EEG Devices Market is set to grow from US$ 1.7 Bn in 2024 to USD 4.7 Bn by 2034, driven by Rising Demand for Event-Related Potential (ERP) Detection | TMR

The technique used to identify and map brain activities using electrodes is called electroencephalography, which is a non-invasive and time-saving technique that benefits both medical professionals and patients. Different neurological disorders, like Alzheimer's and Parkinson's, can be detected.

WILMINGTON, Del., July 16, 2024 /PRNewswire/ -- Owing to different key contributing factors, the electroencephalography device market is expected to advance through the forecasted era at a promising CAGR of 9.6%. This advancement is expected to benefit key players in the industry. The growth of such manufacturers will result in the size enlargement of the sector, ensuring the industry reaches USD 4.7 billion by 2034. The last recorded size of the realm in 2023 was USD 1.7 billion.

With the rising prevalence of neurological disorders, the necessity to employ key diagnostics methods emerges. Due to this, many medical professionals are seen to be inclined toward using efficient as well as accurate methods that can deliver optimum results.

Electroencephalography generates a precise diagnosis of electrical activities in the brain, predicting the neurological disorders in patients. The growing number of patients affected by such a disorder is influencing the market positively.

The rising cases of brain tumors and other related diseases are an indication of a better future for the subject market. This is because the use of EEG devices is useful in predicting and diagnosing the infected part of the brain. As a result, the patient can have a timely treatment.

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With the rising cases of brain injury during accidents, the significance of such key devices can be observed. Healthcare professionals use EEG devices to identify injured body parts, leveraging better diagnosis.

With the growing preference for non-invasive treatments, more patients have been inclined toward therapies and diagnostics treatments that can reduce the abrasions on human skin. As a result, this is another key driver for the industry.

Due to the ability to identify and monitor biosignals, the detection and mapping of brain activity can simply be made using electrodes. Such treatments save time and injuries during surgeries. As a result, this factor influences the prospects for the test.

With the growing investments in the healthcare sector, leading manufacturers can research extensively to reduce the error margins in EEG devices. This drives the demand for such devices, driving the industry. The rising initiatives of governments in bolstering the healthcare infrastructure have been another key driver for the electroencephalography device market.

Electroencephalography Devices Market Report Scope:

Key Findings from the Market Report

• The electroencephalography device market is segmented into different categories, depending on key parameters. Based on the product type, 8-channel electroencephalography is expected to gain more traction due to the enhanced data quality and precision.
• 40-channel electroencephalography is expected to gain popularity due to the ability of devices to produce high-quality brain activity mapping. This helps medical professionals produce crisp images, and diagnose the disease better.
• Based on portability, the standalone devices category is expected to gain popularity due to the rising demand for portable devices. With devices being more user-friendly, standalone devices will gain more attention.
• With the cutting-edge facilities in hospitals, the scope of using such devices is higher. As a result, this category in the end-user industry will likely gain more demand.

Regional Profile

• The electroencephalography device market can find better prospects in North America due to enhanced technological infrastructure.
• Due to the growing research activities in Europe, the sector will likely observe more opportunities.
• The growing prevalence of neurological disorders in Asia-Pacific generates more prospects for the sector.

Competitive Landscape

The electroencephalography device market is highly cluttered with the presence of numerous key players. Such players are observed to expand using different strategies, including partnerships, acquisitions, and product launches.

• Natus Medical Incorporated manufactures different software, including Natus NeuroWorks EEG Software, Brain Quick EEG Software, and many more.
• Medtronic plc is another key player known for producing ablation systems, cardiac monitors, cardiac mapping products, and many more.
• NeuroWave Systems Inc. manufactures many equipment, including NeuroSENSE NS-901 Monitor, NeuroSENSE OEM Module, and so on.

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Key Players

• Electrical Geodesics, Inc.
• Natus Medical Incorporated
• Medtronic plc
• NeuroWave Systems Inc.
• Compumedics Ltd.
• Noraxon U.S.A., Inc.
• Cadwell Laboratories, Inc.
• Nihon Kohden America Inc.
• Cephalon A/S
• Koninklijke Philips N.V.
• General Electric Company

Key Developments in the Electroencephalography Device Market

• In January 2023, Natus Medical Incorporated acquired Micromed Holding SAS. This strategic move helped the organization consolidate the position in the industry.
• In April 2024, Medtronic plc launched the Medtronic Sphere-360 Pulse Field Ablation (PFA) catheter. The product delivered optimum results in treating paroxysmal atrial fibrillation.

Market Segmentation

Product Type

• 8-channel
• 21-channel
• 25-channel
• 32-channel
• 40-channel
• Multi-channel

Portability

• Standalone Devices
• Portable Devices

End User

• Hospitals
• Diagnostic Laboratories
• Others (Research Institutes, etc.)

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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