The market for epilepsy monitoring devices is anticipated to reach US$ 523.26 million in 2023. However, by 2033, the market is projected to grow to US$ 894.63 million. During the forecast period, sales of epilepsy monitoring devices are anticipated to grow significantly (CAGR: 5.5%).
According to an exclusive report of Future Market Insights, the global epilepsy monitoring devices market is expected to grow at a CAGR of 5% to US$ 838 Billion by 2032, up from US$ 490 Million in 2021.
The increasing incidence and prevalence of epilepsy, growing preference for ambulatory healthcare and increasing use of wearables, growing demand for epilepsy monitoring devices, and rising awareness of neurodegenerative diseases, including epilepsy, are all contributing to the monitoring devices market growth.
COVID-19 is an unprecedented worldwide public health crisis that has impacted practically every business. Its long-term repercussions are expected to influence monitoring devices market growth during the projection period.
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As the overall economic situation of most people has been adversely affected by this epidemic, consumer demand for epilepsy monitoring devices has consequently decreased as people are now more intent on removing non-essential costs from their various budgets.
The epilepsy monitoring devices market is likely to revive as regional government agencies abolish these imposed lockdowns.
As patients become more aware of the benefits of minimally invasive treatments, more people choose them. Epilepsy monitoring devices eliminate the hazards and discomfort of invasive brain monitoring. Many government programs are also aimed at lowering the dangers associated with brain illness treatment alternatives. This epilepsy monitoring devices market has development potential due to the increase in demand.
The high cost of complicated epilepsy monitoring techniques and gadgets and unfavorable reimbursement regulations are limiting the epilepsy monitoring devices market growth.
The conventional devices category held the most outstanding epilepsy monitoring devices market share during the forecast period. The increased incidence of epilepsy, especially in emerging countries, and expanding public knowledge about neurological illnesses like epilepsy are two reasons contributing to the conventional equipment segment’s significant income.
During the forecast period, monitoring devices held the most significant epilepsy monitoring devices market share in the traditional devices segment. This is due to the growing desire for continuous, non-invasive epilepsy monitoring and the use of similar devices in other areas of neurology.
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In 2020, North America held the highest epilepsy monitoring devices market share. The high prevalence of neurological illnesses, an increase in clinical trials for epilepsy monitoring devices, and a significant number of end users in the United States are all contributing factors.
Pediatric vaccinations have the largest epilepsy monitoring devices market in North America. The average government investment in healthcare institutions is significantly higher than other nations. In addition, the government and private corporations of epilepsy monitoring devices market invest far more in R&D in North America.
Key Takeaways:
- The wearable devices section of the epilepsy monitoring devices market is expected to reach a value of US$ 390 million by the end of 2027, representing a US$ 160 million incremental potential during the forecast period.
- The classic EEG devices segment had the leading epilepsy monitoring devices market share, accounting for almost 85%.
Competitive Landscape:The epilepsy monitoring devices market study report will provide a valuable insight with an emphasis on the global market, including some of the major players such as Koninklijke Philips N.V., Medtronic Plc., Compumedics Limited., Natus Medical Incorporated, Nihon Kohden Corporation, Empatica Inc., Pulse Guard International Ltd., Masimo, and others.
The epilepsy monitoring devices market is expected to grow as a result of significant innovations by major players in the industry. The following are some of the growth tactics used by players in the global epilepsy monitoring devices market:
- Compumedics Limited inked a three-year distribution deal with Fukuda Denshi Co., Ltd in Japan in June 2018 for the sale of its neurodiagnostic and monitoring products. The distribution arrangement bolstered the company’s foothold in Asia’s most promising areas of the epilepsy monitoring devices market.
- Radius PPG, a tetherless sensor system powered by Masimo SET, received FDA 510(k) approval in May of this year. Radius PPG is a wireless pulse oximetry monitor that eliminates the need for a cabled connection, allowing patients to walk around freely and comfortably while still being monitored.
- The GNI climbed from USD 17,102 in 2018 to USD 17,718 in 2019, according to World Bank data. The rise in percentage is over 4%. As a result, as income levels grow, affordability rises as well. As a result, consumers will be able to purchase more expensive things.
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Key Segments By Product:
- Wearable Devices
- Conventional Devices
By End User:
- Hospitals
- Ambulatory Surgery centres and clinic
- Neurology Centres
- Diagnostic centres
- Home Care Settings
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