A recent report published by Allied Market Research estimates that the global electroencephalography (“EEG”) equipment market was $1.4 billion in 2018 and is expected to reach $1.99 billion by 2026, growing at a CAGR of 4.5% from 2019 to 2026 (https://ibn.fm/Jmxjq). As a commercial-stage, healthcare company dedicated to developing innovative medical devices in the neurological diagnostics space, Brain Scientific (OTCQB: BRSF) seems well placed to capitalize on the growing EEG equipment market.
The key driving forces behind the market growth include factors such as the aging population, which leads to the increase in demand for brain diagnostics due to neurological diseases, as well as the increase in adoption of EEG equipment in surgery centers coupled with technological advancements in this field. In addition, the rise in the incidence of neurological disorders such as epilepsy and Alzheimer’s disease also contributes to the increase in demand for EEG equipment.
The Allied Market report cites the disease diagnosis segment as the largest EEG equipment market segment measured by the market share and also the fastest-growing one due to the surge in prevalence of neurological disorders across the globe. The increase in adoption of EEGs in neonatal intensive care units is expected to be another major driving force behind the rapid growth of the diagnostic segment.
The demand for neurological diagnostic services is growing rapidly. Still, the supply of trained neurologists remains limited, resulting in significantly limited access to neurological care globally including in developed countries. This is where Brain Scientific’s solutions shine. BRSF has developed two FDA-cleared products: NeuroCap, a disposable, pre-gelled EEG headset that can be applied easily and quickly, and NeuroEEG, a lightweight, wireless, portable EEG amplifier for high-quality EEG tests.
Apart from designing solutions that address the needs of patients with neurodegenerative diseases such as Alzheimer’s, Brain Scientific is developing product line extensions to address the growing pediatric market, which the report also cites as one of the key factors contributing to the EEG equipment market growth. As a company dedicated to developing breakthrough EEG technology to solve the shortage in neurological care, Brain Scientific seems well positioned within the EEG equipment market to benefit from the growing unmet need for the brain diagnostics market.
For more information, visit the company’s website at www.BrainScientific.com.
NOTE TO INVESTORS: The latest news and updates relating to BRSF are available in the company’s newsroom at https://ibn.fm/BRSF
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