June 13, 2024
Electroencephalographs Market

Electroencephalographs Market is in Trends by Increasing Prevalence of Neurological Disorders

Market Overview:

Electroencephalographs or EEG machines are medical devices used to record electrical activity of the brain via electrodes placed on the scalp. EEG helps diagnose neurological conditions like epilepsy, encephalopathies, trauma, tumors, and strokes by detecting abnormalities in brain wave patterns. EEG allows minimal-invasive, continuous brain monitoring without radiation exposure. It helps detect anomalies not visible on other imaging methods like MRI or CT. The global EEG market is driven by the rising prevalence of brain diseases, growing geriatric population, increasing demand for non-invasive diagnostic tools, favorable reimbursement policies, and technological advancements enabling portability and wireless EEG monitoring.

The Global Electroencephalographs Market is estimated to be valued at US$ 2919.86 MN in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating 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 major players are involved in new product launches and strategic collaborations to expand their customer reach.

The growing incidence of neurological disorders like Alzheimer’s disease, Parkinson’s disease, epilepsy, headache disorders, and sleep disorders are driving the demand for electroencephalographs. Early diagnosis enables timely intervention and effective management of these conditions.

The Electroencephalographs Market is witnessing increasing global adoption due to rising healthcare investments, especially in developing nations. Manufacturers are further pushed to develop affordable and portable monitoring devices to enhance accessibility in remote locations.

Market Trends

One of the key trends in the electroencephalographs market is the development of advanced digital technology integrated EEG devices. These devices offer enhanced detection capabilities, are compact in size, allow wireless data transmission, integrate with EHR systems, and enable long term ambulatory monitoring. Machine learning integrated EEG analysis is another emerging trend, helping automate report generation and detect subtle abnormalities missed by human interpretation. This further fuels the demand for electroencephalographs.

Porter’s Analysis

Threat of new entrants: High capital requirements to acquire key technologies and build manufacturing facilities limits the threat of new entrants.

Bargaining power of buyers: Individual buyers have low bargaining power given the crucial need for electroencephalographs in healthcare facilities.

Bargaining power of suppliers: Suppliers of advanced medical technologies and components possess some bargaining power giving limited supplier alternatives.

Threat of new substitutes: No close substitutes exist currently for electroencephalographs used in neurology practices.

Competitive rivalry: A few large players dominate the industry with differentiated products and applications leading to intense competitive rivalry.

Geographical Regions
North America accounts for the largest share of the electroencephalographs market in terms of value due to significant improvements in healthcare infrastructure and high adoption of advanced medical technologies. The availability of favorable reimbursement policies and well-established healthcare systems also contributes to North America’s leading market position.

Asia Pacific is poised to experience the fastest growth during the forecast period owing to rising medical expenditures, increasing patient awareness, and growing geriatric populations in countries such as China and India. Rising disposable incomes, emerging markets, and expanding healthcare infrastructure further support the electroencephalographs market growth in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it