According to The Insight Partners, “EEG Machines Market Size, Share, Growth, Trends and Global Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type (Integrated EEG and Portable EEG), Application (Disease Diagnosis, Sleep Monitoring, Anesthesia Monitoring, Trauma and Surgery, and Others), and End User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Research Laboratories, and Others), and Geography”; the global EEG machines market size was valued at USD 990.26 million in 2020, and it is projected to reach USD 1,937.00 million by 2028; it is expected to grow at a CAGR of 8.8% from 2021 to 2028.
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Prominent players operating in EEG machines market include Koninklijke Philips N.V., Medtronic, Natus Medical Incorporated, Nihon Kohden Corporation, Fresenius SE & Co. KGaA, Advanced Brain Monitoring, D & DJ BURTON HOLDINGS, Cephalon A/S, Cadwell Industries Inc, and NeuroStyle Ptd. Ltd. The companies have implemented several inorganic and organic strategies to enhance the market value and maintain their position in the market. For instance, in July 2020, Transcranial magnetic stimulation tech developer Magstim announced that it has purchased the product portfolio of Electrical Geodesics from Royal Philips.
The report segments the global EEG machines market as follows:
By Product Type
- Integrated EEG
- Portable EEG
- Disease Diagnosis
- Sleep Monitoring
- Anesthesia Monitoring
- Trauma and Surgery
By End User
- Diagnostic Centers
- Ambulatory Surgical Centers
- Research Laboratories
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Increasing Neurological Disorders
There is a rise in incidence of neurological disorders among older people. However, due to various factors such as stress, genetic mutations, lifestyle habits, and related chronic conditions, the incidence are seen among people of all age groups. It is estimated that there are over 600 neurologic disorders, among which Parkinson’s, Huntington’s, Alzheimer’s, muscular dystrophy, stroke, meningitis, epilepsy, dementias, migraine, and brain tumors are commonly seen.
According to the Global Burden of Disease report, published in JAMA Neurology 2017, disability-adjusted life-years (DALYs) for most burdensome diseases, such as stroke, migraine, and Alzheimer’s disease, and other dementias, were studied in the US. DALYs for stroke were 3.58 million, for Alzheimer’s disease and other dementias 2.55 million, and for migraine 2.4 million. It is estimated that the incidence is likely to increase in the future with the incidence rate of meningitis (44.8%), traumatic brain injury (44.8%), spinal cord injury (29.1%), and encephalitis (38.5%).
Similarly, the growing geriatric population is expected to influence the incidence of neurological disorders. According to the World Health Organization (WHO) report published in 2018, the total population over 60 years of age will grow at a rate of 22% by 2050 from 12% in 2015. According to the Federal Interagency Forum on Aging-Related Statistics published in 2016, 35.8% of people of age 85 years and above have moderate or severe memory impairment. Therefore, owing to the above-mentioned statistics, the demand for EEG machine is expected to increase, which, in turn will propel the market growth.
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