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EEG Machines Market projected to reach US$ 1,937.00 million by 2028 and to grow at a CAGR of 8.8%

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EEG Machines Market projected to reach US$ 1,937.00 million by 2028 and to grow at a CAGR of 8.8%

April 15
19:44 2021
EEG Machines Market projected to reach US$ 1,937.00 million by 2028 and to grow at a CAGR of 8.8%

EEG Machines Market
The EEG machines market was valued at US$ 990.26 million in 2020, and it is projected to reach US$ 1,937.00 million by 2028; it is expected to grow at a CAGR of 8.8% from 2021 to 2028.

An electroencephalography (EEG) machine is a medical device that helps medical professionals monitor the brain’s electrical signals. The electrical signals transmitted are relatively weak and thus require amplification. An amplifier is used to magnify the voltage. An EEG device’s readings are utilized to diagnose various neurological disorders and monitor sleep disorders and patients under anesthesia during medical procedures such as surgery. The equipment works with the help of electrodes attached to the scalp to collect the brain wave’s reading. EEG machine is mostly used in hospitals, diagnostic laboratories, and ambulatory surgery centers.

The EEG machines market is segmented based on product type, application, end user, and geography. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the EEG machines market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes COVID-19 impact analysis across all the regions. It is estimated that the market is likely to have slower growth rate during the forecast period owing to the restricted health services and lockdown situation caused by the COVID-19 pandemic.

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Prominent players operating in EEG machines market include Koninklijke Philips N.V., Medtronic, Natus Medical Incorporated, Nihon Kohden Corporation, Fresenius SE & Co. KGaA, Advanced Brain Monitoring, D & DJ BURTON HOLDINGS, Cephalon A/S, Cadwell Industries Inc, and NeuroStyle Ptd. Ltd. The companies have implemented several inorganic and organic strategies to enhance the market value and maintain their position in the market. For instance, in July 2020, Transcranial magnetic stimulation tech developer Magstim announced that it has purchased the product portfolio of Electrical Geodesics from Royal Philips.

According to the Global Burden of Disease report, published in JAMA Neurology 2017, disability-adjusted life-years (DALYs) for most burdensome diseases, such as stroke, migraine, and Alzheimer’s disease, and other dementias, were studied in the US. DALYs for stroke were 3.58 million, for Alzheimer’s disease and other dementias 2.55 million, and for migraine 2.4 million. It is estimated that the incidence is likely to increase in the future with the incidence rate of meningitis (44.8%), traumatic brain injury (44.8%), spinal cord injury (29.1%), and encephalitis (38.5%).

There is a rise in incidence of neurological disorders among older people. However, due to various factors such as stress, genetic mutations, lifestyle habits, and related chronic conditions, the incidence are seen among people of all age groups. It is estimated that there are over 600 neurologic disorders, among which Parkinson’s, Huntington’s, Alzheimer’s, muscular dystrophy, stroke, meningitis, epilepsy, dementias, migraine, and brain tumors are commonly seen.

Similarly, the growing geriatric population is expected to influence the incidence of neurological disorders. According to the World Health Organization (WHO) report published in 2018, the total population over 60 years of age will grow at a rate of 22% by 2050 from 12% in 2015. According to the Federal Interagency Forum on Aging-Related Statistics published in 2016, 35.8% of people of age 85 years and above have moderate or severe memory impairment. Therefore, owing to the above-mentioned statistics, the demand for EEG machine is expected to increase, which, in turn will propel the market growth.

The report segments the global EEG machines market as follows:

By Product Type

  • Integrated EEG
  • Portable EEG

By Application

  • Disease Diagnosis
  • Sleep Monitoring
  • Anesthesia Monitoring
  • Trauma and Surgery
  • Others

By End User

  • Hospitals
  • Diagnostic Centers
  • Ambulatory Surgical Centers
  • Research Laboratories
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East & Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South and Central America (SCAM)
    • Brazil
    • Argentina
    • Rest of SCAM

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