The global EEG devices/systems market is expected to reach a value of USD 1.40billion by 2025, according to a new report by Grand View Research, Inc. Increasing prevalence of neurological disorders such as epilepsy, sleeping disorders, brain tumor, Parkinson’s disease, and stroke is a major factor anticipated to drive market growth during the forecast period. According to WHO, over 50 million people are affected by epilepsy; and more than 35.6 million people worldwide are suffering from Alzheimer’s disease and dementia. Thus, the increasing prevalence of neurological disorders leads to rising demand for EEG systems and equipment. In addition, growing awareness about neurological diseases in developed and developing regions is expected to boost the market.
Increasing funding for neuroscience R&D by governments is another main factor contributing to the market growth. For instance, in June 2014, the U.S. Department of Defense granted USD 400,000 to University of Texas at San Antonio for the purchase of two EEG systems intended for advance research on brain-machine interaction. Also, technological advancement in these systems propels its adoption for detection of abnormalities associated with electrical activity of the brain. Thus, government initiatives and technological advancement are expected to drive the growth of the sector in the near future.
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Further Key Findings From the Study Suggest:
The 32-channel EEG segment was the highest revenue generating segment of the market in 2015. The technological advancement in 32-channel EEG products propels the segment growth
In 2015, the standalone devices segment was the highest revenue grossing segment of the market due to its high application in hospitals and diagnostics centers
The hospitals segment held the largest revenue share in the market in 2015, owing to the increasing number of patients suffering from neurological disorders. The rising geriatric population is another major factor responsible for the growth of the hospitals segment during study period
North America accounted for the largest revenue share of the EEG devices market in the year 2015. The availability of insurance coverage for brain monitoring and well-developed healthcare infrastructure is anticipated to drive demand for EEG products in the region during the forecast period
Some of the key companies are Natus Medical, Inc.; NeuroWave Systems, Inc.; Electrical Geodesics, Inc.; Medtronic; Compumedics Ltd.; Cadwell Laboratories, Inc.; Noraxon U.S.A. Inc.; and Nihon Kohden America, Inc.
Grand View Research has segmented the EEG Devices market on the basis of product, type, end use, and region:
EEG Devices Product Outlook (Revenue, USD Million; 2014 - 2025)
EEG Devices Type Outlook (Revenue, USD Million; 2014 - 2025)
EEG Devices End-Use Outlook (Revenue, USD Million; 2014 - 2025)
EEG Devices Regional Outlook (Revenue, USD Million; 2014 - 2025)
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