2014-03-21 17:50:05 - Brain Signal Analysis Software Market Outlook to 2017 - a new market research report on companiesandmarkets.com
Brain signal analysis software represents a niche product category that caters to a very specific segment of the global medical device industry. They are used for advanced processing and analysis of the raw EEG data that is acquired using EEG machines on patients.
The market for brain signal analysis software stood at around US$ 30 Million in 2012 and is expected to grow at a double-digit growth rate; higher than the traditional medical device market.
Across geographies, demand for such software is witnessing healthy growth in the US and EU. Due to a rapidly ageing population in Japan, which is already skewed on the older side, and a reforming economy, Japan also represents a region with immense potential for brain signal analysis
Regions of India, China and Africa, though have a huge unmet need, are still years behind in their technological arsenal in brain research and diagnosis. However, China is gradually picking up demand and might someday become a significant market for players.
Players in the market are mostly small with limited geographic presence. This presents an opportunity for new market entrants who can identify the regions with high market potential and low competition to launch their product.
The market is not price sensitive and it is the range and flexibility of available analyses along with the speed of data processing that a software user looks at before purchasing the software. It is a market which focuses more on product quality rather than the price. Such a market is always open for new market entrants that can offer innovative products with unique differentiating product features.
The main factor propelling the growth of the market will be increase in its demand for epilepsy diagnosis and monitoring. Besides, rapidly expanding sleep labs in the world will also drive this growth. Also, this growth can really offshoot beyond expected limits if researchers successfully recognize EEG based biomarkers for early detection of Alzheimer´s disease. This will bring EEG into the mainstay of clinical diagnosis of Alzheimer´s disease, a field which has immense potential. Moreover, researchers are also reporting promising results from BCI research. If BCI picks up, as is expected from it, growth is expected to shoot up with it.
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