Electroencephalography Equipment Market: Introduction
Rise in genetic diseases such as Parkinson’s, Alzheimer’s, brain-related diseases, epilepsy, encephalitis (inflammation of the brain), and brain tumor is a major challenge facing the medical field currently. Encephalopathy, sleep disorders, head injury, headaches, and memory problems, which if not treated on time, can affect the whole physical and mental health of a person and even prove fatal. Commonly used approach for the treatment of these issues is EEG (Electroencephalography). EEG (Electroencephalography) is a type of test in which the frequency and amount of electrical signals in the brain are measured with the help of small, metal discs termed as electrodes that are attached to the scalp. A change in the normal signaling frequency in the brain is detected using EEG, whose results can be utilized for further analysis, diagnosis, and treatment.
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Key Drivers and Restraints of Electroencephalography Equipment Market
- Increase in the number of nerve-related disorders and their prevalence, being a less invasive method of treatment with no pains associated with the treatment procedure, technological advancements, increased accuracy and precision of EEG to give 100% correct output, no chances of false positive results, and adoption of EEG in hospitals and surgical treatment centers are major factors boosting the electroencephalography equipment market
- Increased competition among top players operating in the EEG market; use of large number of substitute products for the treatment of neurological disorders; lack of awareness about EEG among people; high cost of manufacturing, installation, and maintenance; and a lack of trained and skilled manpower such as technicians and workers for operation of EEG are major factors that are likely to hamper the global electroencephalography equipment market
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EEG Accessories segment to dominate electroencephalography equipment market
- Based on product, the electroencephalography equipment market can be bifurcated into EEG equipment and EEG accessories. Furthermore, the EEG Equipment segment can be divided into Integrated EEG Systems and Portable EEG Systems.
- Increased use and repeated purchase of EEG accessories by different hospitals, diagnostic and surgical centers, research organizations, and institutes is attributed to significant share held by the EEG accessories segment, in terms of revenue, of the global electroencephalography equipment market. Moreover, an increase in the number of patients suffering from different neural ailments is also an additional factor attributed to the dominant position held by the EEG accessories segment in the global electroencephalography equipment market.
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Disease diagnosis segment to expand rapidly
- Based on application, the global electroencephalography equipment market can be classified into disease diagnosis, sleep monitoring, anesthesia monitoring, trauma, surgery, and others
- Increase in the percentage of patients suffering from various neurological disorders followed by their treatment and diagnosis is expected to propel the segment at a CAGR of 5.5% during the forecast period
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Hospitals segment held notable market share
- Based on end-user, the global electroencephalography equipment market can be split into hospitals, diagnostic centers, ambulatory surgical centers, research laboratories, and others
- The hospitals segment accounted for a notable share of the market due the facilities provided by hospitals such as brain monitoring, sleep monitoring, anesthesia monitoring, and numerous medications required for patients. Moreover, the number of patients admitted in hospitals are considerably more in number, as compared to that in surgical centers and healthcare organizations.
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North America to dominate global electroencephalography equipment market
- In terms of region, the global electroencephalography equipment market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America holds a leading share of the global electroencephalography equipment market due to the presence of highly skilled and trained lab technicians and workers, advancements in technology equipment, with increased R&D funding from governments and corporates in the region. Moreover, the number of people suffering from neurological disorders such as epilepsy, Parkinson’s, and Alzheimer’s is considerably large and the increase in their numbers is significantly high in North America as compared to other countries.
- Good healthcare facilities and infrastructure, excellent sales, and distribution network are also key factors that boost the electroencephalography equipment market in the region
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