Electroencephalography is a neurological test that measures and records electrical activities in the brain. Neurological disorders such as epilepsy and Parkinson’s, among others are diagnosed through EEG. An EEG setup includes collection storage and display of data using components such as connecting wires, display device, amplifiers, electrodes, and software. EEG is a low-cost noninvasive method of brain monitoring. This method is expected gain prominence over the following five to six years.
The global EEG devices market report begins with an overview of EEG and its future outlook. This report covers the EEG devices market performance in terms of revenue contribution. This section also includes XMR’s analysis of key trends, drivers, restraints, and opportunities, which are influencing the EEG devices market. Impact analysis of the key growth drivers and restraints, based on the weighted average model, is included in this report on the EEG devices market across various regions, to better equip clients with crystal clear decision-making insights.
The EEG devices market is segmented into:
- Product type
By product type, the global EEG devices market is segmented into 8-channel EEG, 21-channel EEG, 25-channel EEG, 32-channel EEG, 40-channel EEG, and multi-channel EEG. Of these, the 32-channel EEG segment accounted for 25.3% share of the overall EEG devices market in 2014, followed by the 25-channel EEG and 40-channel EEG segments respectively. By modality, the global EEG devices market is segmented into portable devices and standalone (fixed) devices.
On the basis of end use, the market is segmented into hospitals and diagnostic centers. The diagnostic centers segment is expected to increase at the highest CAGR of 7.2% during the forecast period. Thus, this segment is anticipated to emerge as a potentially viable segment for deployment of EEG devices by manufacturers over the forecast period. Hospitals segment is expected to witness robust growth during the forecast period, with a steady growth during the latter years of the forecast period.
The global EEG devices market is mainly driven by factors such as rising incidence of neurological disorders leading to the development of efficient EEG devices, extensive research and development on neuroscience, growing product line development, and rising healthcare expenditure. Lack of professionally trained personnel, the weak spatial resolution offered by EEG, along with the availability of substitutes are some of the factors restraining the growth of the market. Companies are manufacturing devices that read and interpret user’s brainwaves and help control devices. This technology is anticipated to gain traction across various applications such as lifestyle, fitness, medicine and market research. Numerous ongoing studies for potential application of EEG wearable technology are expected to drive demand for wireless EEG devices over the following five to six years. For instance, EEG is expected to find wider application to detect rapid eye movement (REM) sleep stage.
Regions covered in the report are as follows:
- North America
- Latin America
- Asia Pacific
- The Middle East & Africa
To arrive at the market size, the report considers the market value of global EEG devices across the aforementioned geographies. The forecast presented here assesses the total revenue generated by the global EEG devices market. When developing the market forecast, the starting point involves sizing the current market, which forms the basis for the forecast of how the market is anticipated to take shape in the near future. For this, XMR sought inputs from several subject matter experts in the EEG devices domain. Given the characteristics of the market, we triangulated the outcome based on various analysis based on the supply side, demand side and dynamics of the market. Quantification of data has been considered along with the provision of quality insights collected directly from the market through discussion with pharmacists, suppliers, physicians and subject matter experts. This is how market analysis for the forecast period is carried out.
We have also taken into consideration year-on-year growth based on regional growth analysis to understand predictability of the market and to identify right opportunities in the global EEG devices market.
As previously highlighted, the market for global EEG devices is split into various segments on the basis of region, end use, product type, and modality. All these segments have been analyzed in terms of Basis Point Share (BPS) to understand the individual segments’ relative contribution to market growth. This detailed level of information is important for identification of various key trends in the global EEG devices market.
Also, another key feature of this report is the analysis of the global EEG devices market, by region further segmented on the basis of countries and revenue forecast in terms of absolute dollar opportunity. Regional trends have been introspected, identified and applied while forecasting growth rates in the market. Additionally, the absolute dollar opportunity provided in the report is critical and is expected to help in assessing the level of opportunity that a provider can look to achieve from a sales perspective in the global EEG devices market.
Furthermore, XMR has developed the market attractiveness index for all four segments, namely, regional, product type, modality, and end use segments. This index helps identify the real opportunities in the market.
In the final section of the report, the global EEG devices market landscape is included to provide report audiences with a dashboard view, based on categories of providers in the global EEG devices product portfolio; their key developments and strategies have also been included wherever possible.