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EEG Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product ; Application ; Device Type ; End User, and Geography.

EEG Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product ; Application ; Device Type ; End User, and Geography.

  • July 2021
  • 196 pages
  • ID: 6128406
  • Format: PDF
  • The Insight Partners

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The EEG Devices 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. Factors such as growing incidence of neurovascular disorders and significantly rising elderly population are contributing to the market growth. However, the high cost of EEG devices hinders the EEG devices market growth.
Electroencephalography (EEG) is the study of electrical brain action along with the scalp.With the help of multiple electrodes placed on the head, the EEG equipment examines voltage fluctuations resulting from ionic current flows in the brain’s neurons.

EEG is among the most stable and predicative pointers when analyzing human cognition, evaluating a subject’s health condition, or observing their mental state.EEG is widely used to detect epilepsy.

Moreover, the device is used to identify sleep disorders, coma, anesthesia, encephalopathies, and brain death. The device is utilized for the diagnosis of tumors, stroke, and other brain ailments.
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.
Product Insights
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, the 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.
Application Insights
Based on application, the global EEG devices market is segmented into brain tumors, head trauma, sleep disorders, neuroscience, and others.In 2020, the brain tumors segment held the largest share of the market; however, the head trauma segment is expected to grow at the highest CAGR during 2021–2028.

The growth of the brain tumors segment can be attributed to factors such as the rising prevalence of brain tumors, growing awareness about neurological disorders, and increasing availability of advanced EEG products. Thus, the increase in brain tumor cases has created more demand for EEG devices in the health care market.
Device Type Insights
Based on device type, the global EEG devices market is segmented into standalone devices and portable devices.In 2020, the standalone devices segment held the larger share of the market.

However, the portable devices segment is expected to register the higher CAGR during 2021–2028.The standalone devices are the most commonly used type of EEGs.

The high application of these devices in critical care is a crucial factor contributing to their growth. Therefore, owing to all the aforementioned factors, standalone devices is likely to grow in the coming years.
End User Insights
Based on end user, the EEG devices market is segmented into hospitals & clinics, diagnostic centers, research centers, and academic & research institutes.The hospitals & clinics segment held the largest market share in 2020; however, the diagnostic centers segment is expected to be the largest shareholder in the market by 2028.

Hospitals are the most significant entities that have all the facilities available in the organization.Hospitals also provide various diagnostics and treatment facilities that can be reimbursed under insurance claims.

Furthermore, the rise in prevalence of neurological disorders is driving the hospitals & clinics segment.
A few major primary and secondary sources referred to while preparing the report on the global EEG Devices market are World Health Organization (WHO), Central Brain Tumor Registry of the United States (CBTRUS), American Society of Clinical Oncology (ASCO), Canada First Research Excellence Fund (CFREF), Canadian Institute for Health Information (CIHI), Organization for Economic Co-operation and Development (OCED), National Health Service (NHS), World Stroke Organization (WSO), German Brain Tumour Association (Deutsche Hirntumorhilfe e.V.), SOCIETA ITALIANA DI NEUROSCIENZE (SINS), Federation of Italian Medical and Scientific Societies (F.I.S.M), Business Monitor International (BMI), Neurology Association of South Africa (NASA), Institute of Neuroscience and Neurotechnology (BRAINN), and European Centre for Disease Prevention and Control (ECDC), among others.

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