Electroencephalography Systems/Devices Market Size

Electroencephalography Systems Devices Market Analysis

The electroencephalography systems devices market is expected to register a CAGR of 8% over the forecast period.

The COVID-19 situation necessitated significant rearranging of health services, including neurological services. According to an article published in January 2021 titled "The impact of the COVID-19 pandemic on people with neurological disorders: an urgent need to improve the health care system's preparedness," data from Spain, particularly the Madrid area, show that 95% of hospitals have re-allocated neurologists to assist COVID-19 patients, and the number of beds in neurology wards has been reduced by 89%. The pandemic has exposed the lack of sufficient health care for patients with neurological illnesses, particularly in locations where hospital-community integration is already lacking. The shift in health resources for COVID-19 patients, along with social distancing measures, has jeopardized neuro-rehabilitation in the outpatient context and inpatient and home care settings. However, the market is currently gaining traction due to the significant increase in the use of electroencephalography devices globally due to the increasing number of heart diseases.

Electroencephalography is the only clinical diagnostic instrument to see brain activity and reflect cortical neuronal functioning in Alzheimer's patients. Moreover, high incidences of Alzheimer's epilepsy, multiple sclerosis, dementia, Parkinson's disease, and stroke are the key driving factors for adopting this electroencephalography, further triggering the market. For instance, as per the Parkinson's Foundation Statistics updates from March 2020, more than one million people were living with Parkinson's disease in the United States by 2020, and nearly 60,000 Americans are diagnosed with Parkinson's disease every year. Thus, because of the high incidence of neurological disorders globally, the electroencephalography system/devices market is expected to grow significantly over the forecast period.

Moreover, the data published in October 2021 by World Health Organization (WHO) reported that the pace of population aging is much faster than in the past, and 1 in 6 people worldwide will be 60 years or over by 2030. At this time, the share of the population aged 60 years and over will increase and will nearly double from 12% to 22% by 2050. As the aging population creates an increase in health-related issues, especially neurological diseases, the hospitalization of patients is also expected to rise. This hospitalization is likely to lead to the requirement for electroencephalogram (EEG) systems, and this is expected to drive the electroencephalography systems devices market.

Moreover, increasing product launches and product development promotes market growth. For instance, in August 2022, Myneurva launched Starrbase, a fully integrated system of its Advanced Neural Network Analysis (ANNA), with over fifty research-based brain training programs. Moreover, in February 2022, Masimo announced the United States Food and Drug Administration clearance of pediatric indication for SedLine brain function monitoring and the SedLine pediatric EEG sensor. Such factors potentially drive the demand for adopting electroencephalography systems/devices worldwide.

However, the limitation of the electroencephalography system is expected to hamper the growth of the electroencephalography systems/devices market.