Electroencephalography (EEG) Devices Market USD 1.58 Billion by 2031

The Electroencephalography (EEG) Devices market is projected to grow at a rate of 7.4% in terms of value, from USD 896.1 Million in 2023 to reach USD 1.58 Billion by 2031.  EEG test or procedure is generally used to diagnose epilepsy, brain death, sleep disorders, encephalopathies, coma, and depth of anesthesia, stroke, tumors, and other crucial brain /neurological disorders. Further, the demand is driven by innovations in Electroencephalography by companies like Cogwear LLC, which provides wearable EEG headband for use in sports, gym and majorly in healthcare, owing to its usefulness in studying teamwork, trust within the individual, communication and brain reaction to the situation, as well as detecting anxiety and depression among people of the younger generation

According to the World Health Organization (WHO), by the year 2020, the number of people aged 60 or older will be exceeding the number of children younger than 5 years. The speed of population aging worldwide is increasing every year; by the year 2050, people above 60 years is expected to reach 2 billion. This will enhance the demand for Electroencephalography devices. Some neurological disorders such as brain tumors, headaches, or some injuries such as bleeding, head injuries caused due to accidents can be detected with the help of EEG. Approximately 1.35 million people are estimated to die, and more injured cases are being admitted every year due to road traffic injuries; among them, around 93% of injuries have been registered in low to middle-income countries. The Society for Neuroscience estimates that around 38% of the European Union population is suffering from some mental disorder costing them an aggregate of over USD 902.43 billion every year. Advanced EEG products are required in order to detect brain abnormalities in primary stages, and thus, its demand is high and is expected to grow at a higher rate in the near future. From the new research of the University of Toronto Scarborough EEG can also be used to reconstruct faces we look at, and they are looking forward if the face can be reconstructed from the memory this will boost the application of the EEG as this new innovative EEG can be then used in forensic, for mute people. R&D investments by manufacturers have increased significantly to provide technologically advanced brain monitoring. For instance, Natus Medical, Inc. invested an estimated USD 30.4 million for R&D of EEG devices in 2015.  Such investment is made for new product development so as to fulfill the increasing demand for advanced devices by customers.

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However, a high cost associated with the device and introduction of better technologies may create hindrances in the growth of the market in the forecast period.

Product Outlook:

The 32-channel EEG dominated the market in 2022, contributing to about 42.0% of the market and is likely to continue to lead the market throughout the forecast period attributed to continuous technological advancements and growing acceptance by healthcare professionals in the region.

Type Outlook:

The standalone devices segment is almost always preferred to portable EEG devices due to its numerous applications and thus dominates the market holding about 82.0% of the market revenue share. The portable devices segment is anticipated to grow at the highest CAGR of 8.2% during the forecast period attributed to the growing emphasis of market players on technological advancements, comprising portable and lightweight devices.

End-Use Outlook

Hospitals dominated the overall market in 2022 and held a market share of 68.5%, owing to the growing number of patients having traumatic brain injuries, epilepsy, and several other neurological disorders. The factors, including well-resourced diagnostic rooms, higher purchasing power, the existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.

Diagnostic centers are likely to observe the fastest growth in the forecast period as neurodegenerative disorders are being increasingly outsourced by hospitals and clinics to the diagnostic centers.

Regional Outlook

North America is the key revenue-generating region in 2022 with a market share of about 44.0% of the market revenue share attributed to the presence of developed healthcare facilities, high prevalence of target ailments, and wide spread research activities being carried out within the region.

The Asia Pacific region is likely to grow at the fastest rate during the forecast period because of the increasing elderly population, a rise in the occurrence of target disorders, and an increase in awareness pertaining to self-care, among others. The EEG devices market in the Asia Pacific was valued at USD 175.9 million in 2018 and is expected to reach over USD 350.0 million by 2031.


  • Company Cogwear LLC has shifted the EEG limitation from lab or clinics to sports; this wearable device can study teamwork, communication, trust, and brain synchrony, which can also be used by industrialists for the study of team outing. The makers of the device expect high demand in healthcare as it can be easily wearable which makes it convenient to use at home and to detect anxiety or depression in younger ones
  • According to the Centers for Disease Control and Prevention (CDC), an estimated 3 million people suffered from epilepsy in the US during 2015. More than 30% of injury-related deaths are due to traumatic brain injuries in the US, resulting in an increased demand for EEG machines.
  • The 40-channel EEG held a substantial market share in 2022 and is projected to grow at a rate of xx% in the forecast period.
  • The market in the European region is likely to grow at a rate of xx% in the period 2020-2031.

Competitive Landscape

Key participants include Cadwell Laboratories Inc., Compumedics Limited, EB Neuro SPA, Elekta A.B., BrainScope Company Inc., Electrical Geodesics Inc., Natus Medical Inc., Lifelines Neurodiagnostic Systems Inc., and Neurowave Systems Inc., among others.

The players operating in the market have undertaken a number of strategies related to the market in the period 2023-2020. Some of the key highlights are:

  • In June 2022, Cadwell Industries, Inc. announced the launch of Arc Apollo, the 9th generation of EEG solutions by the firm. The data collection flexibility of the product is perfect for routine diagnostic studies, long-term monitoring, ambulatory studies, intensive care, and epilepsy observation applications.

Start-up Traction

The industry offers numerous growth opportunities. Thus, a number of startups providing innovative products and technologies have been entering the market. Some of them include Empatica, BioSerenity, BrainWaveBank, BrainScope, Ceribell, and Neuro Event Labs.

Deal Landscape

Mergers and Acquisitions are an integral part of the industry. Along with the companies operating in the market, other key market players have also been entering the industry.

  • In July 2020, Magstim made an announcement about the acquisition of Electrical Geodesics, Inc. (EGI) product portfolio from Royal Philips. The acquisition incorporates high-density EEG to the product portfolio of Magstim.

Expert Insights:

Reports and Data forecasts promising developments for increased adoption of Electroencephalography (EEG) Devices. According to industry experts, the use of 21-channel and 40-channel EEG devices is garnering significant traction in the market. New companies entering the industry would emphasize designing and developing innovative products, thereby catering to the increasing requirement of end-users.

Segments covered in the report:

This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2023 to 2031. The scope of the report can be defined as:

For the purpose of this study have segmented the Electroencephalography (EEG) Devices market on the basis of product, type, end-use, and region:

Product Outlook (Revenue, USD Million; 2023-2031)

  • 8-channel EEG
  • 21-channel EEG
  • 25-channel EEG
  • 32-channel EEG
  • 40-channel EEG
  • Multichannel EEG

Type Outlook (Revenue, USD Million; 2023-2031)

  • Standalone devices
  • Portable devices

End-Use Outlook (Revenue, USD Million; 2023-2031)

  • Hospitals
  • Diagnostic Centers
  • Clinics
  • Others

Regional Outlook (Revenue, USD Million; 2023-2031)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • MEA
    • Saudi Arabia
    • UAE
    • Rest of the Middle East and Africa

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