The global electroencephalography (EEG) and electromyography (EMG) market has been anticipated in a report by Transparency Market Research (TMR) to witness the lead secured by top companies such as Masimo Corporation, Electrical Geodesics, Inc., and Nihon Kohden Corporation. In 2016, these players collected a 58.5% share, indicating their dominance in the market. In order to expand their business, they have been expected to improve their presence in developing regions. If they ever lose their supremacy in the market, you might see them taking to acquisition strategies and diversifying their product portfolios.
TMR analysts have foreseen the market to rise at a 7.4% CAGR between 2016 and 2024 to be valued at a US$2.4 bn by the final forecast year. In 2015, there had been a valuation of US$1.3 bn attained by the market. With respect to product, the market could have EEG securing a 62.4% dominating share by 2024. A regional analysis of the market has foretold North America to possess a 36.5% share by the completion of the same year.
Aging Population Prone to Neuron Disorders Increases Growth
Several researches have highlighted the vulnerability of geriatrics to brain-related health problems such as neuron disorders. EEG and EMG neurophysiology devices find application in helping physicians to examine the functionality of the peripheral and central nervous system. Thus, the increase in the size of geriatric population has been predicted to bode well for the world EEG-EMG equipment market. According to the Census Bureau, the U.S. could see a 20.0% of its population being elderly by the closure of 2030. In this regard, you could find a number of companies developing improved technologies and manufacturing enhanced products to cater to the needs of the healthcare industry and also patient demands.
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You could expect the growth trajectory of the world EEG-EMG equipment market moving toward the right direction with rising complications in the diagnosis of neural and brain disorders. In the foreseeable future, you could find the demand for EEG-EMG equipment reaching to new heights with increasing prevalence of epilepsy, brain tumors, spinal degenerative diseases, movement disorders, neuropathies, and pediatric neurological disorders.
Advancing Structural Neuroimaging Data Options Eat into Demand
If you are a company regularly vending EEG-EMG equipment to the market, you may know that the availability of substitutes could deter your growth in the near future. The same scenario has been communicated in the report, but it has been backed by well-researched opportunities envisaged to prevail in the market. PET, SPECT, MRI, DTI, CT, and other structural neuroimaging data alternatives going through innovations have been foretold to cause a threat to the international EEG-EMG equipment market. Moreover, the expensive cost of EEG-EMG equipment could discourage the rise in the demand.
However, the need for improved treatment options for neurological disorders and technological advancement have been envisioned to set the tone for a valuable growth in the international EEG-EMG equipment market. The report has shared more prospects that could help players to make a strong comeback in the market or successfully face market challenges.