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.
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 420.89 Million |
| Market Size by 2028 | US$ 837.95 Million |
| CAGR (2021 - 2028) | 9.1% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America EEG Machines Market is valued at US$ 420.89 Million in 2020, it is projected to reach US$ 837.95 Million by 2028.
As per our report North America EEG Machines Market, the market size is valued at US$ 420.89 Million in 2020, projecting it to reach US$ 837.95 Million by 2028. This translates to a CAGR of approximately 9.1% during the forecast period.
The North America EEG Machines Market report typically cover these key segments-
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The North America EEG Machines Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
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