At 7.5% CAGR, the global EEG Devices market is estimated to accumulate US$ 1,699.52 million by 2028, says The Insight Partners

 

According to our latest market research study on “EEG Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, Device Type, and End User,” the market is expected to reach US$ 1,699.52 million by 2028 from US$ 1,025.92 million in 2021; it is estimated to grow at a CAGR of 7.5% from 2021 to 2028. The report highlights the market trends, drivers, and deterrents. Growing incidence of neurovascular disorders and significantly rising elderly population are among the key forces driving the market. However, high cost of EEG devices hinders the market growth.

Based on product, the Global EEG Devices Market is segmented into 32-channel EEG, 25-channel EEG, 40-channel EEG, multi-channel EEG, 21-channel EEG, and 8-channel EEG. In 2020, the 32-channel EEG segment held the largest share of the market. However, multi-channel EEG segment is expected to register the highest CAGR during 2021–2028. High-tech development in 32-channel EEG products and increased implementation of these products by healthcare professionals are the major factors driving the segment. The market for the segment is anticipated to grow in the future owing to the increasing use of these devices to treat neurological diseases.

The COVID-19 pandemic has had a mixed impact on the EEG devices market. Due to the rapid spread of the disease, many cities were on a lockdown, causing treatments and doctors/surgeons appointment cancellations. The patients in the need of critical surgeries such as spinal surgery, neurosurgery, and ENT surgery need physical presence and need to implement procedures in the clinics. The procedures include intraoperative neuromonitoring by systems, services, and accessories. Moreover, companies are also focused on manufacturing COVID-19 diagnostics and related products. For instance, in June 2020, Ceribell Inc.—a Mountain View, California-based startup—deployed its cloud-linked, portable electroencephalogram (EEG) device to enable EEG assessments in minutes in emergency rooms and intensive care units. The rapid response EEG system is used in the Montefiore Health System in New York and at Northwell Health’s North Shore University Hospital, which are the health care providers at the epicenter of the US COVID-19 crisis.

A few prominent players operating in the EEG devices market are Brain Products GmbH; g.tec medical engineering GmbH; Cognionics, Inc.; Wearable Sensing; Neuroelectrics; ANT Neuro; Mitsar Co. Ltd.; Neurosky; Biosemi; Advanced Brain Monitoring, Inc.; EMOTIV; MUSE; Koninklijke Philips N.V.; and Bitbrain Technologies, among others.

Companies are launching new and innovative products and services to sustain their position in the EEG devices market. In March 2020, EMOTIV introduced a brand new 14-channel mobile brainwear EPOC X on its 10th Anniversary. The product launch has further enabled neuroscience research in different contexts with an updated sustainable design.

The report segments the global EEG devices market by product, application, device type, end user, and geography. Based on product, the EEG devices market is segmented into 32-channel EEG, 25-channel EEG, 40-channel EEG, multi-channel EEG, 21-channel EEG, and 8-channel EEG. In terms of application, the market is segmented into brain tumors, head trauma, sleep disorders, neuroscience, and others. Based on device type, the market is segmented into standalone devices and portable devices. Based on end user, the market is segmented into hospitals & clinics, diagnostic centers, research centers, and academic & research institutes. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America.

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