New York, July 06, 2023 (GLOBE NEWSWIRE) -- The global epilepsy monitoring devices market is estimated to grow at a CAGR of ~6% from 2023 to 2035. The market is estimated to garner a revenue of nearly USD 622 million by the end of 2035, up from a revenue of about USD 490 million in the year 2022. Population growth has increased the adoption of advanced treatment modalities and favorable reimbursement policies. Hence, it is anticipated to work as a major growth driver for the market across the globe. America's Health Care Proposed Medicare for All Act (MAA) It is estimated that this could save about 10% of the nation's healthcare costs, or more than USD 400 billion. Epilepsy is defined as a neurological disorder characterized by sudden loss of sensation, loss of consciousness, or convulsions associated with abnormal electrical activity in the brain, which can lead to seizures and other serious complications.
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Epilepsy occurs in young children, making it difficult for parents to monitor their children. Healthcare companies have developed devices to help parents and people with epilepsy. These devices can track seizures and protect against serious seizure side effects. This includes bracelets, watches, asphyxiation pads, and mattress devices. These devices are not disability cures. However, they are effective in providing peace of mind. Epilepsy monitors are used to diagnose brain abnormalities with electroencephalogram (EEG) machines. EEG is a noninvasive electrophysiological monitoring technique used to detect electrical activity in the brain.
Global Epilepsy Monitoring Devices Market: Key Takeaways
- Market in Europe to propel highest growth
- The hospitals & clinics segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Epilepsy Prevalence Worldwide to Drive Market Growth
Epilepsy is a dangerous condition that is not contagious and affects the brain. The WHO reports that 50 million people worldwide suffer from epilepsy. Most of them (almost 80%) live in low- and middle-income countries. However, 70% of them can be seizure-free with proper care. Early mortality is high in patients with epilepsy. Proper monitoring is therefore very important. If detected early, the disease can be cured with the right medicine. This is one of the main reasons why the epilepsy monitoring device market is growing. Another key factor driving the market is rising average income levels in most countries. GNI increased from USD 17,102 in 2018 to USD 17,718 in 2019, according to a World Bank report. The percentage increase is almost 4%. As income levels rise, so does affordability. As a result, people will be able to buy more expensive goods. This is another reason why this market is growing. Behind the integration of technology and biological sciences is increasing investment at the government and private levels. This is another factor in the growth of the epilepsy monitoring devices market.
Global Epilepsy Monitoring Devices Market: Regional Overview
The global epilepsy monitoring devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increase in Traffic Accidents to Drive Market Growth in Europe
The market of epilepsy monitoring devices in Europe is estimated to garner the largest revenue by the end of 2033. The regional growth can be attributed in large part to the growing elderly population and rising medical costs in the region. It is also estimated that an increase in traffic accidents and sports will boost regional market growth. The number of road fatalities in 2021 was estimated at 19,000. Epilepsy is a "nervous system" disorder in which brain activity is abnormal, resulting in seizures, periods of abnormal behavior, sensations, and sometimes loss of consciousness. Epileptic seizures range from short, almost imperceptible periods to long, violent shaking caused by abnormal electrical activity in the brain. The most common type of seizure is a seizure, which is an involuntary muscle contraction. A tonic-clonic seizure involves contraction of the limbs, followed by extension of the limbs and arching of the back, lasting 10 to 30 seconds. Myoclonic seizures involve very short, partial, or total muscle spasms. Rapid increases in demand, increasing industrialization, increasing consumer awareness, a growing sector, and improving technology are expected to drive the expansion of the market in Europe.
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Rising Geriatric Population to Drive Growth in Asia Pacific
The market of epilepsy monitoring devices in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2033. The growth of the market in this region can primarily be attributed to the constantly growing older population throughout the region. The elderly are more prone to epilepsy and require epilepsy monitoring devices for their treatment. The population of Asia Pacific is aging faster than that of any other region on the planet. Among the total aging population of the world, Asia-Pacific accounts for 60 percent, or 630 million, who are 60 years of age or older. The geriatric population in the region is projected to reach 1.3 billion by the year 2050. Additionally, the government's role in raising awareness regarding the use of epilepsy monitoring devices is expected to boost market growth in the region. Moreover, increased funding for medical infrastructure is expected to affect the growth of the market in the region.
Global Market of Epilepsy Monitoring Devices, Segmentation by End User
- Hospitals & Clinics
- Home Care Settings
Amongst these two segments, the hospitals and clinics segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be attributed to the existence of a huge patient pool in hospital facilities requiring treatment for epilepsy. Moreover, increasing health expenditure per capita is also estimated to contribute to segment growth. As of 2019, health expenditure per capita was USD 1115.01 among the global population. Hospitals provide a wide range of medical care. Physicians, called hospital doctors, typically specialize in internal medicine, pediatrics, or general practice. They have the knowledge to solve common problems and the resources to solve more complex medical problems. Hospitals may also offer specialized care, such as in neurology, obstetrics and gynecology, and oncology. By definition of a hospital, a county hospital is typically a primary medical facility in a region with numerous intensive care units and mobile beds for patients requiring long-term care. Trauma centers, children's hospitals, rehabilitation clinics, hospitals, and geriatric (geriatric) hospitals that deal with special medical problems such as psychiatric care are also examples of specialty hospitals, as are several other disease categories. Unlike general hospitals, specialty hospitals help saves on medical costs. Hospitals are classified as general hospitals, specialty hospitals, or government hospitals based on their source of income.
Global Epilepsy Monitoring Devices Market, Segmentation by Epilepsy Detection & Prediction Device
- Intracranial EEG
- Surface Electromyography
- Electro Dermal Activity
- Electrocardiography
- Electroencephalogram (EEG)
Amongst these five segments, the electrocardiography segment is anticipated to hold a significant share over the forecast period. Electrocardiography is the process of making an electrocardiogram, which is a record of the heart's electrical activity. This is an electrogram of the heart, which plots the heart's electrical activity in voltage versus time using electrodes placed on the skin. An electrocardiogram (ECG) is a simple test that can check your heart's rhythm and electrical activity. It uses sensors attached to the skin to record the electrical signals the heart produces with each beat. An electrocardiogram (EKG) records electrical signals from the heart to check for various heart conditions. Electrodes are placed on the chest to record electrical signals from the heart that make it beat. The segmental growth can be attributed to the increasing prevalence of cardiovascular diseases across the globe. According to the World Health Organization, cardiovascular disease (CVD) is the leading cause of death worldwide, claiming an estimated 17.9 million lives each year.
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Global Epilepsy Monitoring Devices Market, Segmentation by Technology
- Vagus Nerve
- Responsive Neuro
- Deep Brain Stimulations
- Accelerometry
Global Epilepsy Monitoring Devices Market, Segmentation by Product
- Conventional
- Wearable
- Implantable Devices
Few of the well-known market leaders in the global epilepsy monitoring devices market that are profiled by Research Nester are Natus Medical Incorporated, Compumedics Limited, Empatica Inc., Magstim, Inc., Nihon Kohden Corporation, Medtronic Plc, Boston Scientific Corporation, Masimo Corporation, Drägerwerk AG & Co. KGaA, Abbott Laboratories, and other key market players.
Recent Development in the Global Epilepsy Monitoring Devices Market
- Compumedics Limited has won a bulk order for magnetoencephalography (MEG) brain imaging in China to strengthen its entry into the Chinese neuroscience market.
- Empatica Inc. has developed "Embrace2", which has been approved as a medical device by the FDA (Food and Drug Administration). A wearable device that detects potential tonic-clonic seizures and reports them to an 'alert' on a paired mobile device, which can be worn by adults and children ages 6 and up.
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