The global wearable brain devices market is expected to grow from 535 million in 2021 to USD 1191 million by 2030, at a CAGR of 9.3% during 2022-2030. 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 Brainy Insights launched a study titled Wearable Brain Devices Market Size by Channel Type (5 Channel Type, 12 Channel Type, 14 Channel Type, 32 Channel Type, Multi-Channel Type, & Others), Application (Medical Setting, AR/VR Gaming Setting, & Others), End User, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
The 32-channel type segment dominated the market with a market value of around 187.25 million in 2021.
The channel type segment is divided into 5 channel type, 12 channel type, 14 channel type, 32 channel type, multi-channel type, & others. The 32-channel type segment dominated the market with a market value of around 187.25 million in 2021. The high production, wider acceptability, and technological advancements in the 32-channel type segment and increasing government expenditure on research & development of innovative medical devices will drive the market for this segment.
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%.
The hospitals segment dominated the market, accounting for around 240.75 million global revenue.
The end-user segment is divided into hospitals, clinics, ambulatory settings, neurological centers, diagnostics centers, & others. The hospitals segment dominated the market, accounting for around 240.75 million of global revenue. 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 Segmentation Analysis:
The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific is expected to be the largest market during the forecast period. 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 are 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.
Competitive Analysis:
The major players in the market include Advanced Brain Monitoring Inc., Kernel, Brain Products GmbH, EMOTIV, Brain Scientific, Neuroelectrics, Natus Medical Incorporated, Cadwell Industries, ANT Neuro, and Abbot, among others.
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