global Electroencephalography Devices market size is expected to be worth around US$ xx billion by 2028, according to a new report by Vision Research Reports.
The global Electroencephalography Devices market size was valued at US$ 829.10 million in 2020 and is anticipated to grow at a CAGR of 9.5% during forecast period 2021 to 2028.
Increasing prevalence of neurological disorders and rising awareness about them are major factors contributing to the growth. High incidence of Alzheimer’s, epilepsy, dementia, multiple sclerosis, Parkinson’s disease, and stroke has been key in the rising adoption of electroencephalography (EEG) devices. According to the data from the Alzheimer's Association, almost 5.7 million Americans were suffering from Alzheimer’s in 2018. It further estimates that by 2050, over half the population over the age of 65 will suffer from dementia.
On the basis of product, the electroencephalography devices market is segmented into 32-channel EEG, 25-channel EEG, 8-channel EEG,40-channel EEG, 21-channel EEG, and multichannel EEG. In 2020, 32-channel EEG was the largest revenue grossing segment and is also projected to maintain its dominance during the forecast period. Technological advancement in 32-channel EEG products and its high adoption by healthcare professional are the major factors driving growth.
In terms of revenue, the 32-channel EEG segment is followed by 25-channel EEG & 40-channel EEG segmentsin 2018. These segments are expected to showcase a significant CAGR during the forecast period. Products offered by companies such as Neurofax EEG-1200 Diagnostic and Monitoring Platform by Nihon Kohden Corporation are expected to gain popularity over the next few years.
Multi-channel EEG systems are used to record electrical activities in the brain to diagnose neurological disorders, strokes, and other brain disorders, and detect tumors. The companies offering these products are Compumedics Limited (Neuvo 64-512 Channel LTM EEG, Grael LT EEG System, Grael 4K-EEG), Natus Medical Inc. (NicoletOne, Xltek EEG Systems) among others. This segment is anticipated to exhibit significant growth over the forecast period.
On the basis of type, the market is segmented into standalone devices and portable devices. Standalone devices accounted for the major market share in terms of revenue in 2018. The standalone devices are the most commonly used type of EEGs. The high application of these devices in critical care is a key factor contributing to its high revenue share.
Portable devices segment is expected to exhibit the highest CAGR during the forecast period. Major factor contributing to the growth are increasing focus of manufacturers on technological advancements, such as portability, light weight, and simultaneous raw data acquisition. Also, rising demand of portable devices for clinical practice and outdoor investigation is projected to bode well for the segment growth.
Hospitals led the overall market in 2020 owing to the growing number of patients suffering from traumatic brain injuries, epilepsy, and other neurological disorders. In addition, increasing focus on development of healthcare infrastructure in developing countries of Asia Pacific and Africa propels the segment growth.
Hospitals held the highest market share owing to increasing admissions of patients suffering from traumatic brain injuries, epilepsy, and other neurological disorders. Hospitals are primary end-users of the ECG devices because of their need to record the rhythm and electrical activity and evaluate the results in detail for clinical and research purposes. Thus, this segment dominated the market in 2018, owing to the high patient turnaround and frequent readmissions.
Diagnostic centers segment is expected to witness fastest growth during the study period, due to the growing awareness regarding neurodegenerative disorders. The rising awareness among people leads to demand for advanced EEG products for diseases diagnosis and prevention. The demand for advanced diagnostics products is high in developed countries like the U.S. and Germany, due to highly developed healthcare infrastructure in these countries.
The others end-use segment consists of neurological centers, clinical research organizations, and academic research organizations.Neurological centers specifically cater to those patients suffering from neurological diseases and usually operate in collaborations with hospitals & companies. With an increase in the number of neurological disorders, there is a huge demand for diagnosis & treatment at such centers that provide patients with specialized care & management of the disease.
Favorable reimbursement policies in the U.S. have surged the usage of these systems for diagnosis of neurological disorders. Presence of government organizations such as the National Institute of Neurological Disorders and Stroke (NINDS) that provide funding for R&D activities applicable in treatment of brain nervous disorders contributed to the dominance of the regional market.
Natus Medical, Inc.; Electrical Geodesics, Inc.; Medtronic; NeuroWave Systems, Inc.; Compumedics Ltd.; Noraxon U.S.A., Inc.; Cadwell Laboratories, Inc.; Nihon Kohden America, Inc.
25 channel EEG
The Electroencephalography Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Electroencephalography Devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Electroencephalography Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Electroencephalography Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Electroencephalography Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Electroencephalography Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Electroencephalography Devices by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Electroencephalography Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Electroencephalography Devices market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Electroencephalography Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Electroencephalography Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Electroencephalography Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electroencephalography Devices market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electroencephalography Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electroencephalography Devices market. These factors have benefited the growth of the global market for Electroencephalography Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Electroencephalography Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Electroencephalography Devices are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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