According to WHO, over 50 million people are affected by epilepsy; and more than 35.6 million people worldwide are suffering from Alzheimer's disease and dementia. Thus, the increasing prevalence of neurological disorders leads to rising demand for EEG systems and equipment. In addition, growing awareness about neurological diseases in developed and developing regions is expected to boost the market.
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Increasing funding for neuroscience R&D by governments is another main factor contributing to the market growth. For instance, in June 2014, the U.S. Department of Defense granted USD 400,000 to University of Texas at San Antonio for the purchase of two EEG systems intended for advance research on brain-machine interaction. Also, technological advancement in these systems propels its adoption for detection of abnormalities associated with electrical activity of the brain.
Further Key Findings From the Study Suggest:
- The 32-channel EEG segment was the highest revenue generating segment of the market in 2015. The technological advancement in 32-channel EEG products propels the segment growth
- In 2015, the standalone devices segment was the highest revenue grossing segment of the market due to its high application in hospitals and diagnostics centers
- The hospitals segment held the largest
revenue share in the market in 2015, owing to the increasing number of
patients suffering from neurological disorders. The rising geriatric
population is another major factor responsible for the growth of the
hospitals segment during study period
North America accounted for the largest revenue share of the EEG devices market in the year 2015.
- The availability of insurance coverage for brain monitoring and well-developed healthcare infrastructure is anticipated to drive demand for EEG products in the region during the forecast period
- Some of the key companies are Natus Medical, Inc.; NeuroWave Systems, Inc.; Electrical Geodesics, Inc.; Medtronic; Compumedics Ltd.; Cadwell Laboratories, Inc.; Noraxon U.S.A. Inc.; and Nihon Kohden America, Inc.
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