Epilepsy Monitoring Devices Market is Expected to Expand at a CAGR of ~6% during 2019 to 2027February 23, 2021
Epilepsy Monitoring Devices Market: Introduction
Transparency Market Research has published a new report on the epilepsy monitoring devices market. According to the report, the global epilepsy monitoring devices market was valued at ~US$ 530 Mn in 2018. The epilepsy monitoring devices market is expected to expand at a CAGR of ~6% during the forecast period from 2019 to 2027.
Epilepsy is a non-communicable chronic brain disease, and affects people of all ages. It causes recurring seizures, which are short episodes of involuntary movement. According to the WHO, single seizure occurrence is not considered as a sign of epilepsy (approximately 10% of people worldwide have one seizure during their lifetime). Epilepsy is defined as having two or more unprovoked seizures. According to NCBI, brain tumor is a common cause of epilepsy, second only to cerebrovascular disease in the geriatric population, accounting for nearly 10% to 30% of all the causes of geriatric epilepsy. Epilepsy is a common manifestation in patients who have brain tumors. Seizures are the onset symptom in 20% to 40% patients with brain tumor; 20% to 45% of patients are likely to suffer from epileptic seizures during the course of the disease.
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Epilepsy Monitoring Devices Market: Key Segments
In terms of product, the conventional devices segment a held major share of the global epilepsy monitoring devices market in 2018. This segment is likely to maintain its dominance during the forecast period. The wearable devices segment is projected to gain market share by 2027. Technological advancements in wearable technology, coupled with rise in the popularity of wearable devices across the globe, are expected to drive the segment. Wearable epilepsy monitoring devices such as Empatica’s Embrace not only provide 24-hour surveillance for epilepsy episodes in patients but can also raise an alarm by sending a message or even make a call immediately to the caregiver in case of emergency.
Based on end user, the hospitals & clinics segment accounted for a major share of the global epilepsy monitoring devices market. This segment is projected to grow at a moderate CAGR during the forecast period. The home care settings segment is expected to gain market share by 2027. Increase in patient affordability and awareness is likely to drive the segment during the forecast period. The hospitals & clinics segment is projected to be the most attractive segment during the forecast period. Hospitals & clinics are the largest users of EEG monitoring and emergency medical services. The segment is anticipated to offer lucrative opportunities, especially in developing countries.
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Global Epilepsy Monitoring Devices Market: Prominent Regions
North America held a major share of the global epilepsy monitoring devices market in 2018. Major epilepsy monitoring device providers are domiciled in North America (primarily in the U.S.), which results in large revenue contribution to the epilepsy monitoring devices market. Well-established healthcare infrastructure, high health care expenditure, and high rate of diagnosis in the region are projected to fuel the growth of the epilepsy monitoring devices market in North America.
Europe held the second-largest share of the global epilepsy monitoring devices market in 2018. Major markets in Europe include Germany, France, the U.K., Spain, and Italy. The region is projected to be the most lucrative market for epilepsy monitoring devices during the forecast period, due to high prevalence and diagnosis rates, and high per capita healthcare expenditure.
Asia Pacific accounted for a significant share of the global epilepsy monitoring devices market in 2018, and the market in the region is expected to grow at rapid pace during the forecast period. Major markets in Asia Pacific include Australia & New Zealand, India, China, and Japan. Asia Pacific has been experiencing gradual adoption of new epilepsy monitoring technologies, increase in healthcare expenditure, and changing dynamics of the healthcare industry. These factors are leading to adoption of new technologies by hospitals and home care settings. Increase in the focus of key players and rise in patient volumes are boosting the demand for high-throughput devices in the region. Flexible financial support from manufacturers and distributors in the form of rental agreements is also increasing in the region.
Global Epilepsy Monitoring Devices Market: Key Players
Key players are expanding their footprints to strengthen their position in the global epilepsy monitoring devices market. Increase in the number of patient population and rise in incidence of head injuries, brain cancer, infections, and substance abuse offer lucrative opportunities to key players to increase their share in the epilepsy monitoring devices market. Manufacturers are engaging in strategic acquisitions, collaborations, and distribution to expand their market share in the global epilepsy monitoring devices market.
Prominent players operating in the global epilepsy monitoring devices market include Compumedics Limited, Empatica, Inc., Masimo Corporation, PulseGuard International Ltd., Koninklijke Philips N.V., Medtronic plc, Natus Medical Incorporated, and Nihon Kohden Corporation.