Neurological diseases are the diseases of the spine, brain, and the nerves that connect them and provides oxygenated blood. The neurovascular systems are highly dependent on the continuous supply of oxygen and nutrients, which has been supplied by the arteries and veins. The amount of oxygen and nutrients to the brain is essential for its working; therefore, a defect in the system can impair the function, and it may quickly become a life-threatening factor.
The neurovascular diseases include hemorrhage stroke, ischemic stroke, brain tumors, and more. The genetic disorders, lifestyle habits, related chronic conditions may cause the development of neurovascular diseases. During the last few years, the predominance of neurological disorders has increased significantly. For instance, epilepsy is one of the neurovascular diseases that is rising significantly across the globe.
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The rising cases of brain tumors worldwide is the primary factor for the EEG devices market growth. For instance, as per the data of Lancet Neurol 2019; approximately 330 000 cases of central nervous system (CNS) cancer were reported in the world in 2016. The most regular type of essential CNS cancer is Glioma, which is a group of malignant brain tumors that includes high-grade Glioma or glioblastoma and low-grade Glioma (astrocytoma, oligodendroglioma). Thus, it is anticipated that the increasing prevalence of neurovascular diseases is likely to fuel the growth of the market during the forecast period.
Medical tourism is the major driving factor that is leading to the growth of EEG devices. The patients travel to other countries due to the use of advanced and sophisticated medical technology devices, equipment, and other products. Medical tourism takes place in such cases where medical care and surgeries are required. The medical tourism is rising in Asia Pacific regions where India is the favorite destination because of the key opportunities in the form of efficient infrastructures and technology in the Indian healthcare sector. The National medical systems and the health insurance market are well developed in the country, which is convenient for visitors from the West and the Middle East. Also, hospital expenses very affordable in the country.
The EEG devices market on the basis of product is segmented into 8-channel EEG, 21-channel EEG, 25-channel EEG, 32-channel EEG, 40-channel EEG, and multi-channel EEG. In 2018, the 32-channel EEG accounted for the largest market share in the global EEG devices market by product. Technological development in 32-channel EEG products and its high acceptance by healthcare professionals are the major factors driving the growth of the segment. Owing to factors such as increasing usage in the 32-channel EEG segment is anticipated to grow in the future. However, the multi-channel EEG systems are projected to grow at the highest CAGR over the forecast period, owing to its various applications in recording electrical activities in the brain to detect strokes, neurological disorders, and other brain disorders.
Source: the Insight Partners