The global EEG devices market is expected to reach US$ 1,764.27 Mn in 2027 from US$ 830.71 Mn in 2018
NEW YORK, Dec. 23, 2019 /PRNewswire/ -- The global EEG devices market is expected to reach US$ 1,764.27 Mn in 2027 from US$ 830.71 Mn in 2018. The market is estimated to grow with a CAGR of 8.9% from 2019-2027.
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Driving factors such as, growing incidences of neurovascular disorders and significantly rising elderly population play vital role in the growth of the EEG devices market. However, the restraints such as high cost of EEG devices is likely to impact the growth of the market in the forecast period.
The aging population is defined as a group of people aged 65 and over.The growth of the aging population is poised to become one of the most significant social transformations of the twenty-first century.
The number of the geriatric population has been rising significantly worldwide.As per the data of the United Nations, in 2017, there were an expected 962 million people aging 60 or above worldwide, which contained 13% of the population globally.
The geriatric population is projected to grow at a rate of 3% per year.At present, Europe and Asia Pacific regions have the highest population, aged 60 years and above.
The number of the aging population in the world is projected to reach around 1.4 billion in 2030, and it will reach about 2.1 billion in 2050 and is expected to reach up to 3.1 billion in 2100. The elderly population has been linked with various chronic diseases due to problems related to it. Neurological disorders are most commonly observed in older adults, affecting between 5% and 55% of people aged 55 years and above. They are associated with a high risk for adverse health outcomes, such as mortality, disability, institutionalization, and hospitalization. Mental and neurological disorders in elderly adults report 6.6% of the total disability (DALYs) for this age group. Roughly, 15% of adults aged 60 and above have a mental disorder. The most common mental and neurological disorders observed in the geriatric population are dementia and depression, which affect approximately 5% and 7% of the world's older population, respectively. Therefore, due to the increasing geriatric population and the surge in associated neurological disorders, the market for EEG devices is anticipated to witness significant growth.
The global EEG devices market is segmented by product, application, device type and end user.On the basis of product, the market is segmented into 32-channel EEG, 25-channel EEG, 40-channel EEG, multi-channel EEG, 21-channel EEG, and 8-channel EEG.
In 2018, the 32-channel EEG accounted for the largest market share in the global EEG devices market by product.Technological development in 32-channel EEG products and its high acceptance by healthcare professionals are the major factors driving the growth of the segment.
Based on application, the market has been segmented into brain tumors, head trauma, sleep disorders, neuroscience, and others.On the basis of device type, the market has been segmented into standalone devices and portable devices.
Based on end user the market is segmented into hospitals and clinics, diagnostic centers, research centers, and academic and research institutes.
Some of the important primary and secondary sources included in the report are, Food and Drug Administration (FDA), World Health Organization (WHO), Canada First Research Excellence Fund, Stroke Support Organization, the Neurology Association of South Africa (NASA), and others.
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