Electroencephalography Systems Market
PUBLISHED: 2023 ID: SMRC22363
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Electroencephalography Systems Market

Electroencephalography Systems Market Forecasts to 2028 - Global Analysis By Product (Multichannel, 40-channel, 32-channel, 25-channel, 21-channel and 8-channel), Type (Video, Dynamic and Conventional), Modality, Application, End User and By Geography

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4.8 (48 reviews)
Published: 2023 ID: SMRC22363

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $779.51 MN

Projected Year Value (2028)

US $1163.29 MN

CAGR (2022 - 2028)

6.9%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America

 

According to Stratistics MRC, the Global Electroencephalography Systems Market is accounted for $779.51 million in 2022 and is expected to reach $1163.29 million by 2028 growing at a CAGR of 6.9% during the forecast period. Electroencephalography equipment is used to monitor the electrical signals of the brain. However, these electrical signals are very weak and thus, an amplifier is employed to magnify the voltage. The readings from device are used to diagnose various neurological disorders and monitor sleep disorders and patients under anaesthesia. The equipment works with the help of electrodes that are attached to the scalp of the patient to collect the reading of the brain wave. This equipment is mostly used in hospitals, diagnostic laboratories, ambulatory surgery centers, and others.

According to EMSP, approximately 9 million people in Europe are affected by neurodegenerative diseases. According to the data from the Alzheimer's Association, almost 6.5 million Americans aged 65 years and older are suffering from Alzheimer’s. Seventy-three percent are of age 75 or older.



 

Market Dynamics:

Driver:

Rising prevalence of neurovascular disorders

Rising incidences of neurological diseases like epilepsy, Alzheimer’s, dementia, Parkinson’s diseases, multiple sclerosis is the primary reason for the growth of the market. The growing awareness among people about neurological diseases and disorders in developed and developing regions is expected to impel the market growth. Additionally, increased government funding for neuroscience-related R&D activities is anticipated to have lucrative growth.

Restraint:

Low spatial resolution and less meaningful results

While EEG offers a high temporal resolution, they deliver subpar results for spatial resolution. Even the data produced through the temporal resolution is inaccurate oftentimes and as such, can be considered less meaningful. Other techniques are able to display the active regions of the brain, while EEG necessitates the need for intense interpretation that would conclude and hypothesize the active regions for a specific response. However, presence of substitute products hinders the growth of the market.

Opportunity:

Increasing proportion of the aging population

Growing geriatric population has resulted in the growth of research and development activities in the neuroscience sector. In addition, technological advancements in the field of equipment increase in adoption of EEG equipment in surgery centers are the factors that contribute to the growth of the market.

Threat:

High cost associated with the equipment

The high cost associated with the setup of conventional EEG device, and the lack of skilled professionals to administer and operate the device in an accurate manner is expected to hinder the growth of the Market over the forecast period. Also, lack of reimbursement of electroencephalography procedures is projected to challenge the market.

Covid-19 Impact

The COVID-19 outbreak disrupted the healthcare industry with the demand for remote monitoring and patient engagement solutions soaring exponentially. Several healthcare facilities are likely to fuel their patient monitoring towards home care settings. The pandemic furthered the demand for ventilators, such as respiratory devices to set up ICUs. Researchers are projected to assess the effects of rescue therapies with ventilation on the brain to help select therapies for corona virus patients.

The standalone devices segment is expected to be the largest during the forecast period

The standalone devices segment is estimated to have a lucrative growth, due to it is the most commonly used type of EEGs. These systems are fixed or implanted at a particular place. Such systems are used mainly in hospital settings and consist of hardware and software solutions that allow physicians to interpret results efficiently. These devices are used to record electrical activities in the brain. This has largely contributed to the surge of standalone devices that are used in such settings.

The hospitals segment is expected to have the highest CAGR during the forecast period

The hospitals segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the growing number of patients suffering from traumatic brain injuries, epilepsy, and other neurological disorders. Hospitals are primary end users of the 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 owing to the high patient turnaround and frequent readmissions.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rise in healthcare expenditure, and surge in prevalence of various neurological disorders such as epilepsy and others. Moreover, rapidly developing healthcare infrastructure along with the rise in spending power in certain Asian countries is expected to support the demand for advanced EEG equipment. In addition, increasing focus on the development of healthcare infrastructure in developing countries propels the region growth.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to increasing incidences of neurological disorders, and the rising prevalence of sleep disorders. The presence of sophisticated healthcare infrastructure, high awareness levels amongst patients and their families regarding early diagnosis, and availability of highly skilled neuro physicians are some factors attributing to its large share.



 

Key players in the market

Some of the key players profiled in the Electroencephalography Systems Market include Medtronic Plc, Koninklijke Philips NV, Natus Medical Inc., Cadwell Industries Inc., Electrical Geodesics, Inc., BrainScope Co. Inc., Compumedics Ltd., NeuroWave Systems Inc., Advanced Brain Monitoring Inc., Micromed SPA, Elekta AB, Nihon Kohden America, Inc., Magstim EGI, Compumedics Ltd. and Noraxon U.S.A., Inc.

Key Developments:

In August 2021, Natus Medical, a leading provider of medical device solutions in the U.S, announced the completion of the first successfully performed clinical trial by using Natus’ newly launched XactTrode family of platinum subdural electrodes which will be used for Epilepsy Surgical Monitoring.

In February 2021, Cadwell announced that it acquired the Sleepmate Sleep Diagnostic Sensors from Ambu A/S. Sleepmate products provide high-quality and reliable sleep diagnostic sensor solutions for more than 30 years and this acquisition will include the Sleepmate portfolio into Cadwell’s sleep diagnostic solutions for both in-lab and at-home testing.

In October 2019, Nihon Kohden, a global leader in precision medical products and services in the U.S, launched VitalEEG wireless electroencephalogram (EEG) headset which was mainly designed for quick assessment of brain-wave information in case of unconscious patients.

Products Covered:
• Multichannel
• 40-channel
• 32-channel
• 25-channel
• 21-channel
• 8-channel

Types Covered:
• Video
• Dynamic
• Conventional

Modality Covered:
• Standalone
• Wearable Device
• Portable Device

Applications Covered:
• Sleep Monitoring
• Disease Diagnosis
• Trauma and Surgery
• Anesthesia Monitoring
• Other Applications

End Users Covered:
• Ambulatory Surgical Centers
• Diagnostic Centers
• Neurology Centers
• Hospitals
• Research Laboratories
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Electroencephalography Systems Market, By Product
5.1 Introduction
5.2 Multichannel
5.3 40-channel
5.4 32-channel
5.5 25-channel
5.6 21-channel
5.7 8-channel

6 Global Electroencephalography Systems Market, By Type
6.1 Introduction
6.2 Video
6.3 Dynamic
6.4 Conventional

7 Global Electroencephalography Systems Market, By Modality
7.1 Introduction
7.2 Standalone
7.3 Wearable Device
7.4 Portable Device

8 Global Electroencephalography Systems Market, By Application
8.1 Introduction
8.2 Sleep Monitoring
8.3 Disease Diagnosis
8.4 Trauma and Surgery
8.5 Long-term Monitoring
8.6 Pediatric Monitoring
8.7 Anesthesia Monitoring
8.8 Other Applications

9 Global Electroencephalography Systems Market, By End User
9.1 Introduction
9.2 Ambulatory Surgical Centers
9.3 Diagnostic Centers
9.4 Neurology Centers
9.5 Hospitals
9.6 Research Laboratories
9.7 Other End Users

10 Global Electroencephalography Systems Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 Medtronic Plc
12.2 Koninklijke Philips NV
12.3 Natus Medical Inc.
12.4 Cadwell Industries Inc.
12.5 Electrical Geodesics, Inc.
12.6 BrainScope Co. Inc.
12.7 Compumedics Ltd.
12.8 NeuroWave Systems Inc.
12.9 Advanced Brain Monitoring Inc.
12.10 Micromed SPA
12.11 Elekta AB
12.12 Nihon Kohden America, Inc.
12.13 Magstim EGI
12.14 Compumedics Ltd.
12.15 Noraxon U.S.A., Inc.

List of Tables
1 Global Electroencephalography Systems Market Outlook, By Region (2020-2028) ($MN)
2 Global Electroencephalography Systems Market Outlook, By Product (2020-2028) ($MN)
3 Global Electroencephalography Systems Market Outlook, By Multichannel (2020-2028) ($MN)
4 Global Electroencephalography Systems Market Outlook, By 40-channel (2020-2028) ($MN)
5 Global Electroencephalography Systems Market Outlook, By 32-channel (2020-2028) ($MN)
6 Global Electroencephalography Systems Market Outlook, By 25-channel (2020-2028) ($MN)
7 Global Electroencephalography Systems Market Outlook, By 21-channel (2020-2028) ($MN)
8 Global Electroencephalography Systems Market Outlook, By 8-channel (2020-2028) ($MN)
9 Global Electroencephalography Systems Market Outlook, By Type (2020-2028) ($MN)
10 Global Electroencephalography Systems Market Outlook, By Video (2020-2028) ($MN)
11 Global Electroencephalography Systems Market Outlook, By Dynamic (2020-2028) ($MN)
12 Global Electroencephalography Systems Market Outlook, By Conventional (2020-2028) ($MN)
13 Global Electroencephalography Systems Market Outlook, By Modality (2020-2028) ($MN)
14 Global Electroencephalography Systems Market Outlook, By Standalone (2020-2028) ($MN)
15 Global Electroencephalography Systems Market Outlook, By Wearable Device (2020-2028) ($MN)
16 Global Electroencephalography Systems Market Outlook, By Portable Device (2020-2028) ($MN)
17 Global Electroencephalography Systems Market Outlook, By Application (2020-2028) ($MN)
18 Global Electroencephalography Systems Market Outlook, By Sleep Monitoring (2020-2028) ($MN)
19 Global Electroencephalography Systems Market Outlook, By Disease Diagnosis (2020-2028) ($MN)
20 Global Electroencephalography Systems Market Outlook, By Trauma and Surgery (2020-2028) ($MN)
21 Global Electroencephalography Systems Market Outlook, By Long-term Monitoring (2020-2028) ($MN)
22 Global Electroencephalography Systems Market Outlook, By Pediatric Monitoring (2020-2028) ($MN)
23 Global Electroencephalography Systems Market Outlook, By Anesthesia Monitoring (2020-2028) ($MN)
24 Global Electroencephalography Systems Market Outlook, By Other Applications (2020-2028) ($MN)
25 Global Electroencephalography Systems Market Outlook, By End User (2020-2028) ($MN)
26 Global Electroencephalography Systems Market Outlook, By Ambulatory Surgical Centers (2020-2028) ($MN)
27 Global Electroencephalography Systems Market Outlook, By Diagnostic Centers (2020-2028) ($MN)
28 Global Electroencephalography Systems Market Outlook, By Neurology Centers (2020-2028) ($MN)
29 Global Electroencephalography Systems Market Outlook, By Hospitals (2020-2028) ($MN)
30 Global Electroencephalography Systems Market Outlook, By Research Laboratories (2020-2028) ($MN)
31 Global Electroencephalography Systems Market Outlook, By Other End Users (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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