According to the latest market report published by Persistence Market Research titled “Global Market Study on Electroencephalography (EEG) Devices: Increased Demand for Advanced Imaging Techniques for Brain Monitoring Has Led to Proliferation of EEG Devices in Recent Years”, the global EEG devices market was valued at US$ 879.0 Mn in 2014. The market is further expected to expand at a CAGR of 6.8% during the forecast period (2015–2021) to reach US$ 1,379.7 Mn by 2021.
EEG device is used to perform brain monitoring, which includes recording activities of the brain cortex and reflecting the state of the brain. EEG offers a portable and easy way of monitoring brain activities with classification algorithms and signal processing in a suitable manner. Increasing R&D activities by international and regional players to introduce efficient EEG devices is leading to competitiveness in the market. This is expected to further fuel market growth during the forecast period.
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Presently, the global EEG devices market is mainly driven by factors such as increasing the incidence of neurological disorders, product line development, and growing healthcare expenditure. However, factors such as lack of professionally trained personnel, availability of substitutes, and weak spatial resolution offered by EEG are expected to restrain the growth of the market to a certain extent.
In terms of revenue share contribution, North America is expected to dominate the global EEG devices market during the forecast period. However, Asia-Pacific market is expected to record highest CAGR during the forecast period. The EEG devices market in Asia Pacific is anticipated to grow from US$ 152.2 Mn in 2014 to US$ 259.5 Mn by 2021.
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Key players profiled in the global EEG devices market report include Cadwell Laboratories Inc., Compumedics Limited, EB Neuro S.P.A, Elekta A.B., Electrical Geodesics Inc., Natus Medical Inc., Neurowave Systems Inc., Neurosoft Ltd., BrainScope Company Inc., Lifelines Neurodiagnostic Systems Inc., Bio-Signal Group Corp., Jordan NeuroScience Inc., and Nihon Kohden Corp.