North America EEG Machines Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Integrated EEG and Portable EEG), Application (Disease Diagnosis, Sleep Monitoring, Anesthesia Monitoring Trauma and Surgery, and Others), and End User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Research Laboratories, and Others)
The North America EEG machines market is expected to reach US$ 837.95 million by 2028 from US$ 420.89 million in 2020; it is estimated to grow at a CAGR of 9.1% from 2021 to 2028. The growth of the North America EEG machines market can be attributed to growing product launches and increasing neurological disorders. However, the high cost of EEG machines is a key factor restraining the market growth.
Growing demand for the treatment of neurological disorders and increasing product developments have resulted in increased product launches. Various companies have increased the R&D activities that have helped them launch various innovative EEG machines and associated products and services in the market. The product launches in the market have contributed to the market growth in the past years, which is likely to continue during the forecast period. In April 2020, Brain Scientific Inc. launched an online store to offer its FDA-cleared NeuroCap and NeuroEEG technology. The launch of NeuroCap, a disposable product with 22 electrodes and 19 active EEG channels, will help minimize cross-contamination and optimize sanitary practice.
Similarly, in September 2019, Nihon Kohden announced the launch of its VitalEEG wireless electroencephalogram headset in the US. VitalEEG system helps in evaluating brain-wave information of unconscious patients. The product is developed and designed to quickly set up and allow efficient placement of electrodes within five minutes. As per Nihon Kohden, the Vital EEG system will allow clinicians and physicians to assess brain health and determine the best treatment methods for unconscious patients in less time.
Similarly, the growing geriatric population is expected to influence the incidence of neurological disorders. According to the World Health Organization (WHO) statistics, 2018, the total population over 60 years of age will grow at a rate of 22% by 2050 from 12% in 2015. Hence, owing to the above-mentioned statistics, the demand for EEG machines is expected to increase, which, in turn, will propel market growth.
In North America, the US was profoundly affected by the COVID-19 pandemic. The country has marked the highest number of positive patients. Across the nation, various healthcare research centers were working only for research on COVID-19 therapeutics. As the crisis moved forward, healthcare professionals realized that developing novel therapies using innovative technologies is essential to mitigate this unprecedented crisis. For instance, the FDA has created a unique emergency program for possible COVID-19 therapies, the Coronavirus Treatment Acceleration Program (CTAP). The program uses every possible method to drive new treatments to patients as soon as possible while finding out whether they are helpful or harmful.
Due to the COVID-19 outbreak, many cities were on lockdowns, causing treatments and doctors/surgeons appointment cancellations. The patients suffering from critical surgeries such as spinal surgery, neurosurgery, and ENT surgery need physical attention and need to perform procedures in the clinics. The procedure includes intraoperative neuromonitoring, by systems, services, and accessories. Moreover, companies are also focused on manufacturing COVID diagnostics and related products. For instance, in June 2020, Ceribell Inc.—a Mountain View, California-based startup—deployed its cloud-linked, portable electroencephalogram (EEG) device to enable EEG assessments in minutes in emergency rooms and intensive care units. The rapid response EEG system is used in the Montefiore Health System in New York and at Northwell Health’s North Shore University Hospital, providers at the epicenter of the US COVID-19 crisis. Also, in April 2020, Fresenius Medical Care entered multiple partnerships with other dialysis providers to combat the COVID-19 pandemic in the US. In North America, Fresenius Medical Care has entered into a collaboration with DaVita Inc. and other dialysis service providers as a response to COVID-19. This partnership aims to provide and support the broader kidney care community in the US by offering isolation capacity for dialysis patients infected by COVID-19.
Based on product type, the North America EEG machine market is segmented into integrated EEG and portable EEG. The integrated EEG segment held a larger share of the market in 2020. However, the portable EEG segment is anticipated to register a higher CAGR in the market during the forecast period.
In terms of application, the North America EEG machines market is segmented into disease diagnosis, trauma and surgery, sleep monitoring, anesthesia monitoring, and others. The disease diagnosis segment held the largest share of the market in 2020. Moreover, the same segment is anticipated to register the highest CAGR during the forecast period.
Based on end user, the North America EEG machines market is segmented into hospitals, diagnostic centers, ambulatory surgical centers, research laboratories, and others. The hospitals segment held the largest share of the market in 2020; however, the diagnostic centers segment is anticipated to register the highest CAGR in the market during the forecast period.
The key market players associated with the report on the North America EEG machines market are Koninklijke Philips N.V., Medtronic, and Natus Medical Incorporated, among others.
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