EEG Electrodes Market size is set to grow by USD 105.4 million from 2024-2028, Increasing prevalence of neurological disorders to boost the market growth, Technavio

NEW YORK, July 8, 2024 /PRNewswire/ -- The global EEG electrodes market  size is estimated to grow by USD 105.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.78%  during the forecast period. Increasing prevalence of neurological disorders is driving market growth, with a trend towards rising popularity of hybrid brain-computer interface techniques. However, high cost of eeg devices and procedures  poses a challenge. Key market players include Ambu AS, BIOPAC Systems Inc., Cadwell Industries Inc., Compumedics Ltd., Conmed Corp., Dixi Medical, Johnson and Johnson Services Inc., Koninklijke Philips N.V., Medical Computer Systems Ltd., Medtronic Plc, Natus Medical Inc., Neuroelectrics Barcelona SLU, NeuroWave Systems Inc., Nihon Kohden Corp., PMT Corp., Rhythmlink International LLC, SOMNOmedics GmbH, SPES MEDICA SRL, Technomed, and Wuhan Greentek Pty. Ltd..

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Key Market Trends Fueling Growth

The global EEG electrodes market is experiencing significant growth due to the increasing demand for hybrid brain-computer interfaces (HBCIs). HBCIs combine multiple brain imaging and prosthesis control modalities, offering numerous advantages over single modality systems. These benefits include an increased number of brain commands for control applications, enhanced classification accuracy, and reduced signal detection time. EEG is a widely used modality in HBCIs due to its ease of use and fast temporal resolution. Complementary modalities such as electrooculography (EOG), electromyography (EMG), functional near-infrared spectroscopy (fNIRS), magnetoencephalography (MEG), and eye trackers are increasingly being integrated with EEG. Robust dry EEG electrodes are essential for making EEG BCIs a practical technology, and their development is expected to fuel the growth of the global EEG electrodes market during the forecast period. 

The EEG electrode market is thriving due to the increasing demand for medical devices used in brain monitoring for mental health conditions and scientific research. Scalp-attached EEG electrodes are the most common type, with repeatable use being a trend. These electrodes read electrical impulses from the cerebral cortex, providing valuable insights into brain activity. Reusable stainless steel wire electrodes are being replaced by disposable, thin, and flexible plastic alternatives with porous surfaces to improve electrical connectivity and reduce cross-contamination. Adhesive surfaces, gel, and foam dots ensure proper contact with the scalp, while grids and tape help secure the electrodes during hospital treatment. Technologically advanced devices are being developed to monitor brain activity related to cognitive functions, memory recall, and decision making, with applications in areas like driver safety, fuel efficiency, and early diagnosis of conditions like Parkinson's disease. The market is growing due to the increasing disposable income levels and the need for hygienic practices. 

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Market Challenges

• The global EEG electrodes market growth may be hindered due to the high cost of EEG devices. The expense of these devices varies based on the number of channels, with 1-32 channel headsets priced between USD1,000 and USD25,000, and those with over 64 channels costing above USD25,000. Additional costs include maintenance fees, instrument and accessory expenses, data storage, technical maintenance, and the hiring of medical professionals. Advanced EEG devices with brain-computer interface technology are costly for hospitals and diagnostic laboratories to install. Uninsured patients face significant financial burdens, with an average EEG test costing over USD200, and extended monitoring reaching over USD2,500. These high costs may limit the adoption of EEG devices, particularly in low and middle-income countries.
• The Electroencephalography (EEG) Electrodes Market is experiencing significant growth due to the increasing prevalence of neurological disorders such as Alzheimer's disease, Schizophrenia, and Epilepsy. According to market research, the global market for EEG devices is projected to expand at a dynamic rate in the coming years. This growth can be attributed to the current trends in neuroimaging techniques, Transcranial Stimulation (TMS), and the rising geriatric population. For profit-oriented business decisions, it is essential to understand the present position of the market, key players, and global market trends. Market research and quantitative analysis provide valuable insights into the supplier-buyer network, regional analysis, and benchmarking. Major players in the EEG devices industry include NeuroLogica Corporation, Compumedics Limited, and Natus Medical Incorporated. Market growth strategies include the development of advanced EEG systems, such as Lecanemab, and collaboration with healthcare professionals to cater to the needs of patients. The CDC's prevention initiatives and the increasing awareness of neuroimaging techniques are also driving the market. In conclusion, the EEG Electrodes Market presents numerous opportunities for businesses, and staying updated on global market trends and market players is crucial for success.

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Segment Overview 

This eeg electrodes market report extensively covers market segmentation by

1. Product 
• 1.1 Disposable EEG electrodes
• 1.2 Reusable EEG electrodes
2. End-user 
• 2.1 Hospitals
• 2.2 Clinics
• 2.3 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Disposable EEG electrodes-  The EEG electrodes market is experiencing steady growth due to increasing applications in various industries. Neurotechnology firms and research institutions are the key consumers, utilizing EEG electrodes for brain-computer interface systems, neurological disorder diagnosis, and neurofeedback therapy. Additionally, rising healthcare expenditures and advancements in neuroscience research are driving market expansion. Manufacturers focus on improving electrode technology to enhance accuracy, comfort, and affordability.

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Research Analysis

Electroencephalography (EEG) is a non-invasive diagnostic technique used to assess the electrical activity of the brain. EEG devices, which include EEG machines and disposable EEG electrodes, are essential medical devices in the neurological field for examining patients with various disorders, such as Alzheimer's disease, schizophrenia, and other neurological conditions. The geriatric population is a significant user group due to the higher prevalence of neurological disorders in older adults. EEG technology has evolved to offer advanced systems that improve the accuracy and comfort of the examination, reducing cross-contamination risks. Healthcare professionals use EEG systems to read impulses from the scalp, providing valuable information for diagnosis and treatment planning. Patients undergo a simple, painless procedure involving the application of electrodes to the scalp, which are connected to the EEG machine to record the brain's electrical activity.

Market Research Overview

The Electroencephalography (EEG) Devices Market is witnessing significant growth due to the increasing prevalence of neurological disorders, particularly in the geriatric population. EEG technology is used to examine the electrical activity of the brain through impulses detected by electrodes placed on the scalp. These devices are essential for diagnosing and monitoring various neurological conditions, including Alzheimer's disease, Schizophrenia, Epilepsy, Parkinson's disease, and other mental health disorders. EEG systems use sensors, such as disposable or reusable EEG electrodes, made of materials like stainless steel wire, adhesive surface, or foam dots, to record brain activity. These electrodes can be attached to the scalp with tape or gel to ensure electrical connectivity with the brain. EEG devices are also used for scientific research, cognitive functions assessment, and driver safety. Technologically advanced devices are being developed to improve accuracy, reduce cross-contamination, and offer low-cost, thin, and flexible options. The EEG devices industry is expected to grow due to the increasing prevalence of neurological disorders, the need for early diagnosis, and the availability of disposable income levels. Healthcare professionals and patients rely on EEG machines to monitor brain activity and provide hospital treatment for various neurological conditions. Neuroimaging techniques, such as Transcranial Stimulation (TMS), are also used in conjunction with EEG devices to enhance diagnosis and treatment. The CDC and other health organizations focus on prevention and early diagnosis of neurological disorders, further driving the demand for EEG devices. Additionally, EEG devices are used for brain monitoring during surgeries and other medical procedures. EEG electrodes are available in various forms, including disposable, deep-cup, and cup-electrode options, ensuring that healthcare professionals and patients have access to the most suitable option for their needs. The EEG devices industry is expected to continue growing due to the increasing prevalence of neurological disorders and the need for accurate and efficient brain monitoring and diagnosis.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Disposable EEG Electrodes
• Reusable EEG Electrodes
• End-user
• Hospitals
• Clinics
• Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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