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The market for Wearable Brain Devices was valued at approximately USD 314.21 Million in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 12.33%, reaching a value of USD 722.7 Million by 2031.
The rising incidence of several neurological conditions, including epilepsy, Parkinson's disease, and Alzheimer's disease, is thought to be the reason for the market's expansion. Other significant reasons supporting the market's growth are the Asia Pacific region's increasingly aging population, particularly in nations like China, Japan, and India, as well as the rapid advancement of technology.
The capacity to research the brain and assist in the treatment of many brain diseases and disorders has been made possible by recent technical developments in portable technology. The burden of brain dysfunction and neurological disorders, as well as the demand for medical resources, are predicted to soar over time, according to BMJ Publishing Group Ltd., with the global population of individuals 60 and above estimated to reach 2 billion by 2050.
Accordingly, in the coming decades, there will be a significant demand for the treatment, rehabilitation, and emotional support services for neurological conditions like Alzheimer's disease, Parkinson's disease, depressive disorders, schizophrenia, and other dementias. Furthermore, new developments in brain imaging technologies have made it possible to view the brain and its operations in high detail. One non-invasive imaging method is called near-infrared functional spectroscopy, which exploits fluctuations in haemoglobin light absorption patterns to measure the relative concentration of plasma in the brain using near-infrared light (wavelength >700 nm).
However, these systems are unable to discern between photons that have been absorbed and those that have been scattered. This technique has been improved with the introduction of Time-domain (TD)-fNIRS, which uses fast detectors and picosecond light pulses to quantify photon scattering and absorption in tissues. However, it is unlikely that these systems will be employed extensively because to their high cost, sophistication, and large form size. A team of researchers from the manufacturers developed a wearable headgear based on TD-fNIRS technology to solve these problems.
For example, in January 2022, Kernel created the wearable helmet known as the Kernel Flow, which does brain imaging (TD-fNIRS) using time-domain functional near-infrared spectroscopy. The system is less complex, less expensive, and has a smaller footprint than tabletop TD-fNIRS devices, although demonstrating equivalent imaging performance. Consequently, it is anticipated that market growth will quicken in the near future.
Additionally, major players in the sector are concentrating on expanding their operations through multiple channels in the most afflicted areas, as well as expanding their businesses regionally and opening new warehouses in other locations. Businesses are responding to supply chain interruptions with a range of strategies, such as air freight delivery, additional partner sourcing, and rerouting logistics. The pandemic has also helped regional manufacturers. It is anticipated that these elements will generate profitable chances for market expansion.
The growing acceptance of medical equipment, combined with more producers coming together to collaborate on research, is leading to a consolidation of the wearable brain device market globally. For example, in November 2021, Brain Scientific Inc. and LOK Corporation partnered to develop and oversee Brain Scientific's worldwide and American distribution networks. The NeuroEEG and NeuroCap are the flagship products of Brain Scientific. Through this collaboration, Brain Scientific hopes to accelerate the development of its neurological devices, which will drive the market's growth during the research period.
Preliminary late-breaking data that was presented at the International Stroke Conference of the American Stroke Association in February 2020 indicates that stroke patients' motor performance can be enhanced by a wearable, non-invasive magnetic brain stimulation device. Thus, in order to support the prevention, treatment, and outcomes for the over 800,000 Americans who experience a stroke each year—a number predicted to rise in the near future due to factors like rising rates of obesity, stress, and other chronic diseases—these clinical presentations will provide attendees a better understanding of stroke and brain health.
The report will cover the qualitative and quantitative data on the global Wearable Brain Devices Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
Study Period | 2024-31 |
Base Year | 2023 |
Estimated Forecast Year | 2024-31 |
Growth Rate | CAGR of 12.33% from 2024 to 2031 |
Segmentation | By Channel Type, By Application, By Region |
Unit | USD Million |
By Channel Type |
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By Application |
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By End-user |
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By Region |
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Wearable Brain Devices Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2024-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
The report also helps in understanding Global Wearable Brain Devices Market dynamics, structure by analyzing the market segments, and project the Global Wearable Brain Devices Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Wearable Brain Devices Market make the report investor’s guide.
The market is divided into segments based on By Channel Type, By Application, By End-user.
Based on the Channel Type of the market is Categorised into 32-Channel Type, 12-Channel Type, 14-Channel Type, 5-Channel Type, Multichannels, Others.
In 2022, the 32-channel type category held the highest market share, accounting for around 34.33% of the total. These devices are very portable for everyday usage and maintain the accuracy needed for sufficient transmission when compared to other channel types. Due to the numerous uses of this channel for brain-computer interface applications as well as the recording of electrical events in the brain for the purpose of diagnosing neurological diseases, the market is predicted to continue expanding. In addition, it is projected that factors like effectiveness, ease of use, high output, technological innovation, and broad acceptance by medical professionals would continue to drive the segment's growth.
The multichannel segment is anticipated to grow at the fastest rate of 13.25% throughout the course of the forecast period. Multichannel wearable brain devices offer a better sensor network, prevent data loss, and help identify important clinical situations when compared to single-channel wearable brain devices. These factors indicate that the category will likely grow in the near future. In the near future, technological advancements and a greater understanding of the safety of the gadget will also contribute to the segment's growth.
Based on the Application of the market is Segmented into Medical Setting, Epilepsy, AR/VR Gaming Settings, Others.
The medical settings segment held a significant market share of approximately 64.67% in 2022. Epilepsy, sleep problems, Parkinson's disease, injuries to the brain, Alzheimer's disease, and other uses are further subdivided under medical contexts.
The market for epilepsy devices that wear on the brain has grown significantly over time. This is a result of the increased number of epileptics and the initiatives being taken to increase public awareness of the issue. The World Health Organization (WHO) reports that each year, more than 5 million people worldwide are diagnosed with epilepsy. Epilepsy is thought to afflict 49 out of every 100,000 people in high-income countries each year. In low- and middle-income countries, this figure can rise to 139 per 100,000. Device producers will continue to push for the development of products with cutting-edge technology, which will drive market growth.
The market for AR/VR gaming settings is anticipated to grow at the fastest rate of 16.51% throughout the course of the forecast period. This can be attributed to developments in technology, including improved sensor capabilities, extended wearability, easy integration with additional electronic parts, and a rise in children's technology awareness.
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. North America held the largest revenue share of 60.08% in 2021, dominating the market. The rise in epilepsy and Parkinson's disease cases can be attributed to the increased demand for minimally invasive therapies. The expansion of the regional product market is also significantly attributed to technological advancements. Therefore, it is anticipated that North America will control the entire regional market over the forecast period. Moreover, increased healthcare spending in North America can lure both established and new players into the market.
Asia Pacific is expected to see the fastest CAGR of 13.97% over the course of the projection period due to rising healthcare spending, technological advancements, and the availability of mandatory healthcare insurance. South Korea and Singapore are two of the developing economies in the Asia Pacific area. Growing medical tourism and increased awareness of device safety are projected to drive growth in the regional market. More drivers for the sector include government initiatives to improve healthcare services, the availability of reasonably priced devices, and an increase in mergers and acquisitions.
Wearable Brain Devices Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:
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20 Mar 2023
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