The average EEG device market is 1.21 billion dollars in 2023 with a compound annual growth rate of 10.2% over the next 7 years. With an increase in the number of neurological diseases like tumors, cerebral palsy, strokes, and other brain-related disorders, our device is applicable to the 78.6% of standalone devices which are used in the hospital setting. However, our device is unique compared to others on the market because it is also portable, making it applicable to patients that are treated in the homecare setting.
Our Competition & Target Market
Currently, the two methods for diagnosing and monitoring patients are CT scans and MRI, with the additional physical assessment using the NIH stroke scale. CT scans are relatively fast and more available, but have low spatial resolution, are somewhat time consuming and requires expertise to interpret scans. MRIs have similar flaws, but have higher spatial resolution. Lastly the stroke scale, while simple and quick, is not as reliable as it's dependent on the assessor. Our main competitor currently is Zeit Medical, who provides EEG monitoring during sleep, however we remain competitive since our device will provide 24 hours of monitoring service.
The NeuroGuard aims to not only help Americans who can have a stroke for the first time, but also the 25% of Americans who can have a recurring stroke. After market analysis and production costs, we have priced our product at a competitive $950 after considering sales teams and marketing representatives since we provide continuous monitoring in order to help with early detection, free stroke detection software updates, and real time access for caretakers to their loved one's health.