According to FutureWise analysis the market for electroencephalography (eeg) devices in 2023 is US$ 1.17 billion, and is expected to reach US$ 2.58 billion by 2031 at a CAGR of 10.40%.
Rising incidences of neurological diseases like epilepsy, Alzheimer’s, dementia, Parkinson’s diseases, multiple sclerosis is the primary reason for the growth of the market. As per the data provided by the Alzheimer’s Association, over 5.6 million people from the Unites States were diagnosed with Alzheimer’s diseases in 2018 and it is projected that over half the geriatric population by 2050 will be diagnosed with dementia. Furthermore, as per the data provided by the ALS Association, over 4,800 people from the Unites States are identified with Amyotrophic Lateral Sclerosis every year and it is predicted to double this number over the upcoming years.
Growing geriatric population has resulted in the growth of research and development activities in the neuroscience sector. The strategic collaborations between Denali Therapeutics and Takeda have emphasized on developing drugs for diseases like Parkinson’s, Alzheimer’s and Pfizer’s partnership with Biogen for developing schizophrenia drugs shall boost the growth of the market. Additionally, according to the projections provided by the National Vital Statistics with compilation by the CDC, it is estimated that a average of over 180 years of potential life has been lost for people under the age of 75 years in the Unites States. Such a high prevalence rate shall bolster the electroencephalography devices market growth. Moreover, as per the Alzheimer’s Disease International, the South East Asia is predicted to experience over 220% rise in the number of Alzheimer’s case and the data from the same source project that the number of patients suffering with Alzheimer’s disease shall reach over 104 million by 2050.