Epilepsy Devices Market to Reach USD 1.11 Billion, Globally, by 2031 at 5.1% CAGR: Allied Market Research
Rise in the prevalence of old age population that are more vulnerable to epilepsy and increase in awareness regarding the use of epilepsy devices drives the growth of the global epilepsy devices market.
PORTLAND, Ore., Jan. 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Epilepsy Devices Market by Product Type (conventional and wearable devices, EEG, Electrocardiography (EKG), Surface Electromyography (sEMG), Video Detection Systems, Others), by Technology (Deep brain Stimulation, Vagus Nerve Stimulation, Responsive Neurostimulation, Accelerometry), by End User (Hospitals, Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global epilepsy devices industry generated $675.23 million in 2021, and is estimated to reach $1.11 billion by 2031, witnessing a CAGR of 5.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities-
Rise in the prevalence of old age population that are more vulnerable to epilepsy and increase in awareness regarding the use of epilepsy devices drives the growth of the global epilepsy devices market. On the other hand, strict government regulations concerning the manufacturing of epilepsy device products and product approvals impede the growth to some extent. However, increase in focus on developing cost-effective epilepsy devices and surge in R&D investments in the discovery & development of advanced epilepsy devices are expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- Disruptions in production, development, and supply of epilepsy devices hampered the growth of medical device businesses of companies across the world, thus impacting the global epilepsy devices market negatively.
- Rise in Covid-19 cases gave way to decline in the number of epilepsy monitoring services as these procedures call for a short physical distance between patients and physicians. However, the market has now got back on track.
The conventional and wearable devices segment to retain its leadership status by 2031-
By product type, the conventional and wearable devices segment contributed to the highest share in 2021, garnering nearly one-third of the global epilepsy devices market revenue, and is expected to retain its dominance by 2031. The same segment would also showcase the fastest CAGR of 5.8% from 2022 to 2031. This is attributed to its advantages such as easy to carry, outstanding wireless readability, and better sensitivity rates in detecting seizures, which allow for better mobility and quality of life among patients with epilepsy, and help to track the remote location of the epileptic patients.
The deep brain stimulation segment to maintain its dominance during the forecast period-
By technology, the deep brain stimulation segment held the major share in 2021, garnering nearly two-fifths of the global epilepsy devices market revenue. The same segment would also showcase the fastest CAGR of 5.8% from 2022 to 2031. Increase in demand for deep brain stimulators fuels the growth of the segment.
The hospitals segment to rule the roost-
By end-user, the hospitals segment contributed to nearly three-fifths of the global epilepsy devices market share in 2021, and is projected to maintain the lion's share during the forecast period. This is due to the availability of trained medical staff in hospitals that helps to provide better services to patients. The others segment, however, would display the fastest CAGR of 8.0% by 2031. Surge in the prevalence of various neuromuscular diseases such as Parkinson's disease, epilepsy, and dystonia drives the segment growth.
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North America garnered the major share in 2021-
By region, North America held the highest revenue in 2021, accounting for around two-fifths of the global epilepsy devices market share. This is owing to the strong presence of the major market players across the region. Asia-Pacific, simultaneously, would portray the fastest CAGR of 6.1% from 2022 to 2031. Surge in healthcare expenditure and the growing adoption of various epilepsy devices such as surface electromyography, EEG systems, and accelerometers across the province propels the market growth.
Leading Market Players-
- Cadwell Industries
- Natus Medical Compumedics Limited
- Empatica Inc.
- LivaNova PLC
- Masimo Corporation
- Medpage Ltd.
- Medtronic plc
- Boston Scientific Corporation
- Abbott Laboratories
The report analyzes these key players of the global epilepsy devices market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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