Market Introduction
Electroencephalography (EEG) is the study of electrical brain action along with the scalp. With the help of multiple electrodes placed on the head, the EEG equipment examines voltage fluctuations resulting from ionic current flows in the brain's neurons. EEG is among the most stable and predicative pointers when analysing human cognition, evaluating a subject's health condition, or observing their mental state. EEG is widely used to detect epilepsy. Moreover, the device is used to identify sleep disorders, coma, anaesthesia, encephalopathies, and brain death. The device is utilized for the diagnosis of tumours, stroke, and other brain ailments.
Thus, the significantly rising elderly population is expected to create a significant demand for EEG devices in the coming years, which is further anticipated to drive the EEG devices market.
The Pan American Health Organization (PAHO) has recommended using medical instruments or equipment for home care to avoid exposure from healthcare facilities. Therefore, it is expected to offer growth opportunities to EEG device players to enhance their sales in the region. Also, the growing geriatric population is more prone to get neurological disorders. At the same time, the rise in the second wave of COVID-19 has increased more stressed among adults, which is likely to increase the demand for EEG devices in coming years.
Market Overview and Dynamics
The EEG devices market in South and Central America is expected to grow from US$ 65.5 million in 2021 to US$ 102.7 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2021 to 2028. Medical tourism is the major driving factor that is leading to the growth of EEG devices. The patients travel to other countries due to the use of advanced and sophisticated medical technology devices, equipment, and other products. Medical tourism takes place in such cases where medical care and surgeries are required. The medical tourism is rising in South and Central America regions where India is the favourable destination because of the key opportunities in the form of efficient infrastructures and technology in the Indian healthcare sector. Also, hospital expenses are very affordable in the country. Several established companies in the industry have been spending a requisite amount of their revenue in research and development activities for the development of better and advanced products and technologies to be used in the healthcare industry. Also, the availability of reimbursement for various medical procedures is expected to fuel the growth of the sector in the coming years. The growing medical tourism in the emerging nations in the EEG devices market is expected to offer significant growth opportunities to the players operating in the market during the forecast period.
Key Market Segments
In terms of product, the 32-channel EEG segment accounted for the largest share of the South and Central America EEG devices market in 2020. In terms of application, the brain tumour segment accounted for the largest share of the South and Central America EEG devices market in 2020. In terms of device type, the standalone devices segment accounted for the largest share of the South and Central America EEG devices market in 2020. In terms of end user, the hospitals and clinics segment held a larger market share of the EEG devices market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the EEG devices market in South and Central America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report areKoninklijke Philips N.V., Bitbrain Technologies, Brain Products GmbH, g.tec medical engineering GmbH Austria, Wearable Sensing, Neuroelectrics, Mitsar Co. LTD., and EMOTIV.
Reasons to buy report
SOUTH AND CENTRAL AMERICA EEG DEVICES MARKET SEGMENTATION
By Product
By Application
By Device Type
By End User
By Country
Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 65.5 Million |
| Market Size by 2028 | US$ 102.7 Million |
| CAGR (2021 - 2028) | 6.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South and Central America EEG Devices Market is valued at US$ 65.5 Million in 2021, it is projected to reach US$ 102.7 Million by 2028.
As per our report South and Central America EEG Devices Market, the market size is valued at US$ 65.5 Million in 2021, projecting it to reach US$ 102.7 Million by 2028. This translates to a CAGR of approximately 6.6% during the forecast period.
The South and Central America EEG Devices Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South and Central America EEG Devices Market report:
The South and Central America EEG Devices Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South and Central America EEG Devices Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South and Central America EEG Devices Market value chain can benefit from the information contained in a comprehensive market report.
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