The electroencephalographs market involves medical devices used to record electrical activity
The electroencephalograph market involves medical devices used to record the electrical activity of the brain via electrodes placed on the scalp. Electroencephalography, or EEG, allows the detection of abnormalities related to epilepsy, sleep disorders, brain death, encephalopathies, and head injuries. EEG devices aid in diagnosing and treating such conditions in a non-invasive manner with real-time monitoring capabilities.
Key advantages include continuous brain monitoring without the risk of radiation exposure. EEG finds applications in both clinical and research settings to understand brain function and diagnose neurological disorders. The growing geriatric population susceptible to neurological diseases and rising cases of traumatic brain injuries are driving demand. Moreover, technological advancements enabling portability, remote transmission, and integration of Electroencephalographs Market Size with hospital IT systems are supporting their adoption across healthcare facilities.
The global electroencephalograph market is estimated to be valued at US$ 2919.86 million in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in electroencephalographs 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.
Key Trends
1) Growing adoption of 24/7 ambulatory and home-based EEG monitoring solutions for chronic conditions like epilepsy is a major trend. This allows physicians to continuously track seizures and symptoms over extended periods of time.
2) Manufacturers are focusing on multi-modal monitoring devices integrating EEG with other vitals, which provides comprehensive insight into neurological status and comorbidities.
Market Opportunities
1) Emerging economies in Asia Pacific and Latin America offer lucrative growth opportunities owing to increasing healthcare investments, growing medical tourism and rising disease burdens.
2) Development of EEG devices integrated with artificial intelligence for automated analysis and interpretation of brain signals holds potential to transform diagnostics by improving speed, accuracy and accessibility of care.
Impact of COVID-19 on Electroencephalographs market growth
The COVID-19 pandemic has impacted the growth of the electroencephalographs market. Various lockdowns imposed across countries led to disruption in the supply chain and logistics, thereby restricting the availability of electroencephalographs. This adversely affected market growth during 2020 and 2021. However, with rising cases of neurological disorders during the pandemic, such as epilepsy, stroke, headaches, etc. the demand for electroencephalographs increased. The use of electroencephalographs was important for detecting COVID-19’s neurological impacts as well. To ensure continuity of diagnosis and treatment of neurological conditions, manufacturers focused on establishing online portals for product sales and servicing. They also ramped up production to fulfill the growing demand once restrictions were lifted. It is expected that the market will witness steady growth in the post-COVID period, backed by increasing investments in healthcare infrastructure and rising cases of neurological diseases globally.
Geographical concentration of the electroencephalograph market
North American region holds the major share of the global electroencephalographs market currently. This is due to the presence of well-established healthcare infrastructure and higher adoption of advanced medical devices in countries like the US and Canada. Moreover, the rising geriatric population and increasing incidences of neurological disorders in the region are also propelling market growth. The Asia Pacific region is anticipated to witness the fastest growth during the forecast period owing to growing healthcare expenditure, rising medical tourism, increasing patient pool of neurological conditions, and improving access to diagnosis and treatment options in emerging nations.
The fastest-growing region in the electroencephalograph market
The Asia-Pacific region is poised to witness the highest growth in the global electroencephalographs market during the forecast period. This is attributed to factors such as the massive patient population base afflicted with neurological disorders, increasing healthcare spending by governments, rising medical tourism, growing penetration of private healthcare insurance, and improving access to advanced healthcare technologies, especially in populous countries like China and India. Additionally, expansion of manufacturing facilities and R&D centers by prominent players in the region is expected to boost the adoption of electroencephalographs in Asia and the Pacific. Improving economic conditions, growing medical needs of aging demographics, and favorable regulatory environment are further estimated to support the fastest progress of the market in this region.
Get More Insights On Electroencephalographs Market
© 2024 Crivva. All Rights Reserved.