Electroencephalography Devices Market Size, Share & Trends Analysis Report By Product (32-Channel, Multi-channel), By Type (Portable Device, Standalone Device), By End-use, And Segment Forecasts, 2023 - 2030

Report Overview

The global electroencephalography devices market was valued at USD 1.06 billion in 2022 and is anticipated to expand at a CAGR of 10.2% from 2023 to 2030. The increasing prevalence of neurological disorders and rising awareness about them are major factors contributing to the growth. High incidence of Alzheimer’s, epilepsy, dementia, multiple sclerosis, Parkinson’s disease, and stroke has been key in the rising adoption of electroencephalography (EEG) devices. According to the data from the Alzheimer's Association, almost 6.5 million Americans aged 65 years and older are suffering from Alzheimer’s in 2022. Seventy-three percent are of age 75 or older.

According to the data from the ALS Association, by 2050, ~12.7 million people aged 65 and older would suffer from Alzheimer’s. Estimates from the National Vital Statistics Report compiled by the Centers for Disease Control and Prevention (CDC) indicate that stroke was the fifth leading cause of mortality in the U.S. Data from the same source indicates that the average years of potential life lost under 75 years of age due to cerebrovascular diseases was 187.1 in the U.S. These facts are indicative of the rising prevalence of the disease, requiring constant monitoring and treatment, propelling demand for EEG systems.

According to the National Center for Health Statistics, the death rate (per 100,000 population) for Alzheimer’s in the U.S. was reported as follows:

Data from the same source also indicated that by 2050, the global number of Alzheimer’s disease patients will reach over 106.23 million. The rising geriatric population globally owing to enhanced healthcare systems is, therefore, facilitating increased R&D in the field of neuroscience. Takeda’s collaboration with Denali Therapeutics focused on Alzheimer’s and Parkinson’s and Biogen’s tie-up with Pfizer for the development of cognitive drugs for schizophrenia are anticipated to positively impact market growth during the forecast period.

Rising R&D investments by manufacturers to provide advanced brain monitoring devices is another major factor significantly contributing to the growth of the electroencephalography systems market. The companies are investing in R&D to improve the existing products and to develop new ones to cater to the increasing demand for advanced devices.

Product Insights

Based on product, the electroencephalography devices market is segmented into 32-channel EEG, 25-channel EEG, 8-channel EEG,40-channel EEG, 21-channel EEG, and multichannel EEG. In 2022, 32-channel EEG was the largest revenue at 27.0% and is projected to maintain its dominance during the forecast period. Technological advancement in 32-channel EEG products and their high adoption by healthcare professionals are the major factors driving growth. In terms of revenue, the 32-channel EEG segment is followed by 25-channel EEG & 40-channel EEG segment in 2022. These segments are expected to showcase at a significant CAGR during the forecast period. Products offered by companies such as Neurofax EEG-1200 Diagnostic and Monitoring Platform by Nihon Kohden Corporation are expected to gain popularity over the next few years.

Multi-channel EEG systems are used to record electrical activities in the brain to diagnose neurological disorders, strokes, and other brain disorders, and detect tumors. The companies offering these products are Compumedics Limited (Neuvo 64-512 Channel LTM EEG, Grael LT EEG System, Grael 4K-EEG), Natus Medical Inc. (NicoletOne, Xltek EEG Systems) among others. This segment is anticipated to exhibit significant growth in the forecast period.

Type Insights

Based on type, the market is segmented into standalone devices and portable devices. Standalone devices accounted for the major market share of 78.6% in terms of revenue in 2022. Standalone devices are the most commonly used type of EEGs. Numerous applications of these devices in critical care are key factors contributing to its high revenue share. Standalone EEG systems are systems that are fixed or implanted at a particular place. Such systems are used mainly in hospital settings and consist of hardware and software solutions that allow physicians to interpret results efficiently. EEG devices are used to record electrical activities in the brain. With an increase in the number of neurological diseases like tumors, cerebral palsy, strokes, and other brain-related disorders, a huge number of patients have been admitted for treatment in hospital settings. This has largely contributed to the surge of standalone devices that are used in such settings.

Portable EEG devices are transportable in nature and can deduce similar results as those done by standalone devices. These devices are often used in ambulatory services and other paramedic settings where the electrical activity of the brain has to be measured in order to understand the condition of the patient. Portable systems are also used in homecare settings to deal with comatose patients and patients suffering from other neurological disorders. The portable devices segment is expected to exhibit the highest CAGR of 10.2% during the forecast period. A major factor contributing to the growth is the increasing focus of manufacturers on technological advancements, such as portability, lightweight, and simultaneous raw data acquisition. Also, the rising demand for portable devices for clinical practice and outdoor investigation is projected to bode well for segment growth.

End-use Insights

Hospitals led the overall market in 2022 with a share of ~70%, owing to the growing number of patients suffering from traumatic brain injuries, epilepsy, and other neurological disorders. In addition, increasing focus on the development of healthcare infrastructure in developing countries of Asia Pacific and Africa propels the segment growth. Hospitals held the highest market share owing to increasing admissions of patients suffering from traumatic brain injuries, epilepsy, and other neurological disorders. Hospitals are primary end-users of ECG devices because of their need to record the rhythm and electrical activity and evaluate the results in detail for clinical and research purposes. Thus, this segment dominated the market in 2022, owing to the high patient turnaround and frequent readmissions.

The diagnostic centers segment is expected to witness the fastest growth of 9.7% during the study period, due to the growing awareness regarding neurodegenerative disorders. The rising awareness among people leads to demand for advanced EEG products for disease diagnosis and prevention. The demand for advanced diagnostics products is high in developed countries like the U.S. and Germany, due to the highly developed healthcare infrastructure in these countries.

The others end-use segment consists of neurological centers, clinical research organizations, and academic research organizations. Neurological centers specifically cater to those patients suffering from neurological diseases and usually operate in collaboration with hospitals & companies. With an increase in the number of neurological disorders, there is a huge demand for diagnosis & treatment at such centers that provide patients with specialized care & management of the disease.

Regional Insights

North America led the EEG devices market (market share of ~39%) in 2022 followed by Europe and Asia Pacific. The rising prevalence of various sleep and neurodegenerative disorders and accessibility to insurance are the major factors contributing to regional growth. Moreover, the presence of a highly developed healthcare infrastructure and strong distribution and sales network of leading vendors in this region are anticipated to drive growth. Favorable reimbursement policies in the U.S. have surged the usage of these systems for the diagnosis of neurological disorders. Presence of government organizations such as the National Institute of Neurological Disorders and Stroke (NINDS) that provide funding for R&D activities applicable to the treatment of brain nervous disorders contributed to the dominance of the regional market. 

Europe is expected to showcase steady growth in the forecast period owing to the presence of a well-established healthcare system. The establishment of various non-profit organizations such as the European Multiple Sclerosis Platform (EMSP) is expected to further boost the market. According to EMSP, approximately 9 million people in Europe are affected by neurodegenerative diseases. This organization encourages research and data collection related to multiple sclerosis and focuses on spreading awareness regarding the same in Europe and other regions, thus, boosting growth. 

Key Companies & Market Share Insights

The EEG systems market is a blend of large, well-established public companies and private firms. Companies such as Electrical Geodesics, Inc.; Medtronic; and Cadwell Industries, Inc. have an extensive product portfolio coupled with a strong regional presence. The existence of a broad range of product portfolios and new product development are some of the major factors contributing to the growth of the companies. The major companies are undertaking various organic as well as inorganic strategies such as new product development, collaborations, acquisitions, mergers, and regional expansion for serving the unmet needs of their customers.

Some of the key market players in the global electroencephalography devices market are:

• Natus Medical, Inc.

• Electrical Geodesics, Inc.

• Medtronic; NeuroWave Systems, Inc.

• Compumedics Ltd.

• Noraxon U.S.A., Inc.

• Cadwell Laboratories, Inc.

• Nihon Kohden America, Inc.

Electroencephalography Devices Market Report Scope

Global Electroencephalography Devices Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global electroencephalography devices market report based on product, type, end-use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • 8-channel EEG

  • 21-channel EEG

  • 25-channel EEG

  • 32-channel EEG

  • 40-channel EEG

  • Multi-channel EEG

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Standalone Devices

  • Portable Devices

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Diagnostic Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Singapore

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE