Over the course of the projected period, a significant growth in the worldwide epilepsy monitoring devices market revenue is expected. By 2033, the sales are projected to reach US$ 894.63 million, representing a 5.5% CAGR.
A prevalent neurological condition that affects millions of people worldwide is epilepsy. The market is anticipated to be impacted by the ageing population as well, as they are more susceptible to epilepsy. Wearable epilepsy monitors for usage at home are a result of growing interest in epilepsy monitoring at home.
Wearable epilepsy monitoring devices are growing in popularity due to their convenience, portability, and potential to offer real-time data on seizure activity. The market is also driven by product innovation and new product launches that meet the evolving needs of patients and healthcare professionals.
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The wearable devices segment has been growing at a rate of 15.1% in recent years. While wearable gadgets and AI-powered systems are gaining popularity, traditional instruments such as EEG and VEEG systems remain the backbone of epilepsy monitoring.
Hospitals have a substantial portion (45%) of the epilepsy monitoring equipment market. Due to the requirement of advanced facilities such as EEG and VEEG devices to diagnose and monitor patients with epilepsy.
Patients with epilepsy may need long-term monitoring to collect data on their seizures. This is usually done in a hospital or epilepsy center’s epilepsy monitoring unit (EMU).
Hospitals and epilepsy centers have access to a variety of standard and advanced epilepsy monitoring devices. Making them prominent players in the epilepsy monitoring devices market.
North America controls a significant market share of 39% in the epilepsy monitoring devices market. Due to the presence of leading manufacturers of epilepsy monitoring devices, favorable government initiatives, and the increasing adoption of advanced technologies such as AI-powered devices and wearable devices.
Europe is also a prominent market, with a market share of 29% in 2020, due to the existence of prominent manufacturers of epilepsy monitoring devices. Moreover, favorable government measures to improve healthcare, and the increasing acceptance of telemedicine for epilepsy care.
The Asia Pacific region is witnessing a growth rate of 8.15% and is becoming an important market for epilepsy monitoring equipment. Due to increasing prevalence rates of epilepsy, rising healthcare expenditure, and increased awareness of the ailment. The cost-effectiveness of devices is also a key factor driving the market’s growth in this region.
Competitive Landscape
New players can enter the competitive environment of epilepsy monitoring equipment. Even though the market is dominated by sizable firms, fresh strategies, and advances are possible. Companies that cater to the market compete fiercely, allowing the market to be dynamic.
Companies’ new tactics center around accuracy and precision. Brands are using new technologies to develop new products such as seizure sleep monitors and smartwatch seizure detection gadgets.
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Some key players in the market include:
- Nihon Kohden Corporation
- Medtronic PLC
- General Electric Company
- Koninklijke Philips N.V.
- Compumedics Limited
- Natus Medical Incorporated
- EB Neuro S.p.A.
- Cadwell Industries, Inc.
- BrainScope Company, Inc.
- LivaNova PLC
Latest Developments
- Nihon Kohden has developed EEG electrodes that may aid in the prevention of cross-contamination among patients and healthcare personnel.
- Natus Medical has collaborated with Holberg to create and deploy an auto-scoring system that aids in the classification of electroencephalography (EEG).
Key Segments Covered in the Market Report
By Product:
- Wearable Devices
- Conventional Devices
By End User:
- Hospitals
- Ambulatory Surgery Centers and clinic
- Neurology Centers
- Diagnostic centers
- Home Care Settings