The global wearable brain devices market size is anticipated to reach USD 668.5 million by 2030, registering a CAGR of 12.33%, according to a new report by Grand View Research, Inc. The increasing prevalence of neurological disorders and the growing government initiatives across the globe are expected to drive the growth of the market.
Wearable Brain Devices Market Report Highlights
- By channel type, the 32-channel type accounted for the largest market share of 34.33% in 2021. This is attributed to technological advancements and high adoption by healthcare professionals
- Based on the application, the epilepsy segment dominated the market with around 33.80% of the revenue share in 2021. This is due to the increasing prevalence of epilepsy, and the high efficacy exhibited by wearable brain devices in treating epilepsy
- Based on end-user, the neurology centers segment captured the largest market share of around 20.79% in 2021. The growth of this segment can mainly be attributed to the consequent rise in surgical procedures
- Asia Pacific is expected to witness the fastest CAGR of 13.97% over the forecast period. Expansion of private hospitals and neurology centers in rural areas will drive the regional market growth
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The COVID-19 pandemic has created a significant challenge for the global healthcare industry. The influence of wearable brain products is twofold. Hospitals and clinics are increasingly requesting the use of these devices to track neurology-related problems in COVID-19 patients. However, the market expansion is hampered by problems such as the disruption of the medical supply chain, delayed production, and a restricted workforce. Nonetheless, the demand for these devices during such critical periods, as well as the need to deliver effective therapy, will outweigh the aforementioned limitations.
During the forecast period, technological advancements are expected to be a crucial driver for the growth of the market. For instance, in March 2021, the Food and Drug Administration approved Neurolief’s Relivion device. Relivion is a multi-channel non-invasive brain neuromodulation system designed for at-home treatment of acute migraine, a devastating neurological illness that results in 1.2 million emergency room visits every year and affects 39 million people globally.
Wearable Brain Devices Market Insights By Demographics
North America dominated the market with the highest revenue share. The surge in demand for minimally invasive procedures is attributable to an increase in the prevalence of Parkinson’s disease and epilepsy. Technological advances are also important contributors to the growth of the region product market. As a result, over the projected period, North America is expected to dominate the total regional market. Asia Pacific is expected to witness the fastest CAGR during the forecast period owing to the availability of mandatory healthcare insurance, technological advancements, and increased healthcare expenditure. Singapore and South Korea are some of the emerging economies in the Asia Pacific region. Increasing awareness regarding the safety of the devices, and growing medical tourism are likely to drive the regional market growth.
Industry Share Analysis By Major Companies
With the surge in demand for wearable brain devices, global manufacturers are speeding up their production processes while also upgrading them through the use of cost-effective solutions. Furthermore, rising healthcare spending in North America may encourage new and established competitors to enter the market. Some prominent players in the global wearable brain devices market include:
- Kernel
- EMOTIV
- Neurolief
- Brain Scientific
- BioSerenity
- mBrainTrain
- Brain Products
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Wearable Brain Devices Market Segmentation
Grand View Research has segmented the global wearable brain devices market based on channel type, application, end-user, and region:
- Wearable Brain Devices Channel Type Outlook (Revenue, USD Million, 2017 – 2030)
- Wearable Brain Devices Application Outlook (Revenue, USD Million, 2017 – 2030)
- Wearable Brain Devices End-user Outlook (Revenue, USD Million, 2017 – 2030)
- Wearable Brain Devices Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Wearable Brain Devices Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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