EEG Devices Market Strategies, Trends, and Forecast by 2031
The EEG devices market size is projected to reach US$ 2.0 billion by 2031 from US$ 1.13 billion in 2023. The market is expected to register a CAGR of 7.3% during 2023–2031. Technological developments in EEG devices are likely to remain key trends in the market.
EEG Devices Market Analysis
EEG devices are essential tools to study brain activity and understand neurological conditions. Growing focus on R&D activities in the field of neurology which requires analysis of brain activity is fueling the growth of the EEG devices market. The geriatric population is more prone to neurological disorders due to the weakening of neurological cells with age. Thus, growth in the geriatric population globally is expected to fuel the EEG devices market growth. In addition, the growing focus on maintaining the mental health of people acts as an opportunity for growth in the market.
EEG Devices Market Overview
Geographically, Asia Pacific is expected to register the highest CAGR in the forecast period 2023-2031. Increasing focus on market players on the introduction of technologically advanced products in the Asia Pacific, growing adoption of telehealth and remote monitoring services, growing demand for non-invasive diagnostic techniques, and increasing R&D activities are fueling the growth of the Asia Pacific EEG devices market. EEG devices can be remotely used to monitor the brain activity of a patient, easily allowing for remote diagnosis and treatment. During the COVID-19 pandemic, there was a rapid increase in demand for telehealth and remote monitoring services due to the restrictions on movement and also increasing prevalence of diseases. Thus, due to this, there was a rapid increase in demand for EEG devices for remote monitoring, thus fueling the growth of the Asia Pacific EEG devices market.
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EEG Devices Market: Strategic Insights
Market Size Value in US$ 1,025.92 Million in 2021 Market Size Value by US$ 1,699.52 Million by 2028 Growth rate CAGR of 7.5% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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EEG Devices Market: Strategic Insights
| Market Size Value in | US$ 1,025.92 Million in 2021 |
| Market Size Value by | US$ 1,699.52 Million by 2028 |
| Growth rate | CAGR of 7.5% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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EEG Devices Market Drivers and Opportunities
Increasing Prevalence of Neurological Disorders to Favor Market
Propelling incidences of neurological disorders such as stroke, brain tumor, and dementia are the major drivers of global EEG devices market share. Despite the advancements in the medical industry, stroke continues to be a major public health issue. As per the Indian Stroke Association, the incidence of stroke in India over the past few decades has increased by ~100%. Furthermore, about 1.8 million people in India suffer a stroke each year, and only early treatment can reduce morbidity and mortality. As per the Centers for Disease Control and Prevention, about 795,000 people in the US have a stroke every year, of which ~610,000 are new strokes. Hence, the increasing prevalence of stroke and the increase in the use of EEG for the detection of stroke is fueling the growth of the EEG devices market.
Growing Focus on Maintaining Mental Health Act as an Opportunity for Market Growth
According to an article, about 1 in 5 adults in the US are suffering from a certain kind of mental health condition or mental illness. The increasing prevalence of mental health conditions among the population and increasing awareness about maintaining mental health along with physical health is responsible for the growing demand for diagnostic devices for mental health disorders. In recent years, there has been increasing research on the use of EEG together with machine learning algorithms to diagnose mental health disorders by analyzing the brain activity of patients. Thus growing research on the use of EEG devices for the diagnosis of mental health disorders is expected to act as an opportunity for the growth of the EEG devices market.
EEG Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the EEG devices market analysis are product, application, device type, and end user.
- Based on product, the EEG devices market is divided into 32-channel EEG, 25-channel EEG, 40-channel EEG, multi-channel EEG, 21-channel EEG, and 8-channel EEG. The 32-channel EEG segment held the largest market share in 2023.
- By application, the market is segmented into brain tumors, head trauma, sleep disorders, neuroscience, and others. The brain tumor segment held the largest share of the market in 2023.
- In terms of device type, the market is bifurcated into standalone devices and portable devices. The standalone devices segment held a significant share of the market in 2023.
- Based on end user, the EEG devices market is divided into hospitals & clinics, diagnostic centers, research centers, and academic & research institutes. The hospitals & clinics segment held the largest market share in 2023.
EEG Devices Market Share Analysis by Geography
The geographic scope of the EEG devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. In 2021, nearly 3 million US populace is living with epilepsy; as per the US Centers for Disease Control and Prevention (CDC). Due to rising incidences of neurological disorders in the region, North America held the largest share in 2023. An inclination toward teleradiology services and the presence of global market players are factors contributing to the dominance of the market. The projected growth of the Canadian market for EEG devices is due to the rising healthcare expenditure on growing brain diseases across the country. Similarly, the country is experiencing growth in the neurology procedures.
EEG Devices Market Report Scope
EEG Devices Market News and Recent Developments
The EEG Devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the EEG devices market are listed below:
- Neurosteer has obtained US Food and Drug Administration (FDA) approval for its single-channel electroencephalogram (EEG) brain monitoring platform. The company has embellished the standard EEG system with an adhesive-backed electrode strip connected to a pocket-sized sensor. (Source: Neurosteer, Press Release, November 2022)
- Soterix Medical Inc. launched MxN-GO EEG, a combined High Definition transcranial Electrical Stimulation (HD-tES) and EEG system with a unique untethered design. The system is intended for research applications requiring electrical stimulation and recording of brain activity in mobile and natural environments. (Source: Soterix Medical Inc., Press Release, April 2024)
EEG Devices Market Report Coverage and Deliverables
The “EEG devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- EEG devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- EEG devices market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- EEG devices market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the EEG devices market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Application ; Device Type ; End User , and Geography.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the EEG devices market in 2023.
Growing incidences of neurovascular disorders, Growing focus on research and development activities in field of neuroscience, and significantly rising elderly population are among the most influential factors responsible for the market growth.
Increasing technological advancements are likely to remain key trends in the EEG devices market.
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 are among the key players operating in the market.
The EEG devices market is estimated to reach US$ 2.0 billion in 2031.
The EEG devices market is anticipated to record a CAGR of 7.3% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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