated significant rearranging of health services, including neurological services. According to an article published in January 2021 titled "The impact of the COVID-19 pandemic on people with neurological disorders: an urgent need to improve the health care system's preparedness," data from Spain, particularly the Madrid area, show that 95% of hospitals have re-allocated neurologists to assist COVID-19 patients, and the number of beds in neurology wards has been reduced by 89%. The pandemic has exposed the lack of sufficient health care for patients with neurological illnesses, particularly in locations where hospital-community integration is already lacking. The shift in health resources for COVID-19 patients, along with social distancing measures, has jeopardized neuro-rehabilitation in the outpatient context and inpatient and home care settings. However, the market is currently gaining traction due to the significant increase in the use of electroencephalography devices globally due to the increasing number of heart diseases.
Electroencephalography is the only clinical diagnostic instrument to see brain activity and reflect cortical neuronal functioning in Alzheimer's patients. Moreover, high incidences of Alzheimer's epilepsy, multiple sclerosis, dementia, Parkinson's disease, and stroke are the key driving factors for adopting this electroencephalography, further triggering the market. For instance, as per the Parkinson's Foundation Statistics updates from March 2020, more than one million people were living with Parkinson's disease in the United States by 2020, and nearly 60,000 Americans are diagnosed with Parkinson's disease every year. Thus, because of the high incidence of neurological disorders globally, the electroencephalography system/devices market is expected to grow significantly over the forecast period.
Moreover, the data published in October 2021 by World Health Organization (WHO) reported that the pace of population aging is much faster than in the past, and 1 in 6 people worldwide will be 60 years or over by 2030. At this time, the share of the population aged 60 years and over will increase and will nearly double from 12% to 22% by 2050. As the aging population creates an increase in health-related issues, especially neurological diseases, the hospitalization of patients is also expected to rise. This hospitalization is likely to lead to the requirement for electroencephalogram (EEG) systems, and this is expected to drive the electroencephalography systems devices market.
Moreover, increasing product launches and product development promotes market growth. For instance, in August 2022, Myneurva launched Starrbase, a fully integrated system of its Advanced Neural Network Analysis (ANNA), with over fifty research-based brain training programs. Moreover, in February 2022, Masimo announced the United States Food and Drug Administration clearance of pediatric indication for SedLine brain function monitoring and the SedLine pediatric EEG sensor. Such factors potentially drive the demand for adopting electroencephalography systems/devices worldwide.
However, the limitation of the electroencephalography system is expected to hamper the growth of the electroencephalography systems/devices market.
Electroencephalography Systems Devices Market Trends
This section covers the major market trends shaping the Electroencephalography Systems Devices Market according to our research experts:
Standalone Electroencephalography System is Expected to Witness a Healthy Growth in Future
The standalone system is expected to witness healthy growth in the future owing to an increasing number of neurological disorders such as tumors, strokes, cerebral palsy, and other brain-related disorders. These target populations are more prone to admit to hospitals wherein these systems are commonly used. A standalone system is fixed at a particular place consisting of hardware and software and is widely used in hospitals. This system allows doctors and physicians to interpret the results efficiently and high application in critical care is boosting the segment growth.
The incidence of Alzheimer's has constantly been increasing, and it is expected to continue increasing in the coming decades. According to the September 2021 report of the World Health Organization, about 55 million people around the world are living with dementia, and nearly 10 million cases are reported every year. As per the same source, Alzheimer's is the most common form of dementia and constitutes about 60-70% of the total cases of dementia. Thus, the high incidence of Alzheimer's disease is expected to help in the significant growth of the segment over the forecast period.
Furthermore, according to the March 2021 report of the Alzheimer's Association, approximately 6.2 million people of age 65 years and more are living with Alzheimer's-related dementia in the United States, and it is projected that this number will increase to 13.8 million people by 2060. Further, as per the same source, Alzheimer's- and dementia-related deaths in the United States increased by 16% during the COVID-19 pandemic. It was estimated that in 2021, the country recorded about USD 355 billion in Alzheimer's and other dementia incurred costs, and it is expected that by 2050, this amount would rise to more than USD 1.1 trillion.
Thus, all aforementioned factors are expected to boost segment growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market
North America is expected to hold a major market share in the global electroencephalography systems devices market due to increasing incidences of neurological disorders, and the rising prevalence of sleep disorders.
According to the World Health Organization's (WHO) and Pan American Health Organization's (PAHO) 2020 survey, psychotherapy and counseling services were partially or wholly disrupted in more than half of North American countries (60.7%), while diagnostic and laboratory services at mental health facilities were disrupted in 11 of 28 countries (39.3%). COVID-19 has had a considerable impact on mental, neurological, and substance use (MNS) services throughout the Region of the Americas, according to the survey. However, the types of MNS services and the extent to which they have been disrupted differ significantly. Outpatient and community-based services (mainly home and daycare services) were impacted considerably in most countries.
According to the United States National Institute of Mental Health (NIMH) 2020, it has been estimated that one in four American adults have a diagnosable mental disorder in any given year, and nearly 6% suffer from severe disabilities. The same source has also stated that the total cost of severe mental illness in the United States exceeds USD 317 billion per year.
Moreover, increasing approvals from the United States Food and Drug Administration and product launches by key players are expected to boost the market. For instance, in November 2021, Brain Scientific received the United States Food and Drug Administration clearance for the Next-Gen NeuroCap EEG Headset, an advanced Electroencephalogram (EEG) electrode array used to obtain rapid EEGs in routine clinical and research settings where the recording of STAT EEGs is desired.
Furthermore, increasing healthcare expenditure and the presence of well-established healthcare infrastructure are also fueling the growth of the overall regional market to a large extent.
Electroencephalography Systems Devices Industry Overview
The Electroencephalography Systems Devices Market is fragmented and competitive, and consists of several major players. Some companies currently dominating the market are Natus Medical, Inc., Cadwell Industries, Inc., Medtronic, and Nihon Kohden Corporation.
Electroencephalography Systems Devices Market Leaders
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Natus Medical, Inc.
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NeuroWave Systems, Inc
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Cadwell Industries, Inc.
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Nihon Kohden Corporation
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Medtronic
*Disclaimer: Major Players sorted in no particular order
Electroencephalography Systems Devices Market News
- In March 2022, Interaxon Inc. launched VR Software Development Kit (SDK) alongside a new EEG headband compatible with all major VR head-mounted displays (HMDs), building off Interaxon's second-generation EEG meditation and sleep headband.
- In September 2022, Ceribell, Inc. stated that it received Breakthrough Device Designation for its delirium indication from the United States Food and Drug Administration (FDA); the system utilizes machine learning to analyze electroencephalography (EEG) signals to detect delirium.
Electroencephalography Systems Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising R&D Expenditure
4.2.2 Increasing Prevalence of Neurological Disorders
4.3 Market Restraints
4.3.1 Limitation of Electroencephalography System
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Type
5.1.1 Portable Device
5.1.2 Standalone Device
5.2 By End User
5.2.1 Hospitals
5.2.2 Diagnostic Centers
5.2.3 Others
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Natus Medical, Inc.
6.1.2 NeuroWave Systems, Inc
6.1.3 Cadwell Industries, Inc.
6.1.4 Medtronic
6.1.5 Nihon Kohden Corporation
6.1.6 Advanced Brain Monitoring, Inc.
6.1.7 Cephalon A/S
6.1.8 Compumedics Limited
6.1.9 Fresenius SE & Co. KGaA
6.1.10 General Electric Company (GE Healthcare)
6.1.11 Koninklijke Philips N.V. (Philips Healthcare)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Electroencephalography Systems Devices Industry Segmentation
As per the Scope, the Electroencephalography system is a device that uses a noninvasive technique to measure and records the electrical activity of the brain. The electroencephalography systems/devices market is segmented by Type (Portable Device, Standalone Device), End User (Hospitals Diagnostic, Centers, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
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Electroencephalography Systems Devices Market Research FAQs
What is the current Electroencephalography Systems/Devices Market size?
The Electroencephalography Systems/Devices Market is projected to register a CAGR of 8% during the forecast period (2024-2029)
Who are the key players in Electroencephalography Systems/Devices Market?
Natus Medical, Inc., NeuroWave Systems, Inc, Cadwell Industries, Inc., Nihon Kohden Corporation and Medtronic are the major companies operating in the Electroencephalography Systems/Devices Market.
Which is the fastest growing region in Electroencephalography Systems/Devices Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Electroencephalography Systems/Devices Market?
In 2024, the North America accounts for the largest market share in Electroencephalography Systems/Devices Market.
What years does this Electroencephalography Systems/Devices Market cover?
The report covers the Electroencephalography Systems/Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electroencephalography Systems/Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Electroencephalography Systems/Devices Industry Report
Statistics for the 2024 Electroencephalography Systems/Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electroencephalography Systems/Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
