Electroencephalography Devices Market Trends, Drivers & Opportunities

Electroencephalography (EEG) Devices Market Size

The global market size of Electroencephalography Devices (EEG) was approximately USD 1200 million in 2022 and is projected to reach around USD 2400 million by 2030, exhibiting a compound annual growth rate (CAGR) of approximately 9.5% during the period from 2023 to 2030.

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What are electroencephalography (EEG) devices?

EEG devices are utilized as medical instruments for the purpose of recording and quantifying the electrical activity of the brain. Electroencephalography, commonly referred to as EEG, is a scientific technique that involves the analysis of electrical activity in the brain. The term itself can be deconstructed into its constituent parts: "electro" refers to electricity, "encephalo" pertains to the brain, and "graphy" denotes the process of recording. By combining these elements, electroencephalography provides valuable insights into brain function and activity.

"Electro" pertains to the utilization of electrodes, diminutive sensors positioned on the scalp or directly on the brain's surface for the purpose of detecting electrical signals.

"Encephalo" is a term that pertains to the brain.

"Graphy" refers to the process of documenting or quantifying.

EEG devices, short for electroencephalography devices, function by detecting and recording electrical activity in the brain. These devices possess several key features that contribute to their effectiveness and utility.

Electrodes: EEG devices are equipped with strategically placed electrodes on the scalp. The electrodes commonly consist of conductive materials, like metal or conductive gel, and they detect electrical signals produced by the neurons in the brain.

Amplification is a crucial step in the EEG process. The signals obtained from the electrodes are typically quite feeble, necessitating the use of amplifiers. These amplifiers serve to enhance the signals, rendering them more discernible and interpretable.

Signal processing involves amplifying the signals and subsequently processing and converting them into graphical or digital forms. These representations are then displayed on a computer screen or recorded for subsequent analysis.

Visualization: The EEG data is commonly represented as an EEG waveform or EEG trace, which consists of a sequence of waveforms. The depicted waveforms illustrate the temporal electrical activity of the brain.

EEG devices find widespread application in diverse medical and research environments, serving a multitude of purposes, encompassing:

Epilepsy diagnosis and monitoring frequently involve the utilization of electroencephalography (EEG), a technique employed to detect and track the atypical cerebral electrical activity associated with this neurological condition.

Sleep Studies: The utilization of EEG in sleep laboratories enables the examination of sleep patterns and the identification of sleep disorders, including sleep apnea and narcolepsy.

Brain Research: EEG, an invaluable tool in the realm of neuroscience and cognitive psychology research, enables scientists to delve into the intricacies of brain function and cognitive processes.

Brain Health Monitoring: Electroencephalography (EEG) can be effectively employed for real-time monitoring of brain activity during surgical procedures, enabling the assessment of normal brain functioning.

Brain Injury Detection: The utilization of EEG enables the identification of irregularities in brain functionality resulting from trauma or injury.

Neurofeedback Therapy: EEG is utilized in neurofeedback therapy, an approach where individuals can acquire the skill to regulate their brainwave activity for therapeutic intentions.

Over the course of its development, EEG devices have undergone significant advancements, resulting in the emergence of portable and wireless systems. These cutting-edge technologies have revolutionized the field by providing enhanced flexibility and convenience for various clinical and research purposes. These devices have made substantial contributions to our comprehension of the brain and its diverse functionalities.

The Electroencephalography Devices Market provides an overview of the industry.

The electroencephalograph, an electronic device, utilizes a non-invasive approach to monitor and record the electrical activity of the brain. The system employs small metal discs (electrodes) affixed to the patient's head to detect electrical brain impulses. Due to the weak nature of these electrical impulses, an amplifier is required to enhance the voltage. The EEG equipment results are utilized for sleep problem monitoring, anesthesia dosage selection, and diagnosis of neurological conditions such as epilepsy, Parkinson's disease, and Alzheimer's disease. EEG devices are commonly utilized by hospitals, diagnostic labs, and neurology departments, among other entities.

Key insights are essential for research and development.

According to the analysis provided by our research analyst, the global electroencephalography devices market is projected to experience a compound annual growth rate (CAGR) of approximately 9.5% during the forecast period from 2023 to 2030.

The global Electroencephalography Devices market size was valued at approximately USD 1200 million in 2022 and is expected to grow to USD 2400 million by 2030 in terms of revenue.

The global Electroencephalography Devices market is anticipated to witness growth due to various factors, including the rising incidence of neurological disorders and advancements in technology.

The 32-channel EEG segment is anticipated to dominate the revenue share during the forecast period, owing to its product characteristics.

The market is anticipated to be predominantly led by the standalone devices segment throughout the forecast period, owing to its specific type.

The hospital segment is anticipated to secure the largest market share during the forecast period, considering the end-use.

North America is projected to exhibit market dominance throughout the forecast period, owing to its regional presence.

Growth Drivers in the Electroencephalography Devices Market

The increasing prevalence of neurological disorders propels the growth of the market.

The increasing prevalence of neurological disorders, including epilepsy, Alzheimer's disease, Parkinson's disease, multiple sclerosis, and sleep disorders, has fueled the demand for electroencephalogram (EEG) devices. EEG serves as a crucial diagnostic tool for numerous disorders, facilitating timely identification and effective therapeutic interventions. According to the World Health Organization, it has been observed that Epilepsy has a global impact, affecting more than 50 million individuals. This high prevalence establishes Epilepsy as one of the most significant neurological conditions worldwide. Over 80% of the population in low- and middle-income nations consists of individuals with epilepsy. Hence, the aforementioned statistics propel the growth of the global electroencephalography devices market throughout the projected timeframe.

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Electroencephalography Devices Market: Competitive Analysis

The global Electroencephalography Devices market is dominated by players like:

Medtronic
JORDAN NEUROSCIENCE, INC.
CADWELL INDUSTRIES, INC
Compumedics USA, LLC
NeuroWave Systems Inc.
Natus Medical Incorporated
NIHON KOHDEN EUROPE
neurosky.med
Bio-Signal Group Corp.
Elekta AB / ADR
Lifelines Neuro
Neurosoft
EMS Handel & Verhuur
BrainScope
Advanced Brain Monitoring
EB Neuro S.p.A.
g.tec medical engineering GmbH
Bitbrain
GEODAY ELECTRICAL LTD
Masimo
ELMIKO Biosignals sp. z o.o.
Micromed

Opportunities in the Electroencephalography Devices Market

Enhancing the frequency of product launches presents a compelling prospect for market expansion.

The market expansion of electroencephalography devices is driven by the increasing number of product releases and advancements in product development. In August 2022, Myneurva unveiled Starrbase, a comprehensive system incorporating their Advanced Neural Network Analysis (ANNA). This cutting-edge platform offers over fifty brain training programs, all grounded in extensive research. In February 2022, Masimo made an announcement regarding the approval of the SedLine pediatric EEG sensor and pediatric indication for SedLine brain function monitoring by the US Food and Drug Administration. The aforementioned factors have the potential to augment the global demand for electroencephalography systems and devices.

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