ECG & EEG Testing to Procure US$ 5.8 Billion in Revenue by 2024-end
Rising number of people suffering from sleep and psychiatric disorders has compelled medical practitioners to check their vital body stats through ECG and EEG tests. The demand for ECG and EEG testing is progressively rising among patients suffering from insomnia or hyper-anxiety.
A recent study conducted by Persistence Market Research estimates that in 2016, the global market for ECG and EEG testing was valued at nearly US$ 4,000 million. According to Persistence Market Research, the global ECG and EEG testing market will soar steadily at 5.1% CAGR and reach US$ 5,878.3 million in value by the end of 2024.
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In the report, titled “ECG & EEG Testing Market: Global Industry Analysis and Forecast, 2016-2024,” North America has been predicted as the world’s largest regional market for ECG ad EEG testing. While North America will dominate with over 40% share of global revenues, demand for ECG and EEG testing in Europe is also on a rise.
By the end of 2024, Europe’s ECG and EEG testing market will be valued over US$ 1,600 million. On the other hand, revenues amassed from Asia-Pacific will witness fastest increment at a CAGR of 5.5%.
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Higher Preference to EEG Tests
While contributing to global revenues, ECG tests account for more than one-third share throughout the forecast period. However, revenues accounted by EEG tests continue to account for the other two-third of global ECG ad EEG testing market.
Improved measurement and efficient outcomes of EEG tests are promoting their use over ECG tests. The report clearly indicates that in the years to come, patients suffering from sleep-related diseases and psychiatric ailments will continue opting for EEG tests.
By the end of 2024, EEG tests will attribute to global revenues worth over US$ 3,800 million.
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Sleep Disorders Will Continue Driving Sales
While comparing psychiatric disorders against sleep-related diseases, the demand for ECG and EEG tests will be more inclined towards facilitating sleep testing services for patients. In 2016, more than 65% of global revenues were accounted by the use of ECG and EEG tests for sleep testing methods.
Mental health monitoring, on the other hand, will witness a marginal rise in demand. Nevertheless, almost US$ 4,000 million revenues will be accounted by sleep testing services by the end of 2024.
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Additional highlights of the report include:
Hospitals and sleep clinics from around the world will collectively be the largest end-user of ECG and EEG tests in treatment of sleep and psychiatric disorders. The use of such tests will also gain traction in individual home settings, accounting for nearly 17% of global revenues by 2024-end
German Neuroscience Center and United Family Healthcare are two emerging players in the market, while Sleep Services of America and Carolinas HealthCare System have been accounting for a majority of global revenues. The report has also profiled mid-level service providers such as UM Specialist Centre and Sleep Studies Australia
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