Epilepsy Monitoring Devices Market Trends

Growth Drivers

• Increase in Brain Injuries– On account of the increasing road accidents, violence, or fall from bed, ladder, downstairs, washrooms, and other falls are the main causes of increasing brain injuries among people. The likelihood that someone may acquire epilepsy increases with the severity of the brain injury, as traumatic brain damage and other brain illnesses are closely related to epilepsy. As per estimates, there are more than 3 million traumatic brain injuries annually in the US.

• Rising Geriatric Population – Elderly population is more prone to epilepsy and the rising number of elderly populations across the globe is estimated to drive market growth. The percentage of individuals over 60 in the world will nearly double from 12 to 22% between 2015 and 2050. As per data, today more than 8% of the world's population, is over the age of 65.

• Increasing Innovations in Medical Devices – Government and other research centers have increased the investment in R&D activities to manage and treat illnesses, as well as to launch new medications and equipment, which are needed to prevent, diagnose, and monitor health issues. As per the World Health Organization (WHO), there are more than 7000 generic device groups and an estimated 2 million various types of medical devices available on the global market.

• Growing Incidences of Brain Cancer & Brain Infections – It is expected that patients with brain Cancer & several other issues related to the brain, experience epilepsy more on a large scale, which is anticipated to drive the market growth. In 2022, more than 1,000 individuals were diagnosed with brain cancer globally.

Challenges

• Exorbitant Price of Advanced Epilepsy Monitoring Equipment - The epilepsy monitoring device is expensive, which is one of the major factors predicted to slow down the market growth. For instance, these devices are complex, and their usage in the process involves a high cost. Even in those nations where they are widely used, purchasing monitoring devices becomes challenging owing to the high price.
• Low Awareness among People in Low and Middle-Income Countries for these Medical Devices- Many epileptic patients in such areas may not obtain the necessary care, as they do not have modern medical facilities nearby, and there is no reliable source of guidance.
• Strict Rules and Regulations