EEG Equipment Market to Reach $1.99 Bn by 2026, Globally, at 4.5% CAGR, Says Allied Market Research
- Surge in prevalence of neurological disorders, increase in geriatric population worldwide, and surge in R&D activities in healthcare drive the growth of the global EEG equipment market
PORTLAND, Oregon, Nov. 27, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Electroencephalography Equipment Market by Product (EEG equipment, and EEG Accessories), Application (Disease Diagnosis, Sleep Monitoring, Anesthesia Monitoring Trauma & Surgery and Others), and End User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Research Laboratories, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2026." As per the report, the global EEG equipment industry was estimated at $1.40 billion in 2018 and is expected to hit $1.99 billion by 2026, registering a CAGR of 4.5% during the study period.
Drivers, restraints, and opportunities-
Increase in incidence of neurological disorders, rise in geriatric population across the world, and upsurge in R&D activities in healthcare are the major factors fueling the growth of the global EEG equipment market. On the other hand, availability of substitute products impedes the growth to certain extent. However, high potential of the emerging economies is expected to create a range of opportunities in the industry.
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The EEG accessories segment to lead the trail by 2026-
Based on product, the EEG accessories segment contributed to more than two-thirds of the global EEG equipment market share and is expected to retain its dominance by the end of 2026. Rise in development of EEG devices has increased the demand for different types of electrodes, thereby giving a boost to the segment. The EEG equipment segment, on the other hand, is projected to grow at the fastest CAGR of 5.0% during the estimated period. This is attributed to factors such as surge in neurological disorders and rise in geriatric population across the world.
The disease diagnosis segment to rule the roost-
Based on application, the disease diagnosis segment held the highest share, generating more than one-third of the global EEG equipment market. This is due to increase in neurological disorders such as epilepsy, Parkinson disease and others. The same segment would also showcase the fastest CAGR of 5.5% during the study period.
North America garnered the lion's share in terms of revenue-
Based on geography, North America accounted for more than two-fifths of the global EEG equipment market revenue and is anticipated to maintain its top status till 2026. Factors such as easy availability of EEG equipment, trained technical staff, and awareness related to early diagnosis of neurological disorders have augmented the growth. Surge in geriatric population, increase in healthcare expenditure, and technological advancements propel the growth of the EEG equipment market in this region. Simultaneously, the Asia-Pacific region would grow at the fastest CAGR of 5.1% throughout the forecast period.
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Leading players in the industry-
- Cadwell Industries, Inc.
- Nihon Kohden Corporation
- Koninklijke Philips N.V. (Philips Healthcare)
- General Electric Company (GE Healthcare)
- Advanced Brain Monitoring, Inc.
- Medtronic plc.
- Cephalon A/S
- Fresenius SE & Co. KGaA
- Natus Medical Incorporated
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