June 18, 2024
Electroencephalographs Market

Advancements in Wireless EEG Propel Electroencephalographs Market

The electroencephalographs (EEG) market consists of devices that are used to record electrical activity in the brain to diagnose brain diseases and sleep disorders. EEG devices help to measure and record brain waves by detecting electric potentials through electrodes placed on the scalp. EEG has various clinical applications in diagnosing brain conditions like epilepsy, seizures, brain death, coma, and encephalopathies. The growing prevalence of neurological diseases, technological advancements in wireless EEG devices, and increasing applications of EEG are fueling the demand for electroencephalographs globally.

The global Electroencephalographs market is estimated to be valued at US$ 2919.86 Mn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.

Key Takeaways

The key opportunities in the Electroencephalographs Market Size include growing demand for ambulatory and home-based EEG monitoring solutions. With advancements in wireless technology, new opportunities are emerging for continuous EEG monitoring at home and during routine daily activities outside a clinical setting.

Key players operating in the electroencephalographs (EEG) market are HEYER Medical AG, Medicom MTD, Draeger, Inc., Natus Medical Incorporated, Masimo, NeuroWave Systems Inc., Brain Products, elmiko medical, CamNtech Ltd, Danmeter, Neurosoft and MT MonitorTechnik GmbH & CO.KG. The major players are focusing on developing advanced wireless EEG devices to improve patient mobility.

Technological advancements like cloud-based storage, sharing of EEG data across different healthcare facilities, and integration of EEG devices with IoT are expected to drive the demand. Newer EEG devices with advanced signal processing and wireless connectivity are being developed to improve accuracy, simplify tests, reduce machine errors and ensure better workflow efficiency.

Market Drivers

The increasing geriatric population is one of the key drivers of the electroencephalographs market. Neurological disorders are more common among the elderly. Additionally, the rising incidence of neurological diseases like epilepsy, brain tumors, Alzheimer’s, Parkinson’s disease, and traumatic brain injuries is also propelling the demand for EEG devices globally. According to the World Health Organization (WHO), over 50 million people worldwide have epilepsy and 10 million people are diagnosed with epilepsy each year. This has increased the demand for EEG monitors for diagnostic and monitoring purposes.

Current Challenges in the Electroencephalographs market

The Electroencephalographs Market Size is still at a nascent stage and has various technological challenges. EEG procedures require trained professionals for operation and analysis of brain wave patterns. Shortage of skilled professionals remains a key challenge. Data analysis and interpretation of EEG results also requires expertise. High capital requirement for advanced EEG systems and their maintenance is another challenge, especially for small hospitals and clinics in developing regions. Portability and ease of use of ambulatory EEG devices needs further improvement for wider adoption.

SWOT Analysis

Strength: Advanced EEG systems offer high channel counts, digital signal processing and ambulatory monitoring capabilities for improved diagnosis. Growing applications in neurology, sleep analysis and brain research boost the market.
Weakness: EEG procedures have limited application in complex diagnostic cases. Interpretation of brain wave patterns requires extensive training. Higher costs of advanced EEG systems are prohibitive for small users.
Opportunity: Rising geriatric population and growing incidence of neurological disorders drive demand. Untapped regions especially in Asia Pacific and Middle East & Africa present new opportunities. Technological advancements are making EEG more portable and effective.
Threats: Reimbursement issues in some countries challenge the market’s growth. Alternative diagnostic techniques may reduce dependency on EEG for certain applications. Economic slowdowns can decrease healthcare spending on new equipment.

Geographical regions of concentration

North America currently holds the largest share of the electroencephalographs market, mainly due to high healthcare spending, presence of key players, and increasing cases of neurological disorders in the region. The United States being a major market in North America contributes significantly to the regional market growth.

Fastest growing region

The Asia Pacific region is poised to witness the highest growth during the forecast period owing to large patient pools, rising healthcare expenditure, growing awareness about neurological diseases, and increasing adoption of advanced technologies in major markets such as China and India. Moreover, improvements to healthcare infrastructure and expanding insurance coverage in several Asia Pacific countries will further support the region’s rapid market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it