In an electroencephalography (EEG) device, small electrodes and wires are attached to the patient’s head. Display device, amplifiers, and software are some other components in an EEG setup that are used for collection storage and data display. The 10–20 International System is used as a standard positioning and naming scheme in EEG devices. Strobe lighting, sleep derived EEG, sleep EEG, video telemetry, and ambulatory EEG are the various types of EEG tests. EEG is a low cost non-invasive method of brain monitoring. The global EEG (Electroencephalography) Devices Market is estimated to account for US$ 2,198.0 Mn in terms of value by the end of 2027.
Global EEG (Electroencephalography) Devices Market: Drivers
Increasing launch of advanced products is expected to boost growth of the global EEG (Electroencephalography) devices market over the forecast period. For instance, in November 2019, NÅ«rio developed NÅ«rio, a wearable EEG (Electroencephalography) device that can be worn over the ear.
Global EEG (Electroencephalography) Devices Market: Opportunities
Development of a neural network that can recreate human brain waves in real-time is expected to offer lucrative growth opportunities for market players. For instance, in October 2019, reserchers from Neurobotics LLC and Neuroassistive Technologies LLC, in collaboration with Moscow Institute of Physics and Technology (MIPT), reported development of an effective closed-loop brain–computer interface (BCI) system that reconstructs the observed or imagined stimuli images from the co-occurring brain wave parameters.
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Global EEG (Electroencephalography) Devices Market: Restraints
However, availability of other methods for brain monitoring is expected to hinder growth of the global EEG devices market over the forecast period. Several other techniques such as electromyography (EMG), functional magnetic resonance imaging (fMRI), computed tomography (CT), positron emission tomography (PET), magnetoencephalography (MEG), and near-infrared spectroscopy (NIRS) are available for brain monitoring
Key Takeaways of the Market:
Global EEG (Electroencephalography) devices market was valued at US$ 1,125.6 market in 2018 and is forecast to reach a value of US$ 2,198.0 by 2027 at a CAGR of 7.8% between 2019 and 2027.The growth of the market is attributed to the increasing patient population, and increasing adoption of expansion strategies such as acquisition, and strategic partnerships from major players operating in the market. Diagnostic Centers segment dominated the global EEG (Electroencephalography) devices market in 2018, accounting for 60.9% share in terms of value, followed by hospitals.The major driver attributing to the growth of the segment during the forecast period constitutes of increasing patient population and increasing demand for minimally invasive procedures. Standalone (Fixed Devices) segment dominated the global EEG (Electroencephalography) devices market in 2018, accounting for 47.1% share in terms of value, followed by portable devices segment. Reason increasing product approvals is a major factor attributing to the growth of the segment during the forecast period.
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R&D in novel technologies such fMRI and PET has led high demand for these technologies in the recent past. For instance, in August 2019, researchers from Yale University demonstrated that real-time functional magnetic resonance imaging neurofeedback (rt-fMRI-NF) can be a potential tool in the treatment of Tourette syndrome Market players focused on manufacturing EEG systems that rapidly evaluate brain-wave information of unconscious patients. For instance, in September 2019, Nihon Kohden launched its VitalEEG wireless electroencephalogram headset in the U.S., which is designed for quick setup and efficient placement of electrodes to evaluate brain health.
Global EEG Devices Market: Competitive Landscape
Major players operating in the global EEG (Electroencephalography) devices market include Cadwell Laboratories Inc., Compumedics Limited, Natus Medical Incorporated, Neurosoft Ltd., Elekta AB, Electrical Geodesics, Inc., NeuroWave Systems Inc., EB Neuro S.p.A., and Nihon Kohden Corporation. Key players in the market are focused on product approval and launch to expand their product portfolio. For instance, in December 2018, Neurosoft Ltd. received approval for its new EEG system Neuron-Spectrum-61 from EU. In September 2019, EMOTIV launched EMOTIV MN8, a new generation of brain monitoring sensors called EEG buds comprised of 2 in-ear brain sensors, 4 behind-the-ear reference electrodes and multi-axis motion sensors that measure balance and head movements.
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