Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Electroencephalography (EEG) is a technique, where small electrodes and wires are attached to the patient’s head, in order to record electrical activity of brain. Moreover, display device, amplifiers, and software are some of the components in an EEG setup that are used for collection storage and data display. The 10–20 International System is used as a standard positioning and naming scheme in EEG devices. Moreover, various types of EEG tests include strobe lighting, sleep derived EEG, sleep EEG, video telemetry, and ambulatory EEG. Additionally, EEG is a low cost non-invasive method of brain monitoring.
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The global EEG (electroencephalography) devices market is estimated to account for US$ 2,198.0 Mn, in terms of value by the end of 2027.
Global EEG (Electroencephalography) Devices Market: Drivers
The increasing launches of advanced products by market players is expected to drive growth of the global EEG (electroencephalography) devices market over the forecast period. For instance, in November 2019, NÅ«rio developed a wearable EEG (Electroencephalography) device that can be worn over the ear.
Global EEG (Electroencephalography) Devices Market: Opportunities
Moreover, development of a neural network that can recreate human brain waves in real-time is expected to offer lucrative growth opportunities for market players. For instance, in October 2019, reserchers from Neurobotics LLC and Neuroassistive Technologies LLC, in collaboration with Moscow Institute of Physics and Technology (MIPT) developed an effective closed-loop brain–computer interface (BCI) system that reconstructs the observed or imagined stimuli images from the co-occurring brain wave parameters.
Global EEG (Electroencephalography) Devices Market: Restraints
However, availability of other methods for brain monitoring such as electromyography (EMG), functional magnetic resonance imaging (fMRI), computed tomography (CT), positron emission tomography (PET), magnetoencephalography (MEG), and near-infrared spectroscopy (NIRS) are expected to hamper growth of the global EEG devices market over the forecast period.
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Key Takeaways of the Market:
- Global EEG (Electroencephalography) devices market was valued at US$ 1,125.6in 2018 and is estimated to reach US$ 2,198.0 by 2027 exhibiting a CAGR of 8% over the forecast period (2019-2027). The growth of the market is attributed rising patient population, and increasing adoption of expansion strategies such as acquisitions, and partnerships by major players operating in the market.
- Among end user, diagnostic centers segment held a dominant position in the global EEG (Electroencephalography) devices market in 2018, accounting for 9%market share in terms of value, followed by hospitals. The segment growth is attributed to increasing patient population and increasing demand for minimally invasive procedures.
- Among modality, standalone (fixed devices) segment held a dominant position in the global EEG (Electroencephalography) devices market in 2018, accounting for1%share in terms of value, followed by portable devices segment. This is attributed to increasing product approvals by regulatory bodies.
R&D in novel technologies such fMRI and PET has led high demand for these technologies in the recent past. For instance, in August 2019, researchers from Yale University demonstrated that real-time functional magnetic resonance imaging neurofeedback (rt-fMRI-NF) can be a potential tool in the treatment of Tourette syndrome Market players focused on manufacturing EEG systems that rapidly evaluate brain-wave information of unconscious patients. For instance, in September 2019, Nihon Kohden launched its VitalEEG wireless electroencephalogram headset in the U.S., which is designed for quick setup and efficient placement of electrodes to evaluate brain health.
Global EEG Devices Market: Competitive Landscape
Major players operating in the global EEG (Electroencephalography) devices market include Cadwell Laboratories Inc., Compumedics Limited, Natus Medical Incorporated, Neurosoft Ltd., Elekta AB, Electrical Geodesics, Inc., NeuroWave Systems Inc., EB Neuro S.p.A., and Nihon Kohden Corporation.
Key players in the market are focusing on product approvals and product launches to expand their product portfolio and strengthen their market position. For instance, in December 2018, Neurosoft Ltd. received approval for its new EEG system Neuron-Spectrum-61 from EU. Similarly, in September 2019, EMOTIV launched EMOTIV MN8, a new generation of brain monitoring sensors called EEG buds comprised of 2 in-ear brain sensors, 4 behind-the-ear reference electrodes and multi-axis motion sensors that measure balance and head movements.
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Scope of the report
- EEG (Electroencephalography) Devices Market, By Device Type:
- 8-Channel EEG
- 21-Channel EEG
- 32-Channel EEG
- 40-Channel EEG
- 8-Channel EEG
- EEG (Electroencephalography) Devices Market, By Modality:
- EEG (Electroencephalography) Devices Market, By End User:
- Diagnostic Centers
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