Electroencephalography Devices Market Size, Share & Trends Analysis Report By Product (32-Channel, Multichannel), By Type (Portable, Standalone), By Application (Trauma & Surgery, Disease Diagnosis), By End-use, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the electroencephalography devices market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for electroencephalography devices market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of electroencephalography devices market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Electroencephalography Devices Market Categorization:

The electroencephalography devices market was categorized into four segments, namely product (8-channel EEG, 21-channel EEG, 25-channel EEG, 32-channel EEG, 40-channel EEG, Multi-channel EEG), type (Standalone Devices, Portable Devices), end-use (Hospitals, Diagnostic Centers), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The electroencephalography devices market was segmented into product, type, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The electroencephalography devices market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Russia; Japan; China; India; South Korea; Singapore; Australia; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Electroencephalography devices market companies & financials:

The electroencephalography devices market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Natus Medical, Inc. is a medical device and technology company that produces medical supplies and services for the neurology, newborn, and hearing healthcare markets. The company's product portfolio includes diagnostic and monitoring products, hearing & balance products, newborn care products, and software solutions. Natus products are used in hospitals, sleep labs, clinical laboratories, and hearing centers. The company has operations in the U.S., Canada, Europe, and Asia. This company was acquired by ArchiMed in 2022.

• Electrical Geodesics, Inc. (EGI) is a neuroscience research and medical device company. The company designs, manufactures, and markets clinical solutions for the neuroscience research, clinical, and pharmaceutical markets. EGI’s products include systems for EEG, MEG, and other neuroimaging applications. EGI’s EEG systems are used in research and clinical settings for the diagnosis and treatment of epilepsy, Alzheimer’s disease, traumatic brain injury, and other neurological disorders. The company also offers solutions for the analysis and visualization of EEG and MEG data. EGI is committed to providing innovative solutions that enable researchers and clinicians to better understand the brain. This company was acquired by Royal Philips in 2017 and its product portfolio was acquired by Magstim in 2020.         

• Medtronic is a global leader in medical technology, services, and solutions. The company operates in more than 150 countries and employs over 90,000 people worldwide. It provides innovative and lifesaving medical devices, services, and software that help diagnose, treat, and manage conditions, such as heart and vascular diseases, neurological disorders, diabetes, obesity, and spinal disorders. Medtronic provides a range of brain monitoring products designed to help clinicians collect and interpret brain data in the diagnosis and treatment of neurological disorders. These products include brain diagnostic systems, neurostimulation systems, intraoperative monitoring systems, neurotherapy systems, and neurophysiological monitors.

• NeuroWave Systems, Inc. develops and markets noninvasive medical devices for the assessment and treatment of neurological disorders. The company’s products include EEG systems, ECG systems, and neuromodulation systems for the treatment of epilepsy, depression, and other neurological conditions. NeuroWave’s systems are designed to be easily integrated into clinical settings and are used in hospitals, research centers, and universities. The company also offers software and services to support the use of its systems.

• Compumedics Ltd. is an Australian healthcare technology company specializing in the design, manufacture, and distribution of medical diagnostic systems to the sleep research and neuroscience markets. The company has grown to become a global leader in the industry, with a presence in over 50 countries and a product portfolio that includes sleep diagnostic systems, EEG systems, and digital EEG systems. Compumedics is committed to providing innovative and reliable solutions to help improve patient care and outcomes. In addition to its comprehensive range of products, the company provides extensive support services such as technical support, training, and clinical support.

• Cadwell Laboratories, Inc. is a leading medical device company that specializes in the development, manufacture, and distribution of EEG, EMG, IONM Solutions, veterinary medicine, electrodes & accessories, and sleep diagnostics products. It offers a wide range of systems and accessories that help diagnose a variety of neurological disorders, such as Alzheimer’s, sleep disorders, and epilepsy. It has products for both adults and children and a presence in more than 40 countries. Cadwell also provides training and education programs to help medical professionals learn more about their products.       

• Nihon Kohden America, Inc. is a medical device company that focuses on the development and distribution of medical devices such as patient monitors, defibrillators, and cardiac rhythm management devices. The company has a wide product portfolio, including products for the diagnosis, treatment, and monitoring of cardiovascular and neurological medical conditions. The company has a network of distributors and service centers across the U.S. and Canada.

• Emotiv is a technology company focused on the R&D of advanced brain sensing and analytics solutions. The company is focused on advancing the understanding of the brain and developing powerful applications and solutions to improve cognitive health & performance. The company’s products and services are used in a range of industries, from gaming and entertainment to education, healthcare, and research. It also offers a range of software solutions, such as the EmotivPRO platform, which enables researchers and clinicians to analyze EEG data, as well as the Emotiv Cortex API, which allows developers to integrate brain sensing into their applications. In addition, Emotiv offers a range of apps and games, such as EmotivEPOC, which allows users to learn and train their brains using brain-computer interfaces.

• InteraXon is a Netherlands-based consumer-focused brain-sensing technology company that offers products and services to help people explore and understand their brains. The company offers a variety of products and services, including Muse, a brain-sensing headband that measures brain activity to help people gain insights into their mental states; Muse Direct, a platform that enables people to access real-time brain data from Muse headbands; and Muse Senses, an interactive mobile and web platform that provides personalized feedback and insights into a user’s mental state. The company also offers services such as the Muse Consult Program, which provides personalized guidance on how to best use the Muse headband for maximum benefit. ChooseMuse also provides educational content and research tools to help people explore their brains and understand how their mental states impact their lives.

• BrainBit, Inc. provides high-resolution, ultra-portable EEG devices designed to enable individuals to measure, track, and understand their brain activity. The device is designed to be used in a variety of scenarios such as meditation, sleep tracking, and cognitive training. The device consists of a headset with 8 EEG sensors, a Bluetooth-enabled receiver, and a mobile application. The mobile application allows users to record and analyze data in real time.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Electroencephalography Devices Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Electroencephalography Devices Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.