Albany, NY -- (SBWIRE) -- 09/05/2017 -- The global electroencephalography (EEG) and electromyography (EMG) market is being led by Nihon Kohden Corporation, Electrical Geodesics Inc., and Masimo Corporation. Collectively, these companies held a share of 58.5% in the global market in 2016. These companies are expected to focus on the expansion of their businesses by increasing their presence in emerging economies in the coming years. Transparency Market Research also states that the players will focus on diversification of product portfolio and work on acquisition strategies to retain their dominance.
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According to the research report, the global EEG-EMG market was valued US$1.3 bn in 2015 and is expected to be worth US$2.4 bn by the end of 2024. Between the forecast period of 2016 and 2024, the global market is expected to rise at a CAGR of 7.4%.
North America to Show Dominance as Manufacturers Focus on Improving Devices
On the basis of product, the global EEG-EMG equipment market is segmented into electroencephalography (EEG) and electromyography (EMG). Of these, the electroencephalography segment is expected to witness a steady rise over the years. By the end of 2024, the segment is expected to account for a share of about 62.4% in the overall market. The rise in geriatric population, sleep disorders, brain injuries, epilepsy disease, and Parkinson's disease are expected propel the demand this product in the coming years.
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In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, North America is projected to lead the global market in the coming years. By the end of the forecast period, North America is slated to achieve a share of 36.5% in the overall market. This dominance will be attributable to the proactive manufacturers who have shown a keen interest in incorporating latest technologies in new devices.
Technological Advancements Cater to Complicated Needs of Neurological Disorders
The rise in geriatric population is anticipated to boost the global EEG-EMG market as the aging population is prone to neuron disorders and other brain-related problems. By the end of 2030, about 20% of the population in the U.S. will be elderly, reports the U.S. Census Bureau. Owing to these reasons, several players are focusing on developing improved technologies that will cater to the patients demand and to the needs of the overall healthcare sector. The increasing complications in the diagnosis of brain or neural disorders are also expected to make a positive impact on the trajectory of the global EEG-EMG market in the coming years.
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The rise of pediatric neurological disorders, neuropathies, movement disorders, spinal degenerative diseases, brain tumors, and epilepsy amongst others is also expected to augment the demand for EEG-EMG equipment in the near future. Technological advancements have introduced better treatment procedures for patients suffering from neurological disorders. This has factor has also ensured growth for the overall market in recent years.
Availability of Substitutes to Restrain Market Growth
"Availability of substitutes for EEG-EMG equipment is expected to restrain the growth of the global market," states the lead author of this research report. Increasing advancements in structural neuroimaging data options such as CT, DTI, MRI, SPECT, and PET are expected to eat into the share of the global market over the next few years. Furthermore, the high cost of neurocare diagnostic devices such as EEG-EMG is also projected to restrain the market from reaching its complete potential.
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