Global Epilepsy Devices Market Grows Steadily at a CAGR of 9.22%

Introduction

Epilepsy is a dysfunction of the central nervous system. In epilepsy, abnormal brain activity causes seizures or episodes of odd behavior, sensations, and sometimes loss of consciousness. According to the WHO, epilepsy is one of the most prevalent neurological disorders, affecting around 50 million individuals globally. The term "epilepsy devices" refers to several technologies that can detect seizures and reduce their frequency.

Market Dynamics

Growing Prevalence of Epilepsy amongst the Geriatric Population Drives the Global Market

Studies indicate that older persons are at a greater risk for epilepsy. The National Center for Chronic Disease Prevention and Health Promotion in the United States reports that older individuals have an increased risk of epilepsy due to neurological conditions such as Alzheimer's and stroke, as well as an increased risk of head traumas due to falls and brain tumors. In August 2020, the Centers for Disease Control and Prevention (CDC) reported that approximately 3 million Americans have epilepsy, and 1 million are 55 and older. Therefore, the increasing prevalence of epilepsy in elderly individuals supports market expansion.

Furthermore, according to the United Nations, the population aged 65 or older increased from 6% in 1990 to 9% in 2019. In addition, it is anticipated that by 2050, this demographic will account for 16% of the total population. As the elderly population is more susceptible to seizures, an increase in the senior population is projected to increase demand for epilepsy equipment.

Emerging Markets for Epilepsy Devices Creates Tremendous Opportunities

It is anticipated that emerging markets such as Asia-Pacific will drive the industry. As of June 2019, over 80% of people with epilepsy reside in low- and middle-income nations, according to the World Health Organization. In addition, the Royal Melbourne Hospital in Australia estimates that over 23 million people in Asia have epilepsy, which accounts for nearly half of the global epilepsy prevalence. In addition, strokes and automobile accidents, the most common causes of epilepsy, are also prevalent in these places. According to a survey released in March 2019 by The Lancet Journal, China had the highest incidence of strokes in the world in 2016, with 354 incidents per 100,000 people. Therefore, there is a great need and demand for epilepsy gadgets in these regions. With increased R&D efforts to provide cost-effective epilepsy products that meet the demands of these expanding economies, this is an opportunity for future market expansion.

Regional Analysis

Americas is the most significant shareholder in the global epilepsy devices market and is anticipated to grow at a CAGR of 9.50% during the forecast period. A developed healthcare infrastructure, favorable government regulations, regional headquarters of significant vital companies such as Boston Scientific Corporation and Empatica, Inc., and an increase in epilepsy patients are boosting the regional market. In addition, Healthline Media (US) estimated in May 2019 that 1.2% of the US population, or over 3.4 million people, have active epilepsy. One in every 26 Americans is diagnosed with epilepsy at some point in their lifetime. Major regional companies are investing considerably in R&D to develop new products and obtain approvals. For instance, BioSerenity, Inc. received FDA approval in February 2021 for the Neuronaute EEG System and IceCap EEG wearable device, which allow for remote monitoring of epilepsy patients (France).

Europe is expected to grow at a CAGR of 8.0% over the forecast period. The availability of reimbursement, the growth of the senior population susceptible to epilepsy, and technological advances in treatment devices all indicate that the European market for epileptic devices will develop during the forecast period. In addition, the presence of a highly developed healthcare infrastructure and government research funding is anticipated to positively affect the European epilepsy devices industry. According to Eurostat, the elderly population in the EU-27 is projected to increase from 90,5 million in 2019 to 129,8 million in 2050. Epilepsy is more likely to occur in older individuals and the rising senior population is driving the demand for epilepsy devices. In addition, significant regional players are obtaining product approvals, which will increase the demand. For instance, in April 2018, LovaNova (UK) received CE mark clearance for their SenTiva generator Vagus Nerve Stimulation Therapy system.

Key Highlights

• The global epilepsy devices market was valued at USD 1,760 million in 2022. It is estimated to reach USD 3,893 million by 2031, growing at a CAGR of 9.22% during the forecast period (2023–2031).
• Based on product type, the global epilepsy devices market is divided into wearable devices, conventional devices, implantable devices, and diet. The conventional devices segment is the highest contributor to the market and is expected to grow at a CAGR of 7.73% during the forecast period.
• Based on technology, the global epilepsy devices market is divided into Vagus Nerve Stimulation, responsive neurostimulation, Deep Brain Stimulation (DBS), and accelerometry. The Vagus Nerve Stimulation segment is responsible for the highest market share and is estimated to grow at a CAGR of 6.83% over the forecast period.
• Based on seizure detection and prediction devices, the global epilepsy devices market is divided into electroencephalogram (EEG), intracranial EEG, surface electromyography (sEMG), electrodermal activity (EDA), electrocardiography (EKG), video detection systems, implanted advisory systems and others. The electroencephalogram (EEG) segment owns the highest market share and is estimated to grow at a CAGR of 11.78% over the forecast period.
• Based on end-user, the global epilepsy devices market is divided into hospitals and clinics, neurology centers, home care settings, and others. The hospitals and clinics segment is the most significant contributor to the market and is expected to grow at a CAGR of 10.53% during the forecast period.
• Americas is the most significant shareholder in the global epilepsy devices market and is anticipated to grow at a CAGR of 9.50% during the forecast period.

Competitive Players

Competitive Players

The key players in the global epilepsy devices market are

• Medtronic Plc
• LivaNova Plc
• Empatica Inc.
• Koninklijke Philips NV
• Natus Medical Incorporated
• Boston Scientific Corporation
• Medpage Limited
• Compumedics
• Nihon Kohden Corporation
• MC 10
• NeuroPace Inc.

Recent Developments

Market News

• In December 2022, Medtronic plc announced that the HugoTM robotic-assisted surgery (RAS) system had enrolled its first patient in the Expand URO U.S. clinical study. Dr. Michael R. Abern conducted the robotic-assisted prostatectomy at Duke University Hospital in Durham, North Carolina.

Segmentation

Global Epilepsy Devices Market: Segmentation

By Product Type

• Wearable Devices
• Conventional Devices
• Implantable Devices
• Diet

By Technology

• Vagus Nerve Stimulation
• Responsive Neurostimulation
• Deep Brain Stimulation (DBS)
• Accelerometry

By Seizure Detection and Prediction Devices

• Electroencephalogram (EEG)
• Intracranial EEG
• Surface Electromyography (sEMG)
• Electrodermal Activity (EDA)
• Electrocardiography (EKG)
• Video Detection Systems
• Implanted Advisory Systems
• Others

By End-User

• Hospitals and Clinics
• Neurology Centers
• Home Care Settings
• Others

By Regions

• Americas
• Europe
• Asia-Pacific
• The Middle East and Africa