The global epilepsy monitoring device market size was US$ 60.1 billion in 2021. The global epilepsy monitoring device market is forecast to grow to US$ 95.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 6.6% during the forecast period from 2022 to 2030.
Epilepsy Monitoring Devices are used to monitor the brain activity of the patient’s using EEG and Video. These devices are used for patients suffering from epilepsy, which is a long-term brain condition where a person witness repeated seizures.
Factors Influencing the Market
Epilepsy monitoring device is used to diagnose brain abnormities through different devices. The Centers for disease control and prevention estimates that nearly 3.4 million Americans, including 470,000 children, suffer from epilepsy. Thus, it will increase the demand for epilepsy monitoring devices during the forecast period. The growing preference for ambulatory healthcare will also benefit the overall market.
Increasing adoption of wearables and rising awareness of neurodegenerative diseases, such as epilepsy, will drive the market forward. In addition to that, the launch of new wearable devices, such as the mHealth wearable SmartWatch Inspyre™ for the Apple Watch to track epileptic seizures, will contribute to the growth of the market over the forecast period.
Diagnostic challenges associated with epilepsy monitoring devices may limit the growth of the market. On the contrary, growing healthcare expenditure across developing countries like India and China will escalate the industry growth.
COVID-19 Impact Analysis
As more countries resort to lockdown to limit the spread of the disease, the impact of the COVID 19 pandemic is likely to be severe on the epilepsy monitoring equipment manufacturing businesses. The pandemic has affected millions of people, forcing manufacturing units to halt the operations for a particular time. Around one-third of the population was quarantined, which resulted in labor shortages across various industries. However, the demand for healthcare products like personal protective equipment (PPE), ventilators, and diagnostic instruments abruptly increased, which had been beneficial for the suppliers.
Regional Analysis
Based on the regions, the Asia-Pacific epilepsy monitoring device market is forecast to grow at the fastest rate. It is owing to the rising cases of epilepsy. The market may witness untapped opportunities in emerging economies like India and China due to the huge population bases in these countries. According to a study by World Health Organization (WHO), Epilepsy impacts nearly 1% of the population of South-East Asia, which accounts for nearly 15 million people in the region. Moreover, growing healthcare expenditure in the countries will also be a significant contributor to the epilepsy monitoring device market growth.
The growing geriatric population across the globe will drive the epilepsy monitoring device market forward.
Competitors in the Market
Market Segmentation
The global epilepsy monitoring device market segmentation focuses on Product, End-Users, and Region.
By Product Outlook
By End-Users Outlook
By Regional Outlook
