Feb 14, 2020, 06:31 EST
Bronx, United States, Feb 14, 2020, 06:31 /Comserve / -- EEG (Electroencephalography) Devices Market Growth to register a CAGR of 7.8% to reach USD 2,198.0 Million by 2027, Says Coherent Market Insights
Global Electroencephalography Market – Monitoring Functions of Brain
Electroencephalography (EEG) is an electrophysiological monitoring method to record electric activity of the brain. Although it is noninvasive with electrodes placed along the scalp, invasive electrodes are used in some cases. EEG typically measures electrical activity generated by the synchronized activity of thousands of neurons that helps to analyze the activated areas of brain at a particular instance. It also helps to diagnose various neurological disorders including Alzheimer’s disease, dementia, epilepsy, autism, etc. by determining the malfunction produced in the normal electrical signal pattern. The neurons in the brain generate electrical impulses that fluctuate in a rhythmic and distinct pattern.
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The number of electrodes present on the crown decides the price and accuracy of an EEG device. Systems with high number of electrodes provides high quality digitalization, better quality amplification, and higher number of snapshots taken by device per second as compared to systems with few electrodes. Electroencephalography can also be used as an important tool in assessment of patients suspected with brain death. EEG waveforms report immediate signals to remove the brain in case of transplantation and storage of the dead brain.
The global electroencephalography devices market was valued at US$ 704.4 million in 2016 and is expected to witness a robust CAGR of 7.8% over the forecast period (2020–2020).
Growing prevalence of neurological disorders and introduction of novel technology in EEG systems due to product innovation is expected to drive growth of the global electroencephalography market during the forecast period. According to the Lancet 2014, neurological disorders is one of the most major cause of disability and mortality worldwide. Electroencephalography devices have wide application in neuro-diagnostic procedures and remote brain monitoring for several diseases and medical conditions. For instance, according to the Centers of Disease Control & Prevention (CDC), traumatic brain injury led to around 2.8 million emergency department visits, deaths, and hospitalizations in the U.S., in 2013. According to the World Health Organization, 2016, over 50 million people across the globe suffer from epilepsy, whereas around 47.5 million people suffered with dementia and around 7.7 million new cases are reported each year. Moreover, growing requirement for brain function monitoring and brain mapping in complex medical conditions is expected to drive the market growth in the near future. For instance, in September 2016, BrainScope Company, Inc. received the U.S. Food and Drugs Administration clearance for the first handheld medical device named ‘BrainScope One’ for assessment of the full spectrum of Traumatic Brain Injury (TBI) that was developed in partnership with U.S. Department Of Defense, offering clinicians a comprehensive panel of data to assist in their diagnosis of the full spectrum of TBI.
Market Dynamics- Restraints
High cost related to advanced EEG acquisition systems makes these systems unaffordable for medical settings in the emerging and rural areas due to low medical expenditure budget, which in turn, is expected to restrain the global electroencephalography market growth over the forecast period.
Among regions, North America holds the dominant position in the global electroencephalography devices market, owing to rampant development and launch of novel EEG devices and systems by key players in the market. For instance, in October 2015, Brain Products GmbH, a U.S.-based company, introduced LiveAmp, an ultra-lightweight wearable amplifier that allows the users to store data internally without any mobility limitations. U.S.-based manufacturers are also incorporating Artificial Intelligence (AI) technology in their devices so as to make the systems smarter and reduce expertise requirement for their operation. For instance, in March 2017, EEG Enterprises introduced Lexi, a new cloud hosted service that connects the company’s existing EEG workflows with speech recognition technology.
Furthermore, Asia Pacific is expected to exhibit highest growth over the forecast period, owing to increasing number of Asia-based companies entering into the international markets. For instance, in November 2017, Nihon Kohden Corporation, a Japan-based medical device company, started a new sales branch in Kenya with an aim to expand its sales in the East Africa, as a part of its strategic business expansion. Moreover, the governments in various countries are easing regulations and guidelines of medical devices to increase the export of devices from the region, is in turn, boosting market growth. For instance, in January 2013, Japanese government officially declared easing of regulations and manufacturing guidelines for medical equipment to leverage the medical companies for increasing their production scales and invent revolutionary medical devices that can be valued significantly in the international markets.
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Key players in the market are involved in various growth strategies such as product launch and product approval, in order to gain competitive edge in the market. For instance, in September 2016, BrainScope Company, Inc. received the U.S. FDA clearance for the first handheld medical device for the assessment of full spectrum of traumatic brain injury. This device was developed in partnership with the U.S. department of defense, to offer a comprehensive panel of data to clinicians that would assist in the diagnosis of the full spectrum of TBI. Moreover, in October 2015, Brain Products GmbH launched LiveAmp, an ultra-lightweight, wireless wearable amplifier that allows internal data storage without any mobility limitations. The system serves to be an ideal brain activity analyzer for applications in sports injuries, sleep state monitoring, and cognitive research.
Key players operating the global electroencephalography devices market include Natus Medical, Inc., BrainScope Company, Inc., Medtronic Plc, NeuroWave Systems, Inc., Compumedics Limited, Electrical Geodesics, Inc., Cadwell Industries, Inc., and Jorden Neuroscience, Inc.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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