Growing geriatric population and rising prevalence of neurological conditions are among the key factors expected to drive the global market revenue growth.
Growing geriatric population and rising prevalence of neurological conditions are among the key factors expected to drive the global market revenue growth
According to Emergen Research, the global wireless brain sensor market size was USD 391.7 million in 2020 and is expected to reach USD 804.3 million in 2028 and register a revenue CAGR of 9.5% during the forecast period, 2021-2028.
Market Dynamics:
Major factors contributing to the global wireless brain sensor market revenue growth are rise in global geriatric population, increasing prevalence of neurological disorders such as Alzheimer’s disease and Parkinson’s disease, growing rate of fatal road accidents and physical injuries, and increasing incidences of traumatic brain injuries. A wireless brain sensor is a device that detect the pressure inside the brain, brain activity, brain temperature, and its pH level in the form of electrical transmission called ‘brain waves.’ Key applications of these devices are cognitive assessment, brain injury monitoring, pain management, enhancement of neural functions, sleep assessment, and treatment of neurological disorders such as Parkinson’s disease and epilepsy.
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Increasing use of wireless brain sensors, such as magnetoencephalography (MEG) devices, electroencephalography (EEG) devices, electrocorticography (ECoG) devices, and intracranial pressure monitors & accessories, growing need for these sensors for long-term monitoring sessions, and technological advances such as 2D sensors, external wireless brain sensors, and neural mesh interfaces are other major factors expected to drive market revenue growth over the forecast period.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Electroencephalography (EEG) Devices Segment Accounted for Largest Revenue Share in 2020:
The electroencephalography (EEG) devices segment dominated other segments in terms of revenue share in the global market in 2020. Factors such as increasing prevalence of neurological disorders such as Alzheimer’s disease and epilepsy, rising cases of traumatic brain injuries, strokes, and other severe conditions, and growing use of electroencephalography devices to monitor the brain’s electrical activity majorly drive this segment’s revenue growth.
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Traumatic Brain Injuries Segment to Account for Fastest Revenue CAGR:
The traumatic brain injuries segment is projected to register the fastest revenue growth rate in the global market over the forecast period. Increasing participation of people in various sports and recreational activities, rising cases of road accidents and traumatic brain injuries, growing patient pool, and advances in wireless brain sensor technologies are key factors contributing to revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America wireless brain sensor market accounted for the largest revenue share in the global market in 2020. Rising prevalence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, and epilepsy, increasing incidences of traumatic brain injuries, growing use of wireless brain sensors in brain activity monitoring and enhancement of neural functions, increasing clinical trials of new products, and presence of leading market players in the region, including NeuroSky, Inc., Advanced Brain Monitoring, Inc., and Neuronetrix Solutions, are major factors driving the North America market revenue growth.
Major Companies in the Global Wireless Brain Sensor Market Include:
- EMOTIV Inc.
- Advanced Brain Monitoring, Inc.
- InteraXon Inc. (Muse)
- Neurosky, Inc.
- Neuroelectrics Corporation
- Evolent Health, Inc.
- Neuronetrix Solutions
- Hangzhou Zhongheng Electric Co., Ltd.
- Deayea Technology Co., Ltd.
- NeuroTherapeutics Pharma, Inc.
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For the purpose of this report, Emergen Research has segmented the global wireless brain sensor market based on product type, application, end-use, and region:
Product Type Outlook (Revenue, USD Million; 2018–2028)
- Electroencephalography (EEG) Devices
- Sleep Monitoring Devices
- Magnetoencephalography (MEG) Devices
- Transcranial Doppler (TCD) Devices
- Intracranial Pressure (ICP) Monitors & Accessories
Application Outlook (Revenue, USD Million; 2018–2028)
- Dementia
- Epilepsy
- Parkinson’s Diseases
- Traumatic Brain Injuries
- Others
End-use Outlook (Revenue, USD Million; 2018–2028)
- Research Institutes
- Neurological Hospitals
- Diagnostic Centers
- Others
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Region Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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