Market Trends of Electroencephalography Systems/Devices Industry
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.
