Epilepsy Monitoring Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Epilepsy Monitoring Devices Market: Overview
The epilepsy monitoring devices market has been estimated to grow at a significant speed in the forthcoming years. The increasing market has been driven by the rising awareness about neurodegenerative diseases, such as epilepsy. Further, increasing demand for continuous monitoring and growing incidence as well as the prevalence of epilepsy cases. In addition to this, increasing preference for ambulatory healthcare services and rising use of wearables are also anticipated to fuel expansion opportunities in the market.
As per the data provided by the WHO, around 5 million people across the globe have been diagnosed with epilepsy every year. These cases are increasing more in the middle and low-income countries compared to high-income countries. This difference is due to the increased risk of various endemic conditions, for example, neurocysticercosis or malaria. In addition to this, availability of different preventive accessible care and health programs, variations in the medical infrastructure, and rising cases of birth-related injuries and road traffic injuries. Thus, the rising cases of epilepsy across the world have created a need for effective medical solutions that finally results in fueling growth opportunities in the market.
Epilepsy Monitoring Devices Market: Key Trends
Invasive monitoring is a risky, complex, and painful process that involves direct intervention with the sensitive tissues of the brain. Patients and doctors are therefore showing a high inclination for the application of minimally or non-invasive epilepsy monitoring devices.
Government from various countries around the world are taking initiatives that are concentrating to develop innovative and novel devices. These technologically advanced monitoring devices are likely to fuel expansion opportunities in the epilepsy monitoring devices market.
On the flip side, the costly epilepsy monitoring devices and surgeries are a prominent factor to restraint the growth of the market, especially in developing that have poor policies for reimbursement. Even, healthcare facilities in the countries that have adopted these monitoring devices find the procedure of MEG devices difficult. Further, the high maintenance cost and various other indirect expenses increase the complete cost of the ownership. Thus, these factors are likely to curtail the growth opportunities in the market.
Epilepsy Monitoring Devices Market: Competitive Dynamics and Key Developments
The major players serving in the epilepsy monitoring devices market are adopting various strategies to increase the growth prospects in the years to come. Strategic collaborations, product approvals, geographical expansion, partnerships, mergers, novel product launches, and acquisitions are used by these major companies to develop expansion avenues in the market.
For instance, an agreement has been established between BioSerenity and Premier Inc. in February 2021. According to the agreement, BioSerenity has served as the contract provider of Premier. The company serve around 4,000 hospitals in the U.S. and 175,000 other providers.
Some key players in the market of epilepsy monitoring devices are:
Epilepsy Monitoring Devices Market: Regional Assessment
The epilepsy monitoring devices market is spread around various geographical areas around the world including North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among these, the Asia Pacific region is estimated to grow at a significant rate in the upcoming years. This increased market growth has been on the back of the increasing number of medical tourism, increasing rate of the healthcare expenditure among the emerging countries in APAC, for example, India and China, and rising awareness about epilepsy. Further, the presence of a large number of the target population along with a rapidly growing population of geriatric people is also anticipated to increase the growth prospects in the epilepsy monitoring devices market.
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