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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.
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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.
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.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
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
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.
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:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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