The Electroencephalography Systems Devices Market is expected to register a CAGR of 8% during the forecast period. This is attributing to an increasing number of neurological disorders with increasing awareness about the same. Electroencephalography is the only clinical diagnostic instrument that has the ability to see the brain activity and reflects cortical neuronal functioning in Alzheimer patients. Moreover, high incidences of Alzheimer's epilepsy, multiple sclerosis, dementia, Parkinson diseases, and stroke are the key driving factor for adopting this electroencephalography and this further trigger the market. As Per the Alzheimer’s Association, an estimate of 5.7 million populations in 2018 was suffered from Alzheimer's results in boosting the market for diagnosing and monitoring purposes. Moreover, increasing product launches and product development is also promoting the growth of the market. For instance, in 2019, Nihon kohden, has launched VitalEEG wireless electroencephalogram devices for the assessment of brain wave information.
Key Market Trends
Standalone Electroencephalography System is Expected to Witness a Healthy Growth in Future
Standalone system is expected to witness healthy growth in future owing to an increasing number of neurological disorders such as tumors, strokes, cerebral palsy and other brain-related disorders. These target populations are more prone to admit in hospitals wherein these systems are commonly used. A standalone system is fixed at a particular place consist of hardware and software and is widely used in hospitals. This system allows doctors and physicians to interpret the results efficiently and high application in critical care is boosting the segment growth.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America expected to hold a major market share in the global Electroencephalography Systems Devices Market due to increasing incidences of neurological disorders, rising prevalence of sleep disorders. As per the ALS Association, around 5000 Americans diagnosed with Amyotrophic Lateral Sclerosis every year in the United States. In addition, as per Centers for disease control and prevention (CDC), Stroke is a leading cause of mortality in this region which results in the rising prevalence of diseases and further require continuous monitoring wherein these devices are widely adopted and hence propel the market in this region. Furthermore, increasing healthcare expenditure and the presence of well-established healthcare infrastructure is also fueling the growth of the overall regional market to a large extent.
The Electroencephalography Systems Devices Market is fragmented competitive and consists of several major players. Some of the companies which are currently dominating the market are Natus Medical, Inc., Cadwell Industries, Inc., Medtronic, Nihon Kohden Corporation.
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1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Rising R&D Expenditure
4.2.2 Increasing Prevalence of Neurological Disorders
4.2.3 Increasing Product Development and Launch
4.3 Market Restraints
4.3.1 Limitation of Electroencephalography System
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Portable Device
5.1.2 Standalone Device
5.2 By End User
5.2.2 Diagnostic Centers
5.3.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
5.3.5 South America
184.108.40.206 Rest of South America
6.1.1 Natus Medical, Inc.
6.1.2 NeuroWave Systems, Inc
6.1.3 Cadwell Industries, Inc.
6.1.5 Nihon Kohden Corporation
A selection of companies mentioned in this report includes:
- Natus Medical, Inc.
- NeuroWave Systems, Inc
- Cadwell Industries, Inc.
- Nihon Kohden Corporation