May 23, 2024
Electroencephalographs Market

Emergence of Advanced EEG Technologies Set to Drive Growth in Electroencephalographs Market

The electroencephalographs market has witnessed a steady rise over the past decade on account of increasing applications in diagnosing neurological disorders and brain related conditions. Electroencephalographs, also known as EEGs, are medical devices used to record and monitor the electrical activity produced by the brain. They capture the brain signals through electrodes placed on the scalp and can help detect seizures, brain injuries, sleeping disorders and other neurological abnormalities. Key advantages of electroencephalograms include their non-invasive nature, high temporal resolution and ability to localize cortical abnormalities. The growing burden of neurological diseases along with rising awareness about the benefits of EEGs in early detection and diagnosis is a major factor fueling the demand for electroencephalographs.

The global electroencephalographs market is estimated to be valued at US$ 2919.86 million in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the electroencephalographs 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 Electroencephalographs Market presents lucrative growth opportunities owing to technological advancements in EEG such as ambulatory and Wireless EEG systems, dry EEG electrodes and expanded applications in neurology, epilepsy monitoring and sleep studies. Additionally, growing geriatric population prone to neurological disorders augurs well for the market.

Key players are expanding their geographical footprint to tap the opportunities in emerging markets of Asia Pacific, Latin America, and Middle East & Africa. Increased healthcare expenditures, availability of favorable reimbursement policies and initiatives to spread awareness about brain health in developing nations will aid the international expansion of electroencephalographs.

Market Drivers

The emergence of advanced EEG technologies is expected to be a major market driver. Manufacturers are increasingly focusing on developing portable, easy to use and wireless EEG devices for ambulatory and home-based monitoring. Customizable EEG machines with expanded channel counts, high sampling rates and integrated data analysis software are also gaining prominence. This is improving the accessibility and convenience of EEG tests. The development of dry EEG electrodes not requiring conducting gel or skin preparation is another notable technological advancement spurring the electroencephalographs market growth.

PEST Analysis

Political: The government regulations related to medical devices demand stringent requirements for safety and effectiveness. This forces companies to invest more in R&D to ensure product compliance.

Economic: With rising disposable incomes, healthcare spending has increased globally. This growing spend on healthcare presents opportunities for EEG equipment manufacturers to expand in developing countries.

Social: An aging global population is leading to a rise in neurological disorders. This increases the need for brain monitoring and diagnosis using EEG equipment both in hospitals and at home settings.

Technological: Advancements in wireless and portable EEG devices allow for remote, long-term monitoring beyond clinical settings. The use of neural networks and AI is making EEG data analysis more accurate for early disease detection.

Geographical concentration
North America accounts for the largest share of the EEG equipment market in terms of value currently. This can be attributed to the high healthcare expenditure and widespread medical insurance coverage in countries like the US that enable significant investments in advanced diagnostic technologies.

Fastest growing region
The Asia Pacific region is expected to grow the fastest during the forecast period due to increasing awareness, expanding healthcare infrastructure as well as a large patient population suffering from neurological disorders like epilepsy and stroke in highly populated countries like China and India. Rising medical tourism is another factor fueling the demand for EEG equipment in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it