Market Trends of MEA Neurology Monitoring Industry
The Electroencephalography (EEG) Devices Segment is Expected to Register a Significant CAGR During the Forecast Period
Electroencephalography (EEG) is an electrophysiological monitoring method that is used to record the electrical activity of the brain. It is used to measure and record brain wave activity for the diagnosis and treatment of sleep apnea. Due to this increased use and demand for high-quality EEG devices, numerous companies are catering to the specific needs of EEG users. The rising prevalence of diseases such as brain cancer and Alzheimer's disease is the major factor driving the segment's growth.
For instance, according to the article published by the Alzheimer's & Dementia Journal in September 2022, the prevalence of dementia is increasing across the African continent at the same time as the aging population in low- and middle-income nations. The source also stated that dementia prevalence in Africa ranges from 2.3% to 20.0%, and incidence rates were recorded at 13.3 per 1000 person-years, with increasing mortality in parts of the rapidly changing region. Thus, the high burden of the disease in the region is expected to increase the demand for EEG devices, which may propel the segment growth over the study period.
Moreover, according to a report published by Research Square in May 2022, the highest estimate of those living with dementia above the age of 50 and 60 was in Egypt, Algeria, and Morocco. This high burden of diseases in these countries is expected to increase the demand for EEG devices.
Thus, the aforementioned factors, such as the rising prevalence of various neurological disorders and the increasing geriatric population, are expected to boost segment growth.
GCC is Expected to Hold a Significant Market Share During the Forecast Period
The Gulf Cooperation Council comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). The major factors driving the growth of the market in GCC are the increasing prevalence of neurological disorders, the increasing launch of technologically advanced products, the rising geriatric population, and the growing number of traumatic brain injuries in the region.
According to a study released by the Lancet Public Health in January 2022, the UAE and other Gulf countries are predicted to report the highest number of people living with dementia over the next 30 years worldwide. It was estimated that the UAE will see an increase of 1,795% in people suffering from dementia by 2050, and neighboring Gulf countries, such as Qatar and Bahrain, will see an increase in dementia cases of 1,926% and 1,084% by 2050, respectively. Thus, the high number of dementia cases is expected to increase the prevalence of Alzheimer's disease in the region over the forecast period, thereby propelling the adoption of neurology monitoring devices.
The neurology monitoring segment continues to witness significant advancements, with companies striving to enhance non-invasive monitoring technologies. For instance, in March 2022, at Dubai's World Expo, NeuroVigil made a significant announcement during the keynote of the New Technology & Mental Health Conference. The company revealed that it had enlisted top leaders from industry, government, and academia to bolster its operations in preparation for the upcoming release of its latest innovation, the non-invasive iBrain brain monitor. This development underscores the ongoing efforts within the neurology monitoring segment to integrate cutting-edge technology for improved patient outcomes.
Thus, the aforementioned factors, such as the rising prevalence of neurological disorders and the increasing incidence of traumatic brain injuries, are expected to boost the market growth during the forecast period.
