The global electroencephalography (EEG) and electromyography (EMG) equipment market is consolidated with key players such as Electrical Geodesics Inc., Nihon Kohden Corporation, and Masimo Corporation accounting for 58.5% of the market in 2016. A key strategy adopted by leading players is to increase their presence in the emerging nations, states Transparency Market Research (TMR), in its latest report. Another strategy adopted by key players is to expand their product portfolio so as to stay ahead of competition and continue dominating in the market. As the world’s geriatric population is on the rise, several players are concentrating on the development of improved technologies which fulfills the demand of patient population and the overall healthcare sector in general. Some of the other players operating in the market include: Cadwell Industries, Inc., Medtronic, Natus Medical Incorporated, Allengers Medical Systems Limited, and Zynex Inc.
According to the TMR research report, the global EEG-EMG equipment market will rise from US$1.3 bn in 2015 to be worth US$2.4 bn by the end of 2024, exhibiting a CAGR of 7.4% between the forecast period of 2016 and 2024. On the basis of product, the electroencephalography segment is expected to lead in the global electroencephalography and electromyography equipment market, and represent a share of 62.4% of the market by 2024. The increase in brain injuries, sleep disorders, geriatric population, Parkinson’s disease, and epilepsy is expected to propel the demand for EEG in the years to come.
Growing Demand for Neurophysiology Devices to Drive Market in North America
By geography, North America is anticipated to lead in the market and account for 36.5% of the market by 2024. Players in the North American market are showing a deep interest in implementing latest technologies in their new product developments. This is expected to boost the market in the region. In North America, there are many healthcare awareness programs for the elderly and this is creating a heightened demand for these EEG and EMG equipment. Moreover, physicians and researchers are extensively demanding neurophysiology devices, which will further the demand for these equipment in the region.
Increasing Prevalence of Brain and Neural Disorders Continue to Drive Demand for EEG-EMG Equipment
The global increase in the elderly population is boosting the EEG-EMG equipment market as the elderly population is vulnerable to fall prey to various neuron and brain related disorders. Increasing difficulty in the diagnosis of brain and neural disorders will create growth opportunities in the global electroencephalography and electromyography equipment market. Technological advancements improving the treatment procedures have also played an important role in driving the growth of the global electroencephalography and electromyography equipment market. “Increasing cases of difficulty in movement, pediatric neurological disorders, and spinal degenerative diseases will ensure the continued demand for EEG-EMG equipment,” states a TMR analyst.
Availability of Substitutes to Hamper Demand of EEG-EMG Equipment in the Future
One of the key factors restraining the demand for EEG and EMG equipment is the availability of substitutes. The ongoing advancements in structural neuroimaging data such as DTI, MRI, CT, PET, and SPECT will consume more shares of the market in the forthcoming years. In addition to this, the increasing cost of neurocare diagnostic devices will restrict their demand from reaching to its fullest potential.
This review is based on Transparency Market Research’s report, titled “EEG-EMG Equipment Market (Product - Electroencephalography and Electromyography; End User - Hospitals, Ambulatory Surgical Centers, Research Institutes, Homecare Settings and Diagnostic Centers; Modality - Standalone and Portable) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The Global EEG-EMG Equipment market is segmented as given below:
Global EEG-EMG Equipment Market, by Product
Global EEG-EMG Equipment Market, by Modality
Global EEG-EMG Equipment Market, by End-user
- Ambulatory Surgical Centers
- Research institutes
- Diagnostic Centers
- Homecare Settings
Global EEG-EMG Equipment Market, by Geography
- 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
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