EEG Electrodes Market by Product, End-User and Geography - Forecast and Analysis 2023-2027

Electroencephalography (EEG) Electrodes Market Forecast 2023-2027

The global electroencephalography (EEG) electrodes market size is estimated to grow by USD 104.27 million, at a CAGR of 7.08% between 2022 and 2027. 

The prevalence of neurological diseases has increased the demand for EEG. EEG examination is essential for diagnosing some neurological disorders. EEG is also increasingly being used for other applications such as cognitive health and well-being, sleep quality monitoring, and stress reduction. For example, EMOTIV's Insight is a wearable EEG headset that monitors a user's cognitive health and well-being. It records the user's brain waves and converts them into meaningful data. Rising demand for EEG procedures for diagnosing neurological disorders and other applications is expected to drive the growth of the global EEG electrodes market during the forecast period. 

It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.

What will be the size of the EEG Electrodes Market During the Forecast Period?

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Market Segmentation by Product, End-User, and Geography Analysis

Product Analysis

Disposable

The market share growth by the disposable EEG electrodes segment will be significant during the forecast period. Disposable EEG electrodes are discarded after one use. Many end-users increasingly prefer disposable EEG electrodes over reusable EEG electrodes due to their advantages. The growing demand for disposable EEG medical electrodes is mainly due to the prevention of infectious diseases.

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The disposable EEG electrodes segment was valued at USD 134.19 million in 2017. The price of disposable EEG electrodes is less than that of reusable electrodes. In addition to an improved safety profile and reduced price, the use of disposable EEG electrodes saves time, and money when compared to reusable EEG electrodes that require reprocessing, storage, and storage. Thus, such advantages are expected to boost the growth of the disposable EEG electrodes segment of the global EEG electrodes market during the forecast period.

End-User Analysis:

Hospitals

Hospitals are at the forefront of neurological diagnosis and treatment and require state-of-the-art medical equipment and technology. Real-time data provided by EEG electrodes enables early detection of abnormalities and aids in the diagnosis of various neurological disorders such as epilepsy, sleep disorders, and brain injuries. The prevalence of neurological diseases such as epilepsy, Alzheimer's disease, and Parkinson's disease is increasing worldwide. Furthermore, as hospitals act as primary medical facilities for patients suffering from these conditions, there is a significant need for EEG electrodes that enable accurate and timely diagnosis. EEG medical electrodes play an important role in assessing cognitive function and detecting abnormalities in the elderly, making them an essential tool for hospitals treating the elderly. Such factors are expected to drive the growth of the hospital segment in the global market during the forecast period. 

Clinics

Clinics serve as essential centers for neurological diagnosis and treatment. EEG is an integral part of the diagnostic toolkit. The increasing prevalence of neurological diseases such as epilepsy, Alzheimer's disease, and stroke has increased the demand for diagnostic devices such as EEG electrodes in clinics. The introduction of telemedicine and remote monitoring services in healthcare has further raised the demand for EEG medical electrodes in clinics. Remote EEG monitoring allows clinics to provide diagnostic services to patients in remote locations, enabling continuous patient monitoring without the need for in-person visits. Hence, these factors are expected to fuel the growth of the clinic's segment of the global market during the forecast period.

Regional Analysis

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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The US and Canada are the leading revenue contributors to the market in North America. The rising number of EEG procedures being performed, increasing healthcare expenditure on the treatment of neurological diseases, the growing incidence of neurological diseases, and the rising older population are the key factors that driving the growth of the market in North America.

Furthermore, some governments and non-profit organizations are generating awareness about the early diagnosis of neurological diseases in the region. Various institutions, such as the CDC and the NIH, are conducting awareness campaigns regarding neurological diseases, such as epilepsy, Alzheimer's disease, Parkinson's, stroke, and brain cancer. Hence, such initiatives from government organizations, and the growing prevalence of neurological conditions, are expected to drive the growth of the market in North America during the forecast period.

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Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Ambu AS: The company offers EEG electrodes such as Ambu Neuroline Cup electrode, Ambu Neuroline Subdermal.

• Compumedics Ltd.
• Conmed Corp.
• Dixi Medical, Johnson and Johnson Services Inc.
• Koninklijke Philips N.V.
• Medical Computer Systems Ltd.
• Natus Medical Inc
• Neuroelectrics Barcelona SLU
• NeuroWave Systems Inc.
• Nihon Kohden Corp.
• PMT Corp.
• Rhythmlink International LLC
• SPES MEDICA SRL
• Technomed
• Wuhan Greentek Pty. Ltd.
• BIOPAC Systems Inc.
• Cadwell Industries Inc.
• Medtronic Plc
• SOMNOmedics GmbH

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market: Key Drivers, Trends, Challenges, and Customer Landscape

There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

Key Market Drivers

Increasing initiatives and support from governments and healthcare organizations driving the growth of the market. Governments and healthcare institutions are making various efforts to improve healthcare access for patients with neurological disorders. For example, the World Health Organization (WHO) is working with partners and stakeholders to improve access to care for people with epilepsy. Also, the Welsh Government aims to improve access to care for people with neurological disorders such as epilepsy, cerebral palsy, and Parkinson's disease in Wales.

Furthermore, Dana Alliance organized Brain Awareness Week for Brain Initiatives, which is a global campaign aimed at raising public awareness of the advances and benefits of brain research. Public agencies are also increasing funding for neurological disorders. Such initiatives will increase the demand for EEG electrodes, which is expected to drive the growth of the global market during the forecast period.

Significant Market Trends

The rising popularity of hybrid brain-computer interface techniques is the primary trend in the market. There is a growing demand for devices that combine two or more modalities of brain imaging and prosthetic control. Hybrid brain-computer interface (HBCI) has many advantages over single-brain acquisition methods. For example, device hybridization increases the number of brain commands for control applications, improves the classification accuracy of BCI, and reduces signal recognition time.

Moreover, EEG is often used in combination with other brain or extracerebral signal acquisition modalities due to its ease of use and fast temporal resolution. For example, electrooculography (EOG), electromyography (EMG), functional near-infrared spectroscopy (fNIRS), magnetoencephalography (MEG), and eye trackers are increasingly used in his EEG. Robust dry EEG electrodes are essential for EEG-BCI to become a viable technique. Therefore, increasing demand for HBCI is expected to drive the growth of the global market during the forecast period.

Major Market Challenges

The high cost of EEG devices and procedures is the challenge that affects the growth of the market. Many end users are void to use EEG devices because they are expensive. The cost of these devices depends on the number of channels. Depending on the number of channels, EEG headsets with 1 to 32 channels cost around USD 1,000 to USD 25,000, while EEG headsets with more than 64 channels can cost over USD 25,000. In addition to the cost of the device, end-users must also bear maintenance fees and other recurring costs for equipment and accessories.

Moreover, to afford neurodiagnostic tests it is difficult for the patients without insurance. On average, patients without insurance spend more than USD 200 on an EEG test. Patients who require extended EEG monitoring might have to spend more than USD 2,500 if extended monitoring is required. Therefore, the high cost of EEG devices and processes is expected to impede the growth of the global EEG electrode market during the forecast period.

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Key Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027. 

• Product Outlook (USD Million, 2017 - 2027)
  • Disposable EEG electrodes
  • Reusable EEG electrodes

• End-user Outlook (USD Million, 2017 - 2027)
  • Hospitals
  • Clinics
  • Others

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of the World 
    • Argentina 
    • Australia
    • Brazil

Market Analyst Overview

The market is experiencing significant growth due to several factors. Technological advancements have led to the development of disposable EEG electrodes, which are in high demand, especially in hospitals where the risk of contracting HAIs is a concern. The rising prevalence of neurological disorders has also contributed to the market growth, as EEG electrodes are essential for diagnosing conditions like essential tremor and dystonia.

HAIs are a significant concern in healthcare settings, and the lack of sanitation and precaution has led to an increase in the incidence of these infections. Disposable EEG electrodes help mitigate the risk of HAIs, as they reduce the transmission of bacterial and other microbial infections between patients and healthcare professionals.

The market is also driven by the growing awareness among the geriatric population about the benefits of EEG monitoring. In addition, the needle electrode segment, particularly disposable needle EEG electrodes, is expected to witness significant growth, as they are used in direct cortical recordings, which are less invasive compared to other procedures. The cup electrode segment is expected to grow at the fastest rate due to the advantages of cup electrodes, such as ease of use and better electrical conductivity.

EEG Electrodes Market Scope
Report Coverage	Details
Page number	158
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 7.08%
Market growth 2023-2027	USD 104.27 million
Market structure	Fragmented
YoY growth 2022-2023(%)	6.14
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 39%
Key countries	US, Canada, Germany, UK, and Japan
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Ambu AS, Compumedics Ltd., Conmed Corp., Dixi Medical, Johnson and Johnson Services Inc., Koninklijke Philips N.V., Medical Computer Systems Ltd., Natus Medical Inc., Neuroelectrics Barcelona SLU, NeuroWave Systems Inc., Nihon Kohden Corp., PMT Corp., Rhythmlink International LLC, SPES MEDICA SRL, Technomed, Wuhan Greentek Pty. Ltd., BIOPAC Systems Inc., Cadwell Industries Inc., Medtronic Plc, and SOMNOmedics GmbH
Market dynamics	Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market vendors

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