SEATTLE--(BUSINESS WIRE)--The global EEG devices market was valued at US$ 1,125.6 million in 2018, and is projected to exhibit a CAGR of 7.8 % over the forecast period (2019-2027).
EEG devices are used to detect brain waves and amplify the signals. These devices are used in the diagnosis and treatment of various disorders such as brain tumor, brain damage from head injury, encephalitis, stroke, and sleep disorders.
The global EEG (Electroencephalography) devices market is estimated to account for US$ 2,198.0 Mn in terms of value by the end of 2027.
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Increasing prevalence of sleep disorders is expected to boost growth of the global EEG devices market over the forecast period. For instance, according to a research published in Asian Journal of Psychiatry in February 2018, sleep disorders were found in 83.4% of the study population.
Moreover, EEG offers several benefits such as measurement during mute epochs, semantic integration, selective attention, and semantic integration. These advantages are expected to further propel growth of the market over the forecast period.
Increasing R&D in neuroscience is expected to offer lucrative growth opportunities for market players. For instance, in December 2019, researchers from University of Manchester published a research ‘Spatial Neglect in Stroke: Identification, Disease Process and Association with Outcome during Inpatient Rehabilitation’ to increase their understanding on spatial neglect in inpatient stroke survivors.
Increasing awareness programs related to aging and neurodegenerative diseases is also expected to boost growth of the market. For instance, in September 2019, The European Calcium Society (ECS) organized the eighth ECS workshop around the theme of “Calcium Signaling in Aging and Neurodegenerative Diseases” in Coimbra (Portugal).
In EEG, availability of deep or small lesions may lead to abnormality in EEG outcome. EEG is also associated with other drawbacks such as false localization of epileptogenic zone, influence by hypoglycemia and alertness, and limited time sampling. Such disadvantages are expected to hamper growth of the market.
Diagnostic Centers segment dominated the global EEG (Electroencephalography) devices market in 2018, accounting for 60.9% share in terms of value, followed by hospitals. The major driver attributing to the growth of the segment during the forecast period constitutes of increasing patient population and increasing demand for minimally invasive procedures.
Standalone (Fixed Devices) segment dominated the global EEG (Electroencephalography) devices market in 2018, accounting for 47.1% share in terms of value, followed by portable devices segment. Reason increasing product approvals is a major factor attributing to the growth of the segment during the forecast period
Key players in the market are focused on launching continuous EEG monitoring devices to enhance their market share. For instance, in December 2019, Ceribell launched rapid response EEG system ‘Clarity’ that offers continuous bedside EEG monitoring with instantaneous seizure detection and alert.
Key players in the market are also focused on gaining contracts to enhance their market share. For instance, in September 2018, BrainScope received a research contract of US$ 4.5 million from the U.S. Department of Defense (DOD) to create and integrate ocular capabilities into its handheld, multi-parameter mild Traumatic Brain Injury (mTBI) and concussion products.
Global EEG Devices Market: Competitive Landscape
Major players operating in the global EEG (Electroencephalography) devices market include Cadwell Laboratories Inc., Compumedics Limited, Natus Medical Incorporated, Neurosoft Ltd., Elekta AB, Electrical Geodesics, Inc., NeuroWave Systems Inc., EB Neuro S.p.A., and Nihon Kohden Corporation.
Key players in the market are focused on raising funding to expand their product portfolio. For instance, in September 2018, Ceribell, Inc. completed a US$ 35 million Series B financing led by new investors Optimas Capital Partners Fund and The Rise Fund to expand the commercialization of its innovative Rapid Response EEG system ‘Clarity’.
Key players in the market are also focused on product development and launch to expand their product portfolio. For instance, in November 2019, Rhythmlink International, LLC launched two new products, the BrainHealth Headset and the RLI EEG Template. BrainHealth Headset can be used to offer rapid EEG recordings.
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Taxonomy (Scope, segments)
EEG (Electroencephalography) Devices Market, By Device Type:
- 8-Channel EEG
- 21-Channel EEG
- 32-Channel EEG
- 40-Channel EEG
- 8-Channel EEG
EEG (Electroencephalography) Devices Market, By Modality:
EEG (Electroencephalography) Devices Market, By End User:
- Diagnostic Centers
EEG (Electroencephalography) Devices Market, By Region:
- North America
- Latin America
- Asia Pacific
- Middle East