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Electroencephalography Devices Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Jun 2021
  • Pages: 120
  • SKU: IRTNTR44317
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The electroencephalography (EEG) devices market share is expected to increase by USD 444.18 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 9.13%.

This electroencephalography (EEG) devices market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers electroencephalography (EEG) devices market segmentation by product (stationary EEG devices and portable EEG devices) and geography (North America, Europe, APAC, South America, and MEA). The electroencephalography (EEG) devices market report also offers information on several market vendors, including Advanced Brain Monitoring Inc., BrainScope Co. Inc., Cadwell Industries Inc., Compumedics Ltd., Elekta AB, Koninklijke Philips NV, Medtronic Plc, Micromed SPA, Natus Medical Inc., and NeuroWave Systems Inc. among others.

What will the Electroencephalography (EEG) Devices Market Size be During the Forecast Period?

Electroencephalography (EEG) Devices Market Size

Download Report Sample to Unlock the Electroencephalography (EEG) Devices Market Size for the Forecast Period and Other Important Statistics

 

Electroencephalography (EEG) Devices Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and after the post-COVID-19 era. The increasing prevalence of neurological disorders is notably driving the electroencephalography (EEG) devices market growth, although factors such as the high cost of EEG devices and procedures may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the electroencephalography (EEG) devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Electroencephalography (EEG) Devices Market Driver

The increasing prevalence of neurological disorders is one of the key factors driving the growth of the global electroencephalography (EEG) devices market. The prevalence of neurological disorders is significantly increasing in both developed and developing countries. In 2019, the OECD reported that severe psychotic disorders, such as bipolar disorders, affected almost 5 million people (1.0% of the population), while schizophrenic disorders affected an estimated 1.5 million people (0.3%) in Europe. Stroke is the fifth leading cause of death in the US and a leading cause of serious disability for adults. Every year, approximately 795,000 people in the US have a stroke. In 2013, about five million people had Alzheimer's disease, and the number is expected to rise to 14 million by 2050. The older population is also growing rapidly due to the rise in average life expectancy. According to the NIH, in 2015, approximately 8.5% of the global population, or 617 million people were aged 65 and above. Many older people are at risk of developing mental disorders and neurological disorders. EEG devices are required for diagnosing and monitoring these diseases. However, the increasing demand for EEG devices propels the market growth.

Key Electroencephalography (EEG) Devices Market Trend

The increasing popularity of hybrid brain-computer interface techniques will fuel the global electroencephalography (EEG) devices market growth. The demand for equipment combining two or more modalities in brain imaging and prosthesis control is increasing. A hybrid brain-computer interface (hBCI) has many benefits over single brain acquisition modalities. For instance, hybridization of equipment increases the number of brain commands for control applications, enhances brain-computer interfaces classification accuracy, and reduces the signal detection time. The hBCI also provides more reliable information for control and rehabilitation applications than a single modality brain-computer interface. EEG, owing to its easy use and fast temporal resolution, is being widely used with other brain/non-brain signal acquisition modalities. For instance, fNIRS, electromyography (EMG), electrooculography (EOG), and an eye tracker. Some of the common applications of EEG-EOG-based brain-computer interfaces include drowsiness detection, wheelchair control, and removal of ocular artifacts from EEG data. EOG increases the number of commands and removes artifacts for improved accuracy, while EEG removes motion artifacts and thereby improves classification accuracy. Owing to various advantages of hBCI over a single modality brain-computer interface, they are gaining more popularity in the global EEG devices market.

Key Electroencephalography (EEG) Devices Market Challenge

The high cost of EEG devices and procedures is a major challenge for the global electroencephalography (EEG) devices market growth. The cost of these devices depends on the number of channels. The EEG devices with 1-32 channels cost around $1,000-$25,000, and the devices with more than 64 channels can cost above $25,000. Apart from device costs, the end-users need to spend on maintenance fees and other recurring costs for instruments and accessories. Additional expenditures are also required for data storage, technical maintenance, and hiring physicians and technical experts. The recent technological advances such as the brain-computer interface in EEG devices require a high installation cost in various hospitals and diagnostic laboratories. The EEG device with advanced features and capabilities are priced high, which may act as a restricting factor for their adoption, especially in low- and middle-income countries. Furthermore, patients without insurance find it difficult to afford neurodiagnostic tests. For instance, St. Peter's Hospital in Montana charges almost $671 for an awake-and-asleep EEG, about $850 for an awake-and-drowsy EEG, and almost $1,712 for a 24-hour EEG. Hence, the high cost of EEG devices and procedures is restricting the growth of the global EEG devices market.

This electroencephalography (EEG) devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global electroencephalography devices market as part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the electroencephalography (EEG) devices market during the forecast period.

Who are the Major Electroencephalography (EEG) Devices Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Advanced Brain Monitoring Inc.
  • BrainScope Co. Inc.
  • Cadwell Industries Inc.
  • Compumedics Ltd.
  • Elekta AB
  • Koninklijke Philips NV
  • Medtronic Plc
  • Micromed SPA
  • Natus Medical Inc.
  • NeuroWave Systems Inc.

This statistical study of the electroencephalography (EEG) devices market encompasses successful business strategies deployed by the key vendors. The electroencephalography (EEG) devices market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market

Product Insights and News

  • Advanced Brain Monitoring Inc. - The company offers electroencephalography devices by the brand name StatX 24 EEG systems.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The electroencephalography (EEG) devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Electroencephalography (EEG) Devices Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the electroencephalography (EEG) devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global healthcare equipment market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Electroencephalography (EEG) Devices Market?

Electroencephalography (EEG) Devices Market Share by Geography

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40% of the market’s growth will originate from North America during the forecast period. The US is the key market for electroencephalography (EEG) devices market in North America. Market growth in this region will be slower than the growth of the market in regions.

The increasing prevalence of neurological disorders will facilitate the electroencephalography (EEG) devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in 2020 severely impacted the electroencephalography devices market in North America. The exponential rise in the number of COVID-19 cases compelled the governments of various countries in the region to impose restrictions on business and transportation activities, which led to the closure of manufacturing units and affected various offline distributors of electroencephalography devices. This led to a decline in the sales of electroencephalography devices during the H1 of 2020. However, the lifting of lockdowns after January 2021, followed by a rise in the rescheduling of visits to physicians, is expected to boost the growth of the regional market during the forecast period

What are the Revenue-generating Product Segments in the Electroencephalography (EEG) Devices Market?

Electroencephalography (EEG) Devices Market Share

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The electroencephalography (EEG) devices market share growth in the Stationary EEG devices segment will be significant during the forecast period. These systems are used for noninvasive monitoring of human brain activity in highly controlled and often artificial laboratory conditions. These devices can be used in clinical settings, from standard short EEG test that lasts up to 30 minutes to long-term patient monitoring that lasts for several hours to days. The stationary EEG systems are very high quality, flexible, and reliable for long-term inpatient monitoring. These systems are durable and hence cost-effective compared with portable EEG devices. Hence, stationary EEG systems are widely used by clinicians to perform brain function monitoring at the bedside in hospital inpatient settings and laboratories.

This report provides an accurate prediction of the contribution of all the segments to the growth of the electroencephalography (EEG) devices market size and actionable market insights on the post-COVID-19 impact on each segment.

Electroencephalography (EEG) Devices Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 9.13%

Market growth 2021-2025

$ 444.18 million

Market structure

Fragmented

YoY growth (%)

8.90

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 40%

Key consumer countries

US, Germany, Japan, France, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Advanced Brain Monitoring Inc., BrainScope Co. Inc., Cadwell Industries Inc., Compumedics Ltd., Elekta AB, Koninklijke Philips NV, Medtronic Plc, Micromed SPA, Natus Medical Inc., and NeuroWave Systems Inc.

Market dynamics

Parent market analysis, 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 forecast period

Customization purview

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What are the Key Data Covered in this Electroencephalography (EEG) Devices Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive electroencephalography (EEG) devices market growth during the next five years
  • Precise estimation of the electroencephalography (EEG) devices market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the electroencephalography (EEG) devices industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of electroencephalography (EEG) devices market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Healthcare equipment market

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 15: Product - Market share 2020-2025 (%)
    • 5.2 Comparison by Product
      • Exhibit 16: Comparison by Product
    • 5.3 Stationary EEG devices - Market size and forecast 2020-2025
      • Exhibit 17: Stationary EEG devices - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Stationary EEG devices - Year-over-year growth 2020-2025 (%)
    • 5.4 Portable EEG devices - Market size and forecast 2020-2025
      • Exhibit 19: Portable EEG devices - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Portable EEG devices - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by Product
      • Exhibit 21: Market opportunity by Product

    6 Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 23: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 24: Geographic comparison
    • 7.3 North America - Market size and forecast 2020-2025
      • Exhibit 25: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 26: North America - Year-over-year growth 2020-2025 (%)
    • 7.4 Europe - Market size and forecast 2020-2025
      • Exhibit 27: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 28: Europe - Year-over-year growth 2020-2025 (%)
    • 7.5 Asia - Market size and forecast 2020-2025
      • Exhibit 29: Asia - Market size and forecast 2020-2025 ($ million)
      • Exhibit 30: Asia - Year-over-year growth 2020-2025 (%)
    • 7.6 ROW - Market size and forecast 2020-2025
      • Exhibit 31: ROW - Market size and forecast 2020-2025 ($ million)
      • Exhibit 32: ROW - Year-over-year growth 2020-2025 (%)
    • 7.7 Key leading countries
      • Exhibit 33: Key leading countries
    • 7.8 Market opportunity by geography
      • Exhibit 34: Market opportunity by geography

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 35: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Competitive scenario
          • 9.2 Vendor landscape
            • Exhibit 37: Vendor landscape
          • 9.3 Landscape disruption
            • Exhibit 38: Landscape disruption
            • Exhibit 39: Industry risks

          10 Vendor Analysis

          • 10.1 Vendors covered
            • Exhibit 40: Vendors covered
          • 10.2 Market positioning of vendors
            • Exhibit 41: Market positioning of vendors
          • 10.3 Advanced Brain Monitoring Inc.
            • Exhibit 42: Advanced Brain Monitoring Inc. - Overview
            • Exhibit 43: Advanced Brain Monitoring Inc. - Product and service
            • Exhibit 44: Advanced Brain Monitoring Inc. - Key offerings
          • 10.4 BrainScope Co. Inc.
            • 10.5 Cadwell Industries Inc.
              • Exhibit 48: Cadwell Industries Inc. - Overview
              • Exhibit 49: Cadwell Industries Inc. - Product and service
              • Exhibit 50: Cadwell Industries Inc. - Key offerings
            • 10.6 Compumedics Ltd.
              • Exhibit 51: Compumedics Ltd. - Overview
              • Exhibit 52: Compumedics Ltd. - Product and service
              • Exhibit 53: Compumedics Ltd. - Key offerings
            • 10.7 Elekta AB
              • Exhibit 54: Elekta AB - Overview
              • Exhibit 55: Elekta AB - Business segments
              • Exhibit 56: Elekta AB - Key offerings
              • Exhibit 57: Elekta AB - Segment focus
            • 10.8 Koninklijke Philips NV
              • Exhibit 58: Koninklijke Philips NV - Overview
              • Exhibit 59: Koninklijke Philips NV - Business segments
              • Exhibit 60: Koninklijke Philips NV – Key news
              • Exhibit 61: Koninklijke Philips NV - Key offerings
              • Exhibit 62: Koninklijke Philips NV - Segment focus
            • 10.9 Medtronic Plc
              • Exhibit 63: Medtronic Plc - Overview
              • Exhibit 64: Medtronic Plc - Business segments
              • Exhibit 65: Medtronic Plc - Key offerings
              • Exhibit 66: Medtronic Plc – Key news
              • Exhibit 67: Medtronic Plc - Segment focus
            • 10.10 Micromed SPA
              • Exhibit 68: Micromed SPA - Overview
              • Exhibit 69: Micromed SPA - Product and service
              • Exhibit 70: Micromed SPA - Key offerings
              • Exhibit 71: Micromed SPA - Segment focus
            • 10.11 Natus Medical Inc.
              • Exhibit 72: Natus Medical Inc. - Overview
              • Exhibit 73: Natus Medical Inc. - Product and service
              • Exhibit 74: Natus Medical Inc. – Key news
              • Exhibit 75: Natus Medical Inc. - Key offerings
            • 10.12 NeuroWave Systems Inc.
              • Exhibit 76: NeuroWave Systems Inc. - Overview
              • Exhibit 77: NeuroWave Systems Inc. - Product and service
              • Exhibit 78: NeuroWave Systems Inc. - Key offerings
              • Exhibit 79: NeuroWave Systems Inc. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Currency conversion rates for US$
                • Exhibit 80: Currency conversion rates for US$
              • 11.3 Research methodology
                • Exhibit 81: Research Methodology
                • Exhibit 82: Validation techniques employed for market sizing
                • Exhibit 83: Information sources
              • 11.4 List of abbreviations
                • Exhibit 84: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Electroencephalography (EEG) Devices Market market growth will increase by $444.18 mn during 2021-2025.
              The electroencephalography (eeg) devices market market is expected to grow at a CAGR of 9.13% during 2021-2025.
              Technavio has segmented the electroencephalography (eeg) devices market market by product (stationary EEG devices and portable EEG devices) and geography (North America, Europe, APAC, South America, and MEA).
              Advanced Brain Monitoring Inc., BrainScope Co. Inc., Cadwell Industries Inc., Compumedics Ltd., Elekta AB, Koninklijke Philips NV, Medtronic Plc, Micromed SPA, Natus Medical Inc., NeuroWave Systems Inc. are a few of the key vendors in the electroencephalography (eeg) devices market market.
              North America will register the highest growth rate of 40% among the other regions. Therefore, the electroencephalography (eeg) devices market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the electroencephalography (eeg) devices market market growth are:
              • Increasing prevalence of neurological disorders
              • Increasing popularity of hybrid brain-computer interface techniques
              The electroencephalography (eeg) devices market market vendors should focus on grabbing business opportunities from the stationary eeg devices segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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              • Data on revenue-generating market segments
              • Details on the market shares of various regions
              • Five-force market analysis

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