The electroencephalography devices market size is estimated to be USD 1,458.5 million in 2022 and is expected to witness a CAGR of 10.51% during the forecast period 2023-2033. Higher incidence of neurological disorders and public awareness are factors contributing to the market growth. Furthermore, increasing investments by key market players and surge in incidence of epilepsy, alzheimer, multiple sclerosis, Parkinson’s disease, and stroke is expected to propel the market growth. However, high price of the equipment and lack of reimbursements for electroencephalography treatments is expected to hinder the growth.

Surge in incidence of epilepsy, alzheimer, multiple sclerosis, Parkinson’s disease, and stroke is expected to fuel the market growth during the forecast period. The Alzheimer’s Association reports that in 2022, there will be nearly 6.5 million Americans 65 and older who have Alzheimer’s. A staggering 73% of people are 75 years or older. The ALS Association estimates that 12.7 million people aged 65 and over will have Alzheimer’s disease by 2050. Stroke was the fifth most common cause of death in the United States, according to estimates from the Centers for Disease Control and Prevention’s (CDC) National Vital Statistics Report.

Increasing investments by key market players is predicted to support the market growth during the projected period. To meet the growing demand for cutting-edge technology, companies are investing in R&D to enhance their current offerings and develop new ones. The market for electroencephalography systems is expanding as a result of manufacturers’ increasing R&D expenditures to produce cutting-edge brain monitoring equipment.

Segmentation

By Product

The market is categorized into Multichannel EEG, 8-channel EEG, 21-channel EEG, 25-channel EEG, 32-channel EEG, and 40-channel EEG. In 2022, the 32-channel EEG segment accounted for the highest revenue share due to the growing use of 32-channel EEG equipment by healthcare practitioners and technological advancements in such products. The 25-channel EEG & 40-channel EEG segments will surpass the 32-channel EEG segment in terms of revenue. Throughout the forecast period, these segments are anticipated to exhibit at a substantial CAGR. Products provided by businesses including Nihon Kohden Corporation’s Neurofax EEG-1200 Diagnostic and Monitoring Platform are anticipated to grow in popularity. Multi-channel EEG devices are used to capture electrical activity in the brain in order to identify tumours, diagnose neurological diseases, strokes, and other brain disorders. The businesses selling these products include Natus Medical Inc., Compumedics Limited among others.

By Type

The market is categorized into portable devices and standalone devices. In the global market, the standalone devices segment accounted for the largest revenue share in 2022 owing to the numerous uses for these devices in critical care. The most frequent type of EEGs are standalone devices. Standalone EEG systems are fixed or implanted at a specific location. Numerous individuals have been admitted to hospitals for treatment due to the rise in neurological diseases such tumours, cerebral palsy, strokes, and other brain-related problems. This has significantly influenced the rise in the adoption of independent devices in these circumstances. The portable devices segment is anticipated to have the greatest CAGR during the projected period. Manufacturers’ increased emphasis on technological advancements including portability, light weight, and simultaneous raw data gathering are significant growth-promoting factors. Additionally, increasing demand for portable equipment for clinical research and field is anticipated to be positive for the segment’s expansion.

By End User

The market is segmented into diagnostic centres, hospitals, and others. In 2022, the hospitals segment accounted for the largest revenue share owing to rising number of patients with traumatic brain injuries, epilepsy, and other neurological disorders. The segment is expanding as a result of growing focus given to the construction of healthcare infrastructure in developing nations in Asia Pacific and Africa. Hospitals are the main end-users of ECG devices due to their requirement to record the rhythm and electrical activity and thoroughly analyse the results for clinical and research purposes. As a result of significant patient turnover and frequent readmissions, this market segment thus possessed a dominant position in 2022. The segment for diagnostic centres is anticipated to develop at the fastest rate during the study period growing public awareness of neurodegenerative illnesses. The demand for advanced EEG devices for disease detection and prevention is growing as public awareness increases.

Regional Markets

In 2022, North America region accounted for the highest revenue in the electroencephalography devices market and is expected to maintain its dominance during the forecast period. This is attributed to increasing incidence of various sleep and neurodegenerative problems and the accessibility to insurance. Additionally, it is projected that the region’s robust distribution and sales networks of top vendors and its well-developed healthcare infrastructure will promote growth. The use of these devices for the diagnosis of neurological disorders has grown in the United States as a result of favourable reimbursement regulations. The dominance of the regional market was influenced by the presence of governmental entities such as the National Institute of Neurological Disorders and Stroke (NINDS), which funds R&D efforts relevant to the treatment of brain neurological disorders. Europe is expected to witness sustained growth during the projection period due to its established healthcare system. The launch of numerous non-profit groups such as the European Multiple Sclerosis Platform (EMSP) is anticipated to significantly expand the market.

Competitor Insights

Some of the key players operating in the electroencephalography devices market are Electrical Geodesics, Inc., NeuroWave Systems, Inc., Cadwell Laboratories, Inc., Compumedics Ltd., Medtronic, Noraxon U.S.A., Inc., and Nihon Kohden America, Inc.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• Companies including Electrical Geodesics, Inc., Medtronic, and Cadwell Industries, Inc. have a broad product offering and a significant regional presence.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including product, type, and end user from 2023 to 2033.

Report Scope:

Segmentation: Electroencephalography Devices Market Report 2022 – 2033

Product (Revenue, USD Million), 2022 – 2033

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

Type (Revenue, USD Million), 2022 – 2033

• Portable Devices
• Standalone Devices

End user (Revenue, USD Million), 2022 – 2033

• Diagnostic Centres
• Hospitals
• Others

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA