Epilepsy Monitoring Devices Market Growth Analysis 2023
The global epilepsy monitoring devices market size was valued at USD 528 million in 2022 and is poised to grow at a significant CAGR of 4.9% during the forecast period 2023-29. The primary driver of the expansion of the global epilepsy monitoring devices market includes the increasing prevalence of epilepsy and the incidence of head injuries, brain cancer, and infections, the rise in research & development activities, government initiatives, and the awareness about epilepsy monitoring devices. The global epilepsy monitoring devices market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,In July 2022, Marinus Pharmaceuticals announced the launch of ZTALMY (ganaxolone) for seizures associated with CDKL5 deficiency disorder. In Feb 2022, Epitel, a digital health company developing a wearable, wireless EEG monitoring platform for seizure detection, announced closing a $12.5 million Series financing for the wearable. Epitel received FDA clearance for its first product, a wireless and wearable EEG (brain wave monitor) sensor, and remote access software known as REMI for use within hospital emergency rooms and critical care units.
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The global epilepsy monitoring devices market segmentation:
1) By Product: Wearable Devices, Conventional Devices, and Implantable Devices.
2) By Technology: Vagus Nerve Stimulation (VNS), Responsive Neurostimulation, Deep Brain Stimulation, and Accelerometry
3) End User: Hospitals and Clinics, Ambulatory Surgery Centers, Neurology Centers, Diagnostic Centers, and Home Care Settings.
Amongst product types, Electroencephalogram (EEG) devices segment held a considerable market during the estimated period. Electroencephalogram (EEG) devices are used to get abnormal EEG patterns for accurate predictions for seizure recurrence. So, continuous monitoring of patients through EEG devices is essential. Hence, there is a massive demand for EEG devices for epilepsy monitoring. The wearable devices can be segmented into watches, camera devices, mattress devices, anti-suffocation pillows, and others. Wearable epileptic device technology has gained substantial popularity in recent years. Conventional devices and wearable devices are the major market share holder of the market and are expected to drive the growth of the global epilepsy monitoring market in the forecasted years.
The global epilepsy device market, based on region, is segmented into America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The Asia Pacific market is expected to increase in the global epilepsy monitoring devices market over the forecast period. It is projected to grow at a significant CAGR in the coming years. The Asia Pacific market is developing rapidly due to the emergence of new players, and the high prevalence of epilepsy in the region. North America held a considerable market share during the estimated period due to developed health care facilities, government policies, major global companies in the region, and rising epilepsy cases.
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The epilepsy monitoring devices market key players are Koninklijke Philips N.V, Natus Medical, Inc. (US), Compumedics Limited (Australia), Empatica, Inc. (US), Abbott Laboratories, Inc. (US), LivAssured B.V. (Netherlands), BioSerenity (France), The Magstim Co. Ltd. (UK), Nihon Kohden Corporation (Japan), Medtronic Plc (Ireland), Masimo Corporation (US), Boston Scientific Corporation (US), Aleva Neurotherapeutics (Switzerland), Medpage, Ltd. (UK), and Neurosoft (Russia).
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