Electroencephalography Devices Market Size, Share, Trends, Growth and Forecast 2030

Electroencephalography Devices Industry Prospective:

The global Electroencephalography Devices (EEG) market size was worth around USD 1200 million in 2022 and is predicted to grow to around USD 2400 million by 2030 with a compound annual growth rate (CAGR) of roughly 9.5% between 2023 and 2030.    

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Electroencephalography Devices Market: Overview

An electronic device called an electroencephalograph employs a non-invasive method to track the electrical activity of the brain. The system detects electrical brain impulses with the use of small discs of metal (electrodes) attached to the patient's head. Because these electrical impulses are so feeble, an amplifier is needed to boost the voltage. The results from EEG equipment are used to monitor sleep problems and choose the proper dosage of anesthesia as well as to diagnose several neurological conditions like epilepsy, Parkinson's disease, and Alzheimer's disease. Hospitals, diagnostic labs, and neurology departments among others frequently employ EEG devices.

Key Insights

• As per the analysis shared by our research analyst, the global electroencephalography devices market is estimated to grow annually at a CAGR of around 9.5% over the forecast period (2023-2030).
• In terms of revenue, the global Electroencephalography Devices market size was valued at around USD 1200 million in 2022 and is projected to reach USD 2400 million, by 2030.
• The global Electroencephalography Devices market is expected to be driven by several factors such as the increasing prevalence of neurological disorders and technological advancements.
• Based on the product, the 32-channel EEG segment is expected to hold the largest revenue share over the forecast period.
• Based on the type, the standalone devices segment is expected to dominate the market over the forecast period.
• Based on the end-use, the hospital segment is expected to capture the largest market share over the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

Electroencephalography Devices Market: Growth Drivers

The rising incidence of neurological disorders drives market growth

The need for electroencephalogram (EEG) devices has been driven by the rising incidence of neurological conditions such as epilepsy, Alzheimer's disease, Parkinson's disease, multiple sclerosis, and sleep problems. For many disorders, EEG is a critical diagnostic tool that enables early identification and efficient therapy. For instance, according to the World Health Organization, Epilepsy affects over 50 million individuals worldwide, making it one of the most prevalent neurological conditions worldwide. People with epilepsy make up over 80% of the population in low- and middle-income nations. Thus, the aforementioned stats drive the global electroencephalography devices market growth during the forecast period.

Electroencephalography Devices Market: Restraints

High cost and limited reimbursement policies hamper the market growth

EEG devices may be expensive to buy and operate, especially cutting-edge and high-quality systems. Smaller hospitals, clinics, and research organizations may be discouraged from investing in EEG devices due to the expense. Additionally, EEG test reimbursement regulations in some areas may be restricted, which may have an impact on healthcare professionals' desire to offer EEG services. Due to this restriction, patients may have less access to EEG testing. Thus, hampering the electroencephalography devices industry growth during the projection period.

Electroencephalography Devices Market: Opportunities

Increasing product launches offers an attractive opportunity for market growth

The electroencephalography devices market expansion is encouraged by growing product releases and product development. For instance, Myneurva introduced Starrbase in August 2022, a fully integrated system of its Advanced Neural Network Analysis (ANNA), with more than fifty programs for brain training based on research. Additionally, Masimo announced in February 2022 that the SedLine pediatric EEG sensor and pediatric indication for SedLine brain function monitoring had received approval from the US Food and Drug Administration. These factors may increase the demand for electroencephalography systems and devices globally.

Electroencephalography Devices Market: Challenges

Limited accessibility in developing regions poses a challenge to market growth

Many developing nations have restricted access to cutting-edge EEG technology because of issues like poor healthcare infrastructure, a lack of qualified healthcare workers, and financial restrictions. The diagnosis and treatment of neurological conditions in these regions are hampered by the lack of accessibility. Thus, posing a major challenge to the market growth during the forecast period.

Electroencephalography Devices Market: Segmentation

The global Electroencephalography Devices industry is segmented based on product, type, end-use, and region.

Based on the product, the global market is bifurcated into 8-channel EEG, 21-channel EEG, 25-channel EEG, 32-channel EEG, 40-channel EEG, and Multi-channel EEG. The 32-channel EEG segment is expected to hold the largest revenue share over the forecast period. In comparison to smaller channel configurations, a 32-channel EEG system provides a better level of spatial resolution. This makes it especially helpful for research, clinical neurophysiology, and the diagnosis of challenging neurological diseases since it enables more accurate and thorough mapping of brain activity. Moreover, to better understand brain function, cognitive functions, and neurological conditions, 32-channel EEG devices are frequently employed in research studies. They allow scientists to record fine-grained information that may be used to pinpoint certain brain areas related to distinct diseases and tasks. Thereby, driving the segment growth.

Based on the type, the global Electroencephalography Devices industry is bifurcated into standalone devices and portable devices. The standalone devices segment is expected to dominate the market over the forecast period. The most popular kinds of EEGs are standalone ones. The wide range of critical care applications for these devices is a major factor in their high revenue share. Systems that are fixed or implanted at a specific location are known as standalone EEG systems. These systems, which mostly find use in hospitals, include hardware and software options that help doctors effectively evaluate data. To capture the electrical activity of the brain, EEG equipment is employed. Numerous individuals have been brought to hospitals for treatment due to the rise in neurological diseases such as tumors, cerebral palsy, strokes, and other brain-related problems. This has significantly influenced the rise in the adoption of standalone devices in these circumstances. On the other hand, the portable devices segment is expected to dominate the market during the forecast period. For usage at home, portable EEG devices are becoming more common. Long-term EEG monitoring can be beneficial for patients with conditions like epilepsy or sleep difficulties in the comfort of their own homes. These gadgets make it possible to gather data continuously, increasing the likelihood that important events will be recorded and lowering the frequency of hospital visits. Thereby, driving the market growth.

Based on the end-use, the global Electroencephalography Devices market is bifurcated into hospitals, diagnostic centers, and others. The hospital segment is expected to capture the largest market share over the forecast period. EEG equipment is commonly used in hospitals to identify a variety of neurological conditions, such as epilepsy, seizure disorders, encephalopathy, and sleep problems. Neurologists and other healthcare professionals can assess abnormal brain activity using EEG recordings to guide therapy choices. Thus, this is expected to drive the segment growth during the forecast period.

Electroencephalography Devices Market : Report Scope

Electroencephalography Devices Market: Regional Analysis

North America is expected to dominate the market during the forecast period

North America is expected to dominate the worldwide market for EEG devices due to factors such as the increase in neurological diseases, growing healthcare expenses, and technical advancements in EEG devices. The National Institute of Neurological Disorders and Stroke (NINDS) estimates that over 50 million Americans suffer from neurological diseases. Modern diagnostic tools like EEG machines are now more important than ever to accurately diagnose and treat these disorders. The presence of prominent EEG device manufacturers in the region and supporting government measures to encourage R&D are also projected to drive market expansion in North America.

On the other hand, the market for EEG devices in the Asia-Pacific region is expected to grow considerably over the next years as a result of the growth in neurological disorders, growing healthcare expenses, and increased public awareness of the benefits of EEG diagnostics. It is projected that countries like China, Japan, and India will mostly be responsible for the electroencephalography devices market expansion in the region. It is projected that market growth in the region would be fueled by the accessibility of low-cost EEG devices in emerging countries, the rise of the middle class, and growing government initiatives to encourage the building of healthcare facilities.

Electroencephalography Devices Market: Competitive Analysis

The global Electroencephalography Devices market is dominated by players like:

• Medtronic
• Jordan NeuroScience Inc.
• Cadwell Industries Inc.
• Compumedics Limited
• NeuroWave Systems Inc.
• Natus Medical Incorporated
• NIHON KOHDEN CORPORATION
• NeuroSky
• Bio-Signal Group Corp.
• Elekta AB
• Lifelines Neuro
• Neurosoft S.A.
• EMS Handels Gesellschaft mbH
• BrainScope Company Inc.
• Advanced Brain Monitoring Inc.
• EB Neuro S.p.A.
• g.tec medical engineering GmbH Austria
• Bitbrain Technologies
• Electrical Geodesics Inc.
• Masimo
• ELMIKO MEDICAL sp. Z oo
• Micromed

The global Electroencephalography Devices market is segmented as follows:

By Product

• 8-channel EEG
• 21-channel EEG
• 25-channel EEG
• 32-channel EEG
• 40-channel EEG
• Multi-channel EEG

By Type

• Standalone Devices
• Portable Devices

By End-use

• Hospitals
• Diagnostic Centers
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa