Newark, Aug. 21, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global wearable brain devices market is expected to grow from USD 535 million in 2021 to USD 1191 million by 2030, at a CAGR of 9.3% during the forecast period 2022-2030.
The changing lifestyle of the population with an unhealthy diet and no physical exercise has led to an increase in several lifestyle diseases and disorders. The work-life imbalance and lack of proper sleep have led to an increasing number of individuals suffering from acute stress, depression & other mental health conditions.
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The growing geriatric population also contributes to the rising number of neurological diseases & neurodegenerative disorders such as Alzheimer’s, Parkinson’s, other dementias, and other chronic diseases. The non-invasive nature of wearable brain devices has contributed to their rising popularity. The portability of wearable brain devices makes them an ideal treatment option to reduce stress & improve sleep in-home care settings. Therefore, the increasing number of neurological disorders, the rising adoption of wearable brain devices, and wider acceptability among industry professionals will drive the global wearable brain devices market. New technological advancements that improve the data collection & transmission and visualization and allow the physician to monitor, track & diagnose the patient with enhanced accuracy are anticipated to provide lucrative opportunities. They will widen the scope of applications for wearable brain devices. However, the high cost of wearable brain devices can hamper the market's growth. The sensitive nature of data collected and transmitted by wearable brain devices combined with poor data privacy & security regulations in the healthcare sector will challenge the growth of the market. Improved regulatory guidelines and an enhanced approval process can help overcome this challenge.
Competitive Strategy
To enhance their market position in the global wearable brain devices market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Natus Medical Incorporated acquired the Camino ICP monitoring product line to expand its global footprint in the wearable medical devices market.
Market Growth & Trends
Increasing incidence of neurological diseases, neurodegenerative conditions, chronic diseases, growing geriatric population, the prevalence of sedentary lifestyle, product innovations, increased government spending on healthcare infrastructure, as well as increased public awareness about the availability of wearable medical devices are driving the wearable brain devices market; the requirement to improve treatment services and device quality for clients is likely to provide an impetus for innovative wearable brain devices and its applications. The increasing government healthcare expenditure will drive the global wearable brain devices market. Streamlining and improving regulatory procedures to increase approval & compliance rates will also benefit the market. The rising incidence of individuals suffering from acute stress, depression, and the increasing number of traumatic brain injuries can be handled effectively with advanced wearable brain devices to allow a more profound and better understanding of the brain. The innovations and advancements in the brain-computer interface provide a seamless flow of data used to formulate treatment options by gathering valuable insights from the said data. The insights collected from the data transmitted by the wearable brain devices are reliable and predictive. If utilized well by professionals can help formulate effective & pre-emptive treatment options.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2022-2030 |
| Forecast CAGR | 9.3% |
| 2030 Value Projection | USD 1191 Million |
| Market Size in 2021 | USD 535 Million |
| Historical Data | 2020-2021 |
| No. of Pages | 237 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Channel Type, Application, End User, Regions |
| Regions Covered | The market's regions are Asia Pacific, Europe, South America, North America, and the Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Wearable Brain Devices Market Growth Drivers |
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Key Findings
• In 2021, the 32-channel type segment dominated the market with the largest market share of 35% and market revenue of 187.25 million.
The channel type segment is divided into 5 channel type, 12 channel type, 14 channel type, 32 channel type, multi-channel type, & others. In 2021, the 32-channel type segment dominated the market with the largest market share of 35% and market revenue of 187.25 million.
• The AR/VR gaming setting segment is expected to grow at the fastest CAGR of 11.5% over the forecast period.
The application segment is divided into the medical setting, AR/VR gaming setting, & others. Over the forecast period, the AR/VR gaming setting segment is expected to grow at the fastest CAGR of 11.5%.
• In 2021, the hospitals segment accounted for the largest share of the market, with 45% and a market revenue of 240.75 million.
The end-user segment is divided into hospitals, clinics, ambulatory settings, neurological centers, diagnostics centers, & others. In 2021, the hospitals segment accounted for the largest share of the market, with 45% and a market revenue of 240.75 million. Hospitals are equipped with the most advanced medical technologies and industry professionals. Hospitals witness a considerable inflow of patients compared to other end-users owing to their familiarity and higher visibility in the general population. The government's initiatives to improve healthcare infrastructure and favorable reimbursement policies to make treatment affordable to an average individual will contribute significantly to the growth of the hospitals' segment during the forecast period.
Regional Segment Analysis of the Wearable Brain Devices Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global wearable brain devices market, with a market share of around 34% and 181.90 million of the market revenue in 2021. The Asia Pacific is expected to witness the fastest growth in the wearable brain devices market. The wearable brain devices market in the Asia Pacific has been expanding rapidly. China dominates the Wearable brain devices market in the Asia Pacific. According to the world aging population report of 2019 published by the United Nations, 703 million people aged 60 and above. This figure is estimated to reach 1.5 million by 2050. Furthermore, 50 million people have epilepsy and 24 million from Alzheimer's. Around 6.8 million people die every year because of one or the other neurological diseases. Neurological disorders degrade the quality of life as they impact the cognitive & motor functions of the patient. The senior population holds a significant share of the patients suffering from neurological diseases. Wearable brain devices can help early diagnose the condition and pre-emptive treatment to reduce the adverse health impacts. At-home care settings for the elderly can become more effective with the help of wearable brain devices as it allows real-time monitoring, surveillance, and diagnostics of the patient by the physician.
Key players operating in the global wearable brain devices market are:
• Advanced Brain Monitoring Inc.
• Kernel
• Brain Products GmbH
• EMOTIV
• Brain Scientific
• Neuroelectrics
• Natus Medical Incorporated
• Cadwell Industries
• ANT Neuro
• Abbot
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global wearable brain devices market based on the below-mentioned segments:
Global Wearable Brain Devices Market by Channel Type:
• 5 Channel Type
• 12 Channel Type
• 14 Channel Type
• 32 Channel Type
• Multi-Channel Type
• Others
Global Wearable Brain Devices Market by Application:
• Medical Setting
• AR/VR Gaming Setting
• Others
Global Wearable Brain Devices Market by End User:
• Hospitals
• Clinics
• Ambulatory Settings
• Neurological Centers
• Diagnostics Centers
• Others
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About the report:
The global wearable brain devices market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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