Electroencephalography Market Insight By Advanced Business Strategies

Posted by Pareesh on May 14th, 2019

Electroencephalography, commonly termed as EEG, refers to a physiological method of choice that facilitates recording of electrical activity generated by the brain from electrodes placed on the surface of the scalp. The EEG measures electrical activity generated by the synchronized activity of thousands of neurons that helps to analyze the activated areas of brain at a particular instance. The EEG also acts as a helpful measure to diagnose various neurological disorders such as Alzheimer’s disease, dementia, epilepsy, autism by determining the malfunction produced in the normal electrical signal pattern. The neurons in the brain generate electrical impulses that fluctuate in a rhythmic and distinct pattern. The accuracy and price differences in the electroencephalography devices available in the market depends on the number of electrodes that are present in the crown of the EEG system. Systems with high number of electrodes provides high quality digitalization, better quality amplification, and higher number of snapshots taken by device per second as compared to systems with few electrodes. Electroencephalography can also be used as an important tool in assessment of patients suspected with brain death. EEG waveforms report immediate signals to remove the brain in case of transplantation and storage of the dead brain.

The global electroencephalography devices market was valued at US$ 704.4 million in 2016 and is expected to witness a robust CAGR of 7.0% over the forecast period (2017–2025).

Among region, North America holds the dominant position in the global electroencephalography devices market. This is attributed to rapid development and launch of novel EEG devices and systems by key players in the market. For instance, in October 2015, Brain Products GmbH, a U.S.-based company introduced LiveAmp, an ultra-lightweight wearable amplifier that allows the users to store data internally without any mobility limitations. U.S.-based manufacturers are also incorporating Artificial Intelligence (AI) technology in their devices so as to make the systems smarter and reduce expertise requirement for their operation. For instance, in March 2017, EEG Enterprises introduced Lexi, a new cloud hosted service that connects the company’s existing EEG workflows with speech recognition technology.

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Asia Pacific is expected to exhibit highest growth over the forecast period, owing to the increasing number of Asia-based companies entering into the international markets is expected to enhance the regional growth. For instance, in November 2017, Nihon Kohden Corporation, Japan-based medical device company, started a new sales branch in Kenya with an aim to expand its sales in the East Africa, as a part of its strategic business expansion. Moreover, the authorities in countries are easing regulations and guidelines of medical devices to increase the export of devices from the region, is in turn, boosting market growth. For instance, in January 2013, Japanese government officially declared easing of regulations and manufacturing guidelines for medical equipment to leverage the medical companies for increasing their production scales and invent revolutionary medical devices that can be valued significantly in the international markets.

Market players are engaged in innovative product launches to sustain their position in the global electroencephalography devices market

Key players in the market are focused on expansion of their presence through launch of new product lines in emerging economies. For instance, in September 2016, BrainScope Company, Inc. received FDA clearance for the first handheld medical device for the assessment of full spectrum of traumatic brain injury. This device was developed in partnership with the U.S. department of defense, to offer a comprehensive panel of data to clinicians that would assist in the diagnosis of the full spectrum of TBI. Moreover, in October 2015, Brain Products GmbH conducted official market launch of LiveAmp, an ultra-lightweight, wireless wearable amplifier that allows internal data storage without any mobility limitations. The system serves to be an ideal brain activity analyzer for applications in sports injuries, sleep state monitoring, and cognitive research.

Key players operating the global electroencephalography devices market include Natus Medical, Inc., BrainScope Company, Inc., Medtronic Plc, NeuroWave Systems, Inc., Compumedics Limited, Electrical Geodesics, Inc., Cadwell Industries, Inc., Jorden Neuroscience, Inc., and others.

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