EEG Electrodes Market size to grow by USD 104.27 million during 2022 - 2027, Initiatives & support from Governments to boost market growth, Technavio

NEW YORK, April 10, 2024 /PRNewswire/ -- The electroencephalography (EEG) electrodes market size is estimated to grow by USD 104.27 million, at a CAGR of 7.08% between 2022 and 2027. Increasing government and healthcare organization initiatives drive market growth. Efforts to enhance healthcare access for neurological disorder patients include the WHO's collaboration with stakeholders to improve epilepsy care and the Welsh Government's focus on disorders like epilepsy and Parkinson's disease. Brain Awareness Week, organized by Dana Alliance, raises global awareness of brain research benefits. Moreover, increased public funding for neurological disorders boosts demand for EEG electrodes, fueling market growth.

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The high cost of EEG devices and procedures is the challenge that affects the growth of the market:

The high cost of EEG devices and procedures poses a challenge to market growth. The expense deters many end users from utilizing EEG devices. Prices vary based on channel count, ranging from USD1,000 to over USD25,000 for 1 to 32 channel headsets, and over USD25,000 for those with more than 64 channels. Additionally, maintenance fees and recurring costs add to expenses. Affording neurodiagnostic tests is difficult for uninsured patients, who typically spend over USD200 on an EEG test and over USD2,500 for extended monitoring if needed. Thus, the high costs hinder market growth forecasts.

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The eeg electrodes market has segmented by Product (Disposable EEG electrodes and Reusable EEG electrodes), End-user (Hospitals, Clinics, and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW)). 

• The disposable EEG electrodes segment is poised for significant market share growth in the forecast period. These electrodes are discarded after single use, a preference rising among end-users due to their advantages. Their demand is notably driven by the imperative to prevent infectious diseases. Valued at USD 134.19 million in 2017, disposable EEG electrodes are priced lower than their reusable counterparts. Additionally, they offer enhanced safety, cost-effectiveness, and time-saving benefits, eliminating the need for reprocessing and storage. Consequently, these advantages are anticipated to propel the growth of the disposable EEG electrodes segment in the global EEG electrodes market.

• North America is estimated to contribute 39% to the growth of the global market during the forecast period.

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Key Companies in the eeg electrodes market:

Ambu AS, Compumedics Ltd., Conmed Corp., Dixi Medical, Johnson and Johnson Services Inc., Koninklijke Philips N.V., Medical Computer Systems Ltd., Natus Medical Inc., Neuroelectrics Barcelona SLU, NeuroWave Systems Inc., Nihon Kohden Corp., PMT Corp., Rhythmlink International LLC, SPES MEDICA SRL, Technomed, Wuhan Greentek Pty. Ltd., BIOPAC Systems Inc., Cadwell Industries Inc., Medtronic Plc, SOMNOmedics GmbH

Ambu AS: The company offers EEG electrodes such as Ambu Neuroline Cup electrode, Ambu Neuroline Subdermal.

Analyst Review:

The global disposable EEG electrodes market is experiencing substantial growth, with a compound annual growth rate (CAGR) propelled by several key factors. One significant driver is the increasing demand for disposable EEG electrodes, fueled by technological advancements and the rising prevalence of neurological disorders worldwide. One of the leading factors contributing to the growth of the market is the alarming increase in hospital-acquired infections (HAIs) cases, as reported by the Centers for Disease Control and Prevention (CDC). HAIs pose a significant risk to hospital patients, healthcare professionals, and visitors due to the transmission of bacterial and other microbial infections. The lack of sanitation and precautionary measures in healthcare facilities has further exacerbated the prevalence of HAIs, emphasizing the critical need for disposable products over reusable ones to mitigate infection risks.

The CDC's report highlights the severity of HAIs in American hospitals, prompting healthcare facilities to adopt stringent infection control measures. Similarly, the European Centre for Disease Prevention and Control (ECDC) has raised concerns about the rising incidence of HAIs in European countries, driving the demand for disposable EEG electrodes as a preventive measure against infection transmission. Neurological diseases such as essential tremor, dystonia, and others contribute significantly to the global healthcare burden, with high mortality rates and disease burden. The increasing cases of neurological disorders necessitate the use of EEG electrodes for diagnostics, particularly in invasive procedures like direct cortical recordings. Disposable needle EEG electrodes offer superior electrical conductivity and eliminate the need for extensive skin preparation, making them preferable for such procedures.

Within the EEG electrodes market, the cup electrode segment is witnessing the fastest growth rate due to its advantages over needle electrodes. Cup electrodes offer ease of use, reduced risk of electrode lift and displacement, and improved patient comfort. Moreover, advancements in cup electrode technology have enhanced their performance, making them increasingly favored by healthcare professionals and patients alike. In addition to neurological disorders, mental health conditions such as anxiety disorders, including Generalized Anxiety Disorder (GAD), require early diagnosis and monitoring using EEG electrodes. The availability of technologically advanced disposable EEG electrodes has facilitated accurate diagnosis and improved patient outcomes in surgical procedures and other clinical settings.

However, market growth is influenced by various factors, including the negotiating power of suppliers, after-sales services, hospitalizations, and healthcare expenditure. Nevertheless, the growing awareness of HAIs and the advantages of disposable EEG electrodes are expected to drive market expansion, particularly in Asian countries like Japan and China, where the geriatric population is rapidly increasing.

Market Overview:

The EEG electrodes market is experiencing significant growth, driven by the rising prevalence of neurological disorders like epilepsy and Parkinson's disease. Technological advancements have led to the development of disposable EEG electrodes, meeting the demand for infection prevention and patient safety. Healthcare-associated infections (HAIs) are a concern, prompting the adoption of disposable products to reduce the transmission of bacterial infections among hospital patients. With increasing cases of neurological disorders globally, there's a growing awareness of the importance of early diagnosis and treatment. This trend, coupled with the availability of technologically advanced EEG electrodes, is expected to drive market growth, particularly in Asian countries like Japan and China.

Related Reports:

The electroencephalogram (EEG) and electromyography (EMG) devices market is estimated to grow at a CAGR of 8.59% between 2022 and 2027.

The US - neurodiagnostic and monitoring devices market size is estimated to grow by USD 827.88 million at a CAGR of 6.19% between 2023 and 2028. 

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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