(PharmaNewsWire.Com, November 13, 2021 ) This report aims to provide detailed insights into the global epilepsy monitoring devices market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth Analysis:
[187 Pages Report] The global epilepsy monitoring devices market is projected to reach USD 615 million by 2026 from USD 489 million in 2021, at a CAGR of 4.7%.
The growth in the market is mainly driven by the increasing incidence and prevalence of epilepsy, growing preference for ambulatory healthcare and increasing use of wearables, growing demand for continuous monitoring, and the rising awareness of neurodegenerative diseases, including epilepsy.
Increasing demand for non-invasive and minimally invasive devices
Invasive monitoring is a complex, painful, and risky process, as it involves direct intervention with sensitive brain tissue. Doctors and patients, therefore, show a high inclination toward the use of non-invasive or minimally invasive epilepsy monitoring devices which in turn driving growth of epilepsy monitoring devices market.
Several government initiatives are focused on the development of novel and innovative devices, such as the BRAIN initiative launched in the US in April 2013 for encouraging R&D related to the functioning of the brain. Advanced Research Projects Activity (IARPA) joined the BRAIN initiative for the development of non-invasive neural intervention devices for optimizing reasoning and problem-solving.
By product segment, the conventional devices segment accounted for the largest market share of epilepsy monitoring devices market in 2020
Among the products segment, the conventional devices segment accounted for the largest market share in 2020. The large share of this segment is attributed to the rising awareness of neurodegenerative diseases including epilepsy.
In the conventional devices segment, monitoring devices contributed the largest share. The growth of this segment is driven by the increasing demand for continuous monitoring and minimally invasive and non-invasive devices.
Increasing incidence and prevalence of epilepsy
According to the WHO, an estimated five million people around the world are diagnosed with epilepsy each year. In high-income countries, there are estimated to be 49 per 100,000 people diagnosed with epilepsy each year. In low- and middle-income countries, this figure can be as high as 139 per 100,000. This is likely due to the increased risk of endemic conditions such as malaria or neurocysticercosis, the higher incidence of road traffic injuries and birth-related injuries, variations in medical infrastructure, and the availability of preventive health programs and accessible care (in high-income countries).
Growth and Demand Analysis of Epilepsy Monitoring Devices Market in North America and APAC Region:
North America accounted for the largest share of the market in 2020. The high incidence of neurological disorders, a growing number of clinical trials for epilepsy monitoring devices, and a large number of end users in the US are the major factor contributing to this.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to rising medical tourism, the implementation of new ICT guidelines in Japan, investments, and reforms to modernize China’s healthcare infrastructure, the presence of a large target patient population (coupled with the rapidly growing geriatric population, especially in Japan and China), growing awareness about epilepsy, and the increasing healthcare expenditure in emerging APAC countries such as China and India.
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