The global electroencephalography devices market was valued at US$879.0 mn in 2014, says Persistence Market Research. Electroencephalography (EEG) devices are used to record and decipher signals that the brain produces, which may be either weak or strong, corresponding to the thoughts generated in the brain. Since its inception in 1924, electroencephalography recordings have been used for clinical research and for disease prognosis in modern medicine. Looking at the utilization, the global market for electroencephalography devices market looks likely to reach a value of US$1.4 bn by 2021, expanding at a CAGR of 6.8% from 2015 to 2021.
Use of EEG Devices in Animal Studies also Beneficial for Global EEG Devices Market
The usability of electroencephalography and the devices used for the technique are continually advancing, say analysts at PMR. From the earlier ones used for the diagnosis of impaired brain function that resulted in coma, stroke, confusion, and stroke, the technique is now finding a way for understanding the physiology of animals. In the mid-2000s, at the University of Chicago, experiments were carried out on birds to find out if birds had dreams; however, recordings of the EEG devices then used were highly unreliable and thus couldn’t produce conclusive results. To record the brain signals while sleeping, birds had to be drugged to attach the necessary paraphernalia, wherein the drugs interfered with the sleep patterns of birds to produce inconclusive results.
This made researchers set out and invent a new type of EEG. After toiling for years, researchers developed simple algorithms that allowed electrical signals to be collected from the birds’ brains with the use of a single electrode. The new device was designated as ‘single-channel EEG,’ and researchers have now moved beyond birds to develop a single-channel device for humans.
The efforts of the researchers resulted in the development of iBrain: the single-channel EEG device for humans. Thus far, the devices have been used for medical purposes as well as clinical research.
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Diagnostic Centers to Lead Electroencephalography Devices Market
Analysts at PMR outline some of the major observations pertaining to the development of the global electroencephalogram devices market:
Electroencephalogram products are of several types; of all, 32-channel EEG devices held a dominant share of 25.3% in the overall market in 2014. This product segment was followed by 25-channel EEG and 40-channel EEG devices.
Diagnostic centers will register a higher growth rate – a CAGR of 7.2% – from 2015 to 2021. These facilities are slated to be the most suitable for the deployment of EEG devices for medical imaging purposes. Hospitals will register robust growth in the deployment of EEG devices in the 2015-2021 period; the segment will also display steady growth in the years following this period.
Currently, North America is the largest contributor to the revenue of the global market. Nevertheless, in the coming years, Asia Pacific will surpass the growth of the North America electroencephalography devices market and register the highest CAGR for the 2015-2021 period.