Global Wireless Brain Sensors Market Is Expected to Reach A Market Value of US$ 2,903.8 Million By 2026
The wireless brain sensor market is projected to gain market revenue of US$ 2,903.8 million by 2026, growing at a CAGR of 9.3% during the forecast period 2020-2026. The advances in science and technology have led to a great advancement in healthcare. This has resulted in the growth of the life span of humans as several medicines and procedures are available to overcome these diseases. The years of living have increased however, the years of healthy living are greatly impacted. The rising geriatric population has resulted in the growing prevalence of neurological disorders. Moreover, rising stress levels are also affecting mental health. These factors will act as drivers for the growth of the wireless brain sensors market. However, privacy issues and government regulations on these devices will hamper market growth. Globally, the burden of neurological disorders, as measured by the absolute number of DALYs, continues to increase. As populations are growing and aging, and the prevalence of major disabling neurological disorders steeply increases with age, governments will face increasing demand for treatment, rehabilitation, and support services for neurological disorders. The scarcity of established modifiable risks for most of the neurological burden demonstrates that new knowledge is required to develop effective prevention and treatment strategies. This will raise the adoption of Wireless Brain Sensors services and will result in the rising entry of players in this domain and will change the market scenario.
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The portability or handiness of a device is the major factor that is affecting the market. Wireless brain sensors are used in neuromonitoring devices in order to make them portable. Based on product type the global wireless brain sensors market is bifurcated into Electroencephalography, sleep monitoring devices, magnetoencephalography (MEG), Transcranial Doppler (TCD) Devices, Intracranial Pressure (ICP) Monitors, Other (Accessories). These devices measure the brain waves that are transmitted in the form of electric impulses. Moreover, the movement of a person that is made during sleep is recorded and this data is then used in an 'algorithm' to estimate sleep time and quality. Electroencephalography (EEG) dominated the Wireless brain sensors market in 2019, generating revenue of US$ 525.07 million. However, Sleep Monitoring Devices are expected to witness a CAGR growth of 9.8% during the forecast period 2020-2026. Based on medical conditions, the global Wireless Brain Sensors market is segmented into Parkinson’s disease, Alzheimer’s disease, sleep disorders, traumatic brain injuries, epilepsy, migraine, Stroke and others. Application of wireless brain sensors for Traumatic Brain Injuries occupied the largest share of 24.6% in 2019. Hospitals, Diagnostic Centers, Research Institutes among others were the major end-user segments of the wireless brain sensors technology. The hospital segment dominated the market in 2019 and is expected to generate revenue of US$ 1,460.18 million by 2023.
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For in-depth understanding of the market and to analyze the overall adoption of Wireless Brain Sensors, the industry is analyzed based on geographies and countries comprising of North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) and Rest of the world. Due to the rising awareness towards Wireless Brain Sensors services and rising disposable income North America dominated the market and is expected to generate revenue of US$ 860.28 million in 2020. Further, the rise in the geriatric population in Europe and APAC is estimated to fuel the Wireless Brain Sensors market in both the regions in the upcoming years. Europe and Asia-Pacific regions are expected to witness the highest CAGR of 10.0% and 9.9% respectively during the analyzed period.
Some of the major players profiled in the global Wireless Brain Sensors study include EMOTIV Inc, Advanced Brain Monitoring, Inc., Muse, Neurosky, Neuroelectrics, Cognionics, Inc., Wearable Sensing, Bitbrain Technologies, Compumedics Neuroscan, Brain Products Gmbh. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products. Recently, the industry has witnessed the emergence of numerous start-ups majorly in developed and developing countries.
Global Wireless Brain Sensors Market Segmentation
Market Insights, by Product
- Electroencephalography (EEG) Devices
- Sleep Monitoring Devices
- Magnetoencephalography (MEG) Devices
- Transcranial Doppler (TCD) Devices
- Intracranial pressure (ICP) Monitors
- Other (Accessories)
Market Insights, by Medical Condition
- Parkinson’s Disease
- Alzheimer’s Disease
- Sleep Disorders
- Traumatic Brain Injuries
- Other Medical Condition
Market Insights, by End-Users
- Diagnostic Centres
- Research Institutes
Market Insights, by Region
- North America Wireless Brain Sensors market
- United States
- Rest of North America
- Europe Wireless Brain Sensors market
- Rest of Europe
- Asia Pacific Wireless Brain Sensors market
- South Korea
- Rest of Asia-Pacific
- Rest of the World Wireless Brain Sensors market
Top Company Profiles
- EMOTIV Inc
- Advanced Brain Monitoring, Inc.
- Cognionics, Inc.
- Wearable Sensing
- Bitbrain Technologies
- Compumedics Neuroscan
- Brain Products Gmbh
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