Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The outbreak of COVID in the EEG Market caused distribution since it spread was across the globe and it has mixed impact on the EEG market. COVID-19 impacted the various sector and industries. At the initial stages of the pandemic, the world experienced, ‘supply shocks’. China is the producer and supplier of most of the raw materials or inputs in many industries. Therefore, there were disruptions to the availability of goods supplied from China. The product rate is increased due to shortage and higher production costs. Due to the spread of the disease, cities were on lockdown which resulted into appointment cancellation with doctor or surgeons. COVID-19 has put the medical device industry with unparalleled demand for some products like diagnostic test, personal protective equipment and because of this demand for other medical device is reduced. Moreover, manufacturers are also focused on manufacturing COVID-19 diagnostic and related products. The EEG device market is faced largely unbalanced through the pandemic.
Increased in the adoption of EEG device in surgery centre and increased in the patients of neurological disorders are key factor fuelling the EEG device market. To determine changes in brain activity which is beneficial to diagnosing brain disorder are reason increasing demand for electroencephalogram device in the market. Growing demand for high-quality EEG device all manufacturer companies are focusing to cater the EEG users demand. Rising research and development by manufacturers to provide best monitoring device and increasing funding for neurological research another key factor driving market growth. Electroencephalogram is also helpful for diagnosing or treating disorder like brain damage, stroke, sleep disorder, inflammation of the brain and in some cased it also helpful to find the right level of anaesthesia for in medically induced coma patients. Moreover, increased in technology advancement in the EEG equipment has boost the demand for electroencephalography device from neurologists. These all important factor expecting to surge to demand for electroencephalography device market. Also, increasing number of product launches by brand companies worldwide which is accelerating EEG device market.
Rising demand for EEG device with Technology innovation is factor expecting to boost the demand for the market. Growing neurological disorders such as brain damage, stroke, sleep disorder, inflammation of the brain and other disease are key factor will fuel the market growth in upcoming years. Increasing geriatric population and increasing incidence of neurological disorder is another reason will boost the market growth. Furthermore, growth potential in developing nation is provide greater opportunity for the global Electroencephalogram device market. The rising investments in the form of funds and grants for diagnostic equipment accelerate the market growth.
This electroencephalography device market new recent development, trade regulations, market share and impact of domestic and localized market players. High cost associated with the EEG device is major factor slower the market growth. Also, there is a disadvantage of EEG recording is poor spatial resolution. Furthermore, electroencephalography can cause seizure disorder in person due to the flashing lights or the breathing while test. In addition, presence of substitute product for EEG like FMRI is hinder the growth of the electroencephalography device market.
The EEG device market will get opportunities from hospital but catering demand and production process deadline will be biggest challenge in front of the EEG device market due to the COVID-19 situation.
The report provides in-depth analysis of global EEG device market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. Increased in the adoption of EEG device in surgery centre and increased in the patients of neurological disorders are key factor fuelling the EEG device market is expected to witness the growth at a specific CAGR from 2022-2028.
The global EEG device market is segmented into type, product, application, end-user and geography.
On the basis of type EEG device market segmented into, standalone device and portable device. The standalone device segment accounted largest share in the EEG market. The standalone EEG systems are mostly used in the hospital settings and it is consisting of hardware and software solution that provide physician to interpret results efficiently. Increase in the number of neurological disease like tumours, cerebral palsy, strokes and other brain-related disorders. EEG device re used to record electrical activities in the brain.
On the basis of product, the electroencephalography device market segmented into 32-channel EEG, 25-channel EEG, 8-channel EEG, 21-Channel EEG and other EEG product. The 32-Channel EEG segment account largest share in the EEG device market. Increased technology advancement and high adoption of 32-chnnel EEG in the healthcare sector are key factor driving market growth.
On the basis of application EEG device market segmented into, Disease Diagnosis, sleep monitoring, anaesthesia monitoring, trauma and surgery and other. The disease diagnosis segment account largest share in the market. EEG device help to show changes in the brain activity which is useful to understand the brain conditions. An electroencephalogram is a help to detects electrical activity in brain using small, metal disc attached to scalp. EEG device is best advanced brain monitoring device.
On the basis of end-user’s EEG device market segmented into hospital, diagnostic centre and other. The hospital segment account largest share in the market. Hospitals are primary end-users of electroencephalography device market. Increasing number patients suffering from brain injuries and other neurological disorders. EEG device provide results in detail for clinical and research purposes. Furthermore, increasing focus on development of healthcare sector in developing countries help to boost the segment.
On the basis of Geography, the EEG device market is segmented into, North America, Asia-pacific, Europe, and the rest of the world. The North-America region segment commanded the largest share in the EEG device market. Increased number of patients suffering from neurological disorder is a major factor driving market growth in the North-America. The U.S is commanded largest share in the north America Electroencephalography market owing to increasing funding for neurological research for the devices which increased the advancement in technology. Furthermore, availability of highly developed healthcare infrastructure and leading companies in this region are help to boost the market growth. Moreover, presence of government organizations such as the National Institute of Neurological Disorders and Stroke which provide funding for research and development activities is another major factor driving market growth. Owing to rise in number of R & D activities, availability of skilled technicians and wide technologically advanced EEG equipment boost the electroencephalography device market growth.
Many companies are investing in the research and development to meet market demand and the leading companies having a broad range of product portfolio are some major factor fuelling the growth of some companies. The leading companies operating in the global EEG device market operating different strategies such as product development, regional expansion and mergers to cater consumer demand.
The key players studied in the market are Natus Medical, Inc.; Electrical Geodesics, Inc.; Medtronic; NeuroWave Systems, Inc.; Compumedics Ltd.; Noraxon U.S.A., Inc.; Cadwell Laboratories, Inc.; Nihon Kohden America, Inc.
Increased in the adoption of EEG device in surgery centre and increased in the patients of neurological disorders are key factor fuelling the EEG device market. Rising research and development by manufacturers to provide best monitoring device is another key factor driving market growth. The global EEG device market is segmented into type, product, application, end-user and geography. On the basis of type EEG device market segmented into, standalone device and portable device. The standalone device segment accounted largest share in the EEG market. On the basis of application EEG device market segmented into, Disease Diagnosis, sleep monitoring, anaesthesia monitoring, trauma and surgery and other. The disease diagnosis segment account largest share in the market. On the basis of application EEG device market segmented into, Disease Diagnosis, sleep monitoring, anaesthesia monitoring, trauma and surgery and other. The disease diagnosis segment account largest share in the market. The North-America region segment commanded the largest share in the EEG device market.
1) Which region is accounted for the largest share in the EEG device market?
Ans: - North America accounted largest share in the EEG device market due to increase awareness for medical fungi benefits.
2) Who are the key players in the EEG device market?
Ans: - The key players studied in the market are Natus Medical, Inc.; Electrical Geodesics, Inc.; Medtronic; NeuroWave Systems, Inc.; Compumedics Ltd.; Noraxon U.S.A., Inc.; Cadwell Laboratories, Inc.; Nihon Kohden America, Inc. and among other.
3) What are major driver for EEG device market?
Ans: - Rising research and development by manufacturers to provide best monitoring device is another key factor driving market growth.
