by The electroencephalographs market has been gaining popularity owing to the growing need for monitoring neurological abnormalities. Electroencephalographs (EEG) refers to medical devices that are used to record the electrical activity of the brain. EEG provides accurate detection of abnormalities related to seizures, brain death, tumors, strokes, and head injuries. It enables precise diagnosis, prognosis and treatment of various neurological disorders.
The global Electroencephalographs market is estimated to be valued at US$ 2919.86 Mn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.
Key Takeaways
The key opportunities in the Electroencephalographs Market Size include rising funding for neurological research, growing geriatric population prone to neurological disorders, and increasing adoption of EEG devices in ambulatory surgical centers and home healthcare settings.
Key players in the electroencephalographs market are HEYER Medical AG, Medicom MTD, Draeger, Inc., Natus Medical Incorporated, Masimo, NeuroWave Systems Inc., Brain Products, elmiko medical, CamNtech Ltd, Danmeter, Neurosoft and MT MonitorTechnik GmbH & CO.KG.
The global expansion of the electroencephalographs market is mainly driven by increasing prevalence of targets diseases like epilepsy, sleep disorders, brain tumors, and stroke.Growing burden of neurological disorders in emerging nations of Asia Pacific and Latin America are creating new growth avenues for market players.
Market Drivers
The rising incidence of neurological disorders across the world is one of the major drivers of the electroencephalographs market. According to WHO, neurological disorders affect over a billion people worldwide each year. The global prevalence of neurological disorders is on the rise due to rapidly ageing population and increasing life expectancy. Growing illness burden of conditions requiring EEG monitoring such as epilepsy, brain tumors, sleep disorders, and stroke is boosting the demand for Electroencephalographs Market Size.
PEST Analysis
Political: The electroencephalographs industry is governed by various regulations and standards set by different government bodies regarding the manufacturing, marketing, and usage of devices. Stringent policies and guidelines ensure proper product functioning and patient safety.
Economic: Growing health issues like neurological disorders are increasing demand for effective diagnosis and creating new revenue opportunities. However, high device costs and lengthy approval times can impact industry profitability.
Social: Increased awareness about brain-related illnesses and availability of advanced treatment options are driving people to opt for electroencephalogram procedures. Favorable reimbursement policies also encourage market growth.
Technological: Cutting-edge technologies like wireless transmission, integrated software, and compact portable designs are enhancing usability. Ongoing R&D aims to develop more accurate, user-friendly devices integrating AI/ML tools for improved analysis.
Electroencephalograph usage is concentrated in regions with advanced healthcare infrastructure and higher spending capabilities. North America accounts for the largest value share owing to a large patient pool, favorable insurance, and presence of key industry players. Europe is another major regional market supported by growing cases of neurological disorders and supportive regulatory environment. Asia Pacific is projected to be the fastest growing region due to increasing healthcare investments, expanding medical tourism, and growing patient awareness in major countries like China and India. Overall market growth is fueled by rising incidence of targeted diseases and improving accessibility of care across global populations.
Among all regions, Asia Pacific displays the fastest growth potential for electroencephalographs market during the forecast period. This can be attributed to factors like rising healthcare expenditure, increasing investments towards upgrading medical infrastructure, growing medical tourism industry and rapidly expanding patient pool in major Asian countries. Moreover, rising awareness regarding availability of advanced diagnostic options for brain disorders is also driving the regional market forward. Developing economies represent significant untapped opportunities due to improving access to quality care and supportive government initiatives. If current trends persist, Asia Pacific will emerge as one of the most lucrative regional markets for electroencephalographs over the next few years.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
