Wilmington, Delaware, United States, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global epilepsy monitoring devices market is estimated to reach a value of US$ 737.0 Mn by 2031, up from US$ 475.6 Mn in 2021. Increase in product approvals; rise in prevalence of brain cancer, head injuries, and brain infections; and advancements in technology are fueling the epilepsy monitoring devices market.
Manufacturers of medical devices are launching innovative epilepsy monitor devices for children. For instance, NeuroPace launched the next-gen RNS system, which is the world’s only brain computer interface for the treatment of refractory epilepsy.
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Competitive Landscape
The global industry is consolidated, with the presence of a handful of large-scale players. Expansion of product portfolio and M&As are major growth strategies adopted by key players.
Prominent players in the epilepsy monitoring devices market include Koninklijke Philips N.V., Compumed Limited, Empatica Inc., Masimo, Medtronic plc, Natus Medical Incorporated, and PulseGuard International Ltd.
Additionally, genetic factors associated with brain deformities, increase in investments in healthcare, and improvement in healthcare infrastructure are augmenting market development.
Epilepsy is a health condition of the central nervous system, in which the brain functions abnormally, leading to periods of unusual behavior and loss of awareness and sensations.
Key Findings of Study
Considerable Disease Burden of Epilepsy on Healthcare Systems Fueling Market Size – Increase in awareness about panic attack treatment is fueling the demand for epilepsy monitoring devices. According to statistics by the WHO, epilepsy is responsible for a considerable volume of the world’s disease burden, with more than 50 million people suffering from the disease globally. The projected proportion of occurrence of active epilepsy in the general population is between 4 and 10 per 1,000 people. Consequently, manufacturers of epilepsy monitoring devices are engaging in R&D activities for the manufacture of pediatric medical devices, which in turn is boosting the epilepsy monitoring devices market value.
Rise in Incidence of Brain Cancer, Head Injuries, and Brain Infections Driving Market Expansion – According to the National Center for Biotechnology Information (NCBI), brain tumor is the second-leading cause of epilepsy in the geriatric population that accounts for 10% to 30% of cases of geriatric epilepsy. Epilepsy is one of the symptoms in patients with brain tumor, with 20% to 40% patients experiencing seizure as the first symptom.
As per the International League Against Epilepsy (ILAE), acute symptomatic seizures and epilepsy can both be triggered by diseases in the central nervous system, such as meningitis, neurocysticercosis, and encephalitis. Moreover, alcohol or drug abuse and failure to take prescribed medicine are key factors increasing the risk of seizures in individuals who are prone to them. These factors are anticipated to fuel market progress in the next few years.
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Surge in Awareness about Epilepsy Monitoring to Boost Market Demand – Based on product, the conventional devices segment accounted for leading share, in terms of revenue, of the global market in 2021. Increase in awareness about epilepsy monitoring to reduce incidence of sudden death due to epilepsy (SUDEP) supports the rise in demand for conventional devices.
The wearable devices segment is projected to expand at the fastest CAGR during the forecast period. Advanced products, such as Empatica’s Embrace, provide 24-hour monitoring of patients of epilepsy, and they can also raise an alert by sending a message or even by making a phone call to the caregiver in an emergency situation.
Significant Investment by Governments in Healthcare Infrastructure to Propel Hospitals & Clinics Segment – In terms of end-user, the hospitals & clinics segment held major share of the market in 2021. This can be ascribed to high volume use of EEG monitoring and emergency medical devices in hospitals and clinics. The segment is anticipated to witness promising opportunities, especially in developing countries. Governments in developing countries are investing significantly in the development of healthcare infrastructure. Moreover, development of medical tourism and surge in demand for quality healthcare are likely to fuel the hospitals & clinics segment in the next few years.
Growth Drivers
- Rise in incidence of head injuries, brain tumor, and brain infections is fueling the epilepsy monitoring devices market
- Considerable disease burden of epilepsy on healthcare systems is augmenting market growth
Regional Analysis
Europe accounted for the leading share of the market in 2021. The market in Europe is anticipated to expand at a significant CAGR, due to the presence of a large geriatric population and surge in healthcare expenditure.
According to records of Epilepsy Action, 600, 000 people are living with epilepsy in the U.K., which is nearly equal to the number of autism cases in the country.
Competitive Landscape
The global industry is consolidated, with the presence of a handful of large-scale players. Expansion of product portfolio and M&As are major growth strategies adopted by key players.
Prominent players in the epilepsy monitoring devices market include Koninklijke Philips N.V., Compumed Limited, Empatica Inc., Masimo, Medtronic plc, Natus Medical Incorporated, and PulseGuard International Ltd.
The global epilepsy monitoring devices market has been segmented as follows:
Global Epilepsy Monitoring Devices Market, by Product
- Conventional Devices
- Wearable Devices
Global Epilepsy Monitoring Devices Market, by End-user
- Hospitals & Clinics
- Home Care Settings
Global Epilepsy Monitoring Devices Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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