The global electroencephalography devices market, by Device Type (8-Channel EEG, 21-Channel EEG, 32-Channel EEG, 64-Channel EEG, and Others), by Modality (Standalone and Portable), by End User (Hospitals, Diagnostic Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 704.4 million in 2016 and is projected to exhibit a CAGR of 7.0% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. The global electroencephalography devices market is expected to gain significant traction over the forecast period, owing to increasing prevalence of neurological disorders such as epilepsy, brain tumors, Parkinson’s disease, and stroke, which in turn is increasing the neuro ICU admissions. According to the World Health Organization, in 2016 over 50 million people across the world are suffered from epilepsy and over 35.6 million patients are suffering from Alzheimer’s disease and dementia.
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Increasing neurosurgeries involving spinal abnormality correction as well as brain tumor removal and hemorrhage surgeries, which involve both open and minimally-invasive procedures is increasing the demand for continuous brain monitoring, due to high complexities involved in the surgeries. According to the AANS National Neurosurgical Procedural Statistics, 2011, neurosurgeons performed 2,296,331 total procedures, 847,931 of which were critical brain surgeries, in the U.S. This, in turn supports growth of the electroencephalography devices market. Electroencephalography (EEG) is a vital diagnostic test that evaluates a patient’s possibility of developing various brain-associated diseases such as epilepsy and meningitis. Thus, EEG units commonly prevalent in most neuro-diagnostic centers. For instance, according to the Department of Child and Adolescent Psychiatry, Iceland, 2014, the novel application of EEG-based classification methods were reported to offer significant benefit in improving initial diagnosis accuracy among 351 pediatric patients suffering from Attention Deficit Hyperactivity Disorder (ADHD).
The global electroencephalography devices market is expected to exhibit high growth, owing to new product launches by key players. For instance, in February 2018, a California-based manufacturer, MemoryMD, received FDA 510(k) clearance for NeuroEEG, a wireless amplifier that helps to transmit EEG signals to computers and cloud-based devices with the help of Bluetooth. The device consists of a software that enables physicians and doctors to review data of patients, evaluate it, and create an appropriate report about the patient’s health condition. Moreover, market players are also focusing on strategic mergers and acquisitions to expand their product portfolio and retain their foothold in the global market. For instance, in October 2017, Natus Medical, Inc. completed acquisition of neurosurgery assets from Integra Lifesciences Corporation, which in turn, expands the Natus Medical’s neurology product portfolio.
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Key players operating in the global electroencephalography devices market include Natus Medical, Inc., BrainScope Company, Inc., Medtronic Plc, NeuroWave Systems, Inc., Compumedics Limited, Electrical Geodesics, Inc., Cadwell Industries, Inc., Jorden Neuroscience, Inc., and others.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.