EEG Devices Market Size, Trends and Growth Analysis by 2027

The EEG Devices market is projected to achieve a value of US$ 1,699.52 million by 2028, up from US$ 1,025.92 million in 2021, reflecting a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028.

Several factors are driving this market expansion, including the increasing prevalence of neurovascular disorders and a notably growing elderly population. However, the high costs associated with EEG devices pose a significant challenge to market growth.

Electroencephalography (EEG) involves the examination of electrical activity in the brain via the scalp. By utilizing multiple electrodes placed on the head, EEG devices measure voltage changes that arise from ionic currents in the brain's neurons. EEG is recognized as one of the most reliable indicators for assessing human cognition, evaluating health conditions, and monitoring mental states. It is extensively employed in the detection of epilepsy and is also used to diagnose sleep disorders, coma, anesthesia effects, encephalopathies, and brain death. Furthermore, EEG devices play a crucial role in identifying tumors, strokes, and various other brain-related conditions.

Neurological disorders encompass diseases affecting the spine, brain, and the nerves connecting them. The neurovascular system relies heavily on a continuous supply of oxygen and nutrients delivered by arteries and veins. Any disruption in this system can severely impair brain function, potentially leading to life-threatening situations. Common neurovascular diseases include hemorrhagic strokes, ischemic strokes, and brain tumors. Factors such as genetic predispositions, lifestyle choices, and chronic health conditions contribute to the emergence of these disorders. In recent years, the incidence of neurological disorders has surged. For example, epilepsy, a significant neurovascular condition, has seen a marked increase globally. According to data from the Lancet Neurology in 2019, approximately 329,673 cases of brain and central nervous system (CNS) cancers were reported worldwide in 2016. Glioma, a type of malignant brain tumor, is the most prevalent form of primary CNS cancer, which includes both high-grade gliomas (glioblastomas) and low-grade gliomas (such as astrocytomas and oligodendrogliomas).

Epilepsy, a non-communicable brain disease, affects individuals across all age groups. The World Health Organization (WHO) reported that in 2019, around 50 million people globally were living with epilepsy, making it one of the most widespread neurological disorders. Notably, about 80% of those affected reside in low- and middle-income countries, with the prevalence rate estimated at 4 to 10 cases per 1,000 individuals.

Additionally, WHO data indicates that in 2010, there were 35.6 million individuals with dementia worldwide, a figure expected to nearly double every two decades, reaching 65.7 million by 2030 and around 115.4 million by 2050. Approximately 7.7 million new dementia cases arise each year, equating to one new case every four seconds. The majority of this increase will occur in developing countries, particularly in regions like China, India, and neighboring South Asian and Western Pacific nations. Consequently, the rising prevalence of neurovascular diseases is anticipated to significantly drive market growth during the forecast period.

Product Insights

The global EEG devices market is categorized by product type into segments such as 32-channel EEG, 25-channel EEG, 40-channel EEG, multi-channel EEG, 21-channel EEG, and 8-channel EEG. In 2020, the 32-channel EEG segment dominated the market share. However, the multi-channel EEG segment is projected to exhibit the highest CAGR from 2021 to 2028, driven by advancements in technology and increased adoption by healthcare professionals.

Application Insights

In terms of application, the EEG devices market is divided into categories including brain tumors, head trauma, sleep disorders, neuroscience, and others. The brain tumors segment held the largest market share in 2020, while the head trauma segment is expected to experience the highest growth rate during the forecast period. The demand for EEG devices in the brain tumors segment is fueled by the rising incidence of brain tumors, heightened awareness of neurological disorders, and the increasing availability of advanced EEG technologies.

Device Type Insights

The EEG devices market is also segmented by device type into standalone devices and portable devices. The standalone devices segment accounted for a larger market share in 2020, but the portable devices segment is anticipated to grow at a faster rate from 2021 to 2028. Standalone devices are widely utilized in critical care settings, which significantly contributes to their market growth.

End User Insights

Regarding end users, the EEG devices market is segmented into hospitals & clinics, diagnostic centers, research centers, and academic & research institutes. The hospitals & clinics segment held the largest market share in 2020, but the diagnostic centers segment is projected to become the leading market segment by 2028. Hospitals are crucial as they provide comprehensive diagnostic and treatment services, often covered by insurance, which further drives the growth of this segment.

Key sources referenced in the preparation of this report on the global EEG Devices market include the World Health Organization (WHO), Central Brain Tumor Registry of the United States (CBTRUS), American Society of Clinical Oncology (ASCO), Canada First Research Excellence Fund (CFREF), Canadian Institute for Health Information (CIHI), Organization for Economic Co-operation and Development (OECD), National Health Service (NHS), World Stroke Organization (WSO), German Brain Tumour Association, SOCIETA ITALIANA DI NEUROSCIENZE (SINS), Federation of Italian Medical and Scientific Societies (F.I.S.M), Business Monitor International (BMI), Neurology Association of South Africa (NASA), Institute of Neuroscience and Neurotechnology (BRAINN), and the European Centre for Disease Prevention and Control (ECDC), among others.