EEG Devices Market Developments and Forecast by 2031

The EEG devices market size is projected to reach US$ 2.0 billion by 2031 from US$ 1.13 billion in 2023. The market is expected to register a CAGR of 7.3% during 2023–2031. Technological developments in EEG devices are likely to remain key trends in the market.

EEG Devices Market Analysis

EEG devices are essential tools to study brain activity and understand neurological conditions. Growing focus on R&D activities in the field of neurology which requires analysis of brain activity is fueling the growth of the EEG devices market. The geriatric population is more prone to neurological disorders due to the weakening of neurological cells with age. Thus, growth in the geriatric population globally is expected to fuel the EEG devices market growth. In addition, the growing focus on maintaining the mental health of people acts as an opportunity for growth in the market.

EEG Devices Market Overview

Geographically, Asia Pacific is expected to register the highest CAGR in the forecast period 2023-2031. Increasing focus on market players on the introduction of technologically advanced products in the Asia Pacific, growing adoption of telehealth and remote monitoring services, growing demand for non-invasive diagnostic techniques, and increasing R&D activities are fueling the growth of the Asia Pacific EEG devices market. EEG devices can be remotely used to monitor the brain activity of a patient, easily allowing for remote diagnosis and treatment. During the COVID-19 pandemic, there was a rapid increase in demand for telehealth and remote monitoring services due to the restrictions on movement and also increasing prevalence of diseases. Thus, due to this, there was a rapid increase in demand for EEG devices for remote monitoring, thus fueling the growth of the Asia Pacific EEG devices market.

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EEG Devices Market Drivers and Opportunities

Increasing Prevalence of Neurological Disorders to Favor Market

Propelling incidences of neurological disorders such as stroke, brain tumor, and dementia are the major drivers of global EEG devices market share. Despite the advancements in the medical industry, stroke continues to be a major public health issue. As per the Indian Stroke Association, the incidence of stroke in India over the past few decades has increased by ~100%. Furthermore, about 1.8 million people in India suffer a stroke each year, and only early treatment can reduce morbidity and mortality. As per the Centers for Disease Control and Prevention, about 795,000 people in the US have a stroke every year, of which ~610,000 are new strokes. Hence, the increasing prevalence of stroke and the increase in the use of EEG for the detection of stroke is fueling the growth of the EEG devices market.

Growing Focus on Maintaining Mental Health Act as an Opportunity for Market Growth

According to an article, about 1 in 5 adults in the US are suffering from a certain kind of mental health condition or mental illness. The increasing prevalence of mental health conditions among the population and increasing awareness about maintaining mental health along with physical health is responsible for the growing demand for diagnostic devices for mental health disorders. In recent years, there has been increasing research on the use of EEG together with machine learning algorithms to diagnose mental health disorders by analyzing the brain activity of patients. Thus growing research on the use of EEG devices for the diagnosis of mental health disorders is expected to act as an opportunity for the growth of the EEG devices market.

EEG Devices Market Report Segmentation Analysis

Key segments that contributed to the derivation of the EEG devices market analysis are product, application, device type, and end user.

• Based on product, the EEG devices market is divided into 32-channel EEG, 25-channel EEG, 40-channel EEG, multi-channel EEG, 21-channel EEG, and 8-channel EEG. The 32-channel EEG segment held the largest market share in 2023.
• By application, the market is segmented into brain tumors, head trauma, sleep disorders, neuroscience, and others. The brain tumor segment held the largest share of the market in 2023.
• In terms of device type, the market is bifurcated into standalone devices and portable devices. The standalone devices segment held a significant share of the market in 2023.
• Based on end user, the EEG devices market is divided into hospitals & clinics, diagnostic centers, research centers, and academic & research institutes. The hospitals & clinics segment held the largest market share in 2023.

EEG Devices Market Share Analysis by Geography

The geographic scope of the EEG devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the market. In 2021, nearly 3 million US populace is living with epilepsy; as per the US Centers for Disease Control and Prevention (CDC). Due to rising incidences of neurological disorders in the region, North America held the largest share in 2023. An inclination toward teleradiology services and the presence of global market players are factors contributing to the dominance of the market. The projected growth of the Canadian market for EEG devices is due to the rising healthcare expenditure on growing brain diseases across the country. Similarly, the country is experiencing growth in the neurology procedures.

EEG Devices Market Regional Insights

The regional trends and factors influencing the EEG Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses EEG Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

EEG Devices Market Report Scope

EEG Devices Market Players Density: Understanding Its Impact on Business Dynamics

The EEG Devices Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the EEG Devices Market are:

1. Brain Products GmbH
2. g.tec medical engineering GmbH
3. Cognionics, Inc.
4. Wearable Sensing
5. Neuroelectrics
6. ANT Neuro

Disclaimer: The companies listed above are not ranked in any particular order.

EEG Devices Market News and Recent Developments

The EEG Devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the EEG devices market are listed below:

• Neurosteer has obtained US Food and Drug Administration (FDA) approval for its single-channel electroencephalogram (EEG) brain monitoring platform. The company has embellished the standard EEG system with an adhesive-backed electrode strip connected to a pocket-sized sensor. (Source: Neurosteer, Press Release, November 2022)
• Soterix Medical Inc. launched MxN-GO EEG, a combined High Definition transcranial Electrical Stimulation (HD-tES) and EEG system with a unique untethered design. The system is intended for research applications requiring electrical stimulation and recording of brain activity in mobile and natural environments. (Source: Soterix Medical Inc., Press Release, April 2024)

EEG Devices Market Report Coverage and Deliverables

The “EEG devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• EEG devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• EEG devices market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• EEG devices market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the EEG devices market
• Detailed company profiles