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.
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
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.
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
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.
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
Key Manufacturers Operating in Market
Key manufacturers operating in the global electroencephalography equipment market are as follows:
- Cadwell Laboratories Inc.
- Nihon Kohden Corporation
- Compumedics Limited
- Natus Medical Incorporated
- Neurosoft Ltd
- Elekta AB
- Electrical Geodesics Inc
- NeuroWave Systems Inc
- EB Neuro S.p.A
Electroencephalography Equipment Market: Research Scope
Electroencephalography Equipment Market, by Product
- EEG Equipment
- Integrated EEG Systems
- Portable EEG Systems
- EEG Accessories
Electroencephalography Equipment Market, by Application
- Disease Diagnosis
- Sleep Monitoring
- Anesthesia Monitoring
- Trauma and Surgery
Electroencephalography Equipment Market, by End-user
- Diagnostic Centers
- Ambulatory Surgical Centers
- Research Laboratories
Electroencephalography Equipment Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.