Vancouver, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global wireless brain sensor market size reached USD 391.7 Million in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of brain disorders is expected to drive market revenue growth between 2021 and 2028.
Increasing need to diagnose sleeping disorders is expected to demand for associated solutions and drive revenue growth of the global wireless brain sensor market to a significant extent over the forecast period. Devices such as sleep profiler measure multiple parameters, including Electroencephalogram (EEG) with comparable accuracy to Polysomnography (PSG). In addition, urgent need to measure intracranial pressure in the brain and inside the skull of patients suffering from brain injuries is expected to drive market revenue growth going ahead owing to increasing number of road accidents and events that result in head injuries, among others globally.
Stringent regulations governing the use of sensors are expected to be a primary market restraining factor. These sensors when placed in the body can often trigger an immune response, which can be problematic for patients. As a result, the use of such devices has been regulated or prohibited in various applications, thereby hampering revenue growth of the market.
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The global wireless brain sensor market is expected to expand at a CAGR of 9.5% from USD 391.7 Million in 2020 to USD 1,156.31 Million by 2032. Increasing usage of wireless brain sensors for the diagnosis of sleeping disorders, neurological disorders, and Parkinson’s diseases is driving market revenue growth to a significant extent currently.
COVID-19 is a health emergency that has mostly affected almost every industry. The wireless brain sensor market is showcasing a considerably impacted demand and behavioral change of consumers, purchasing patterns, supply chain re-routing, different dynamics of current market forces, and significant interventions by governments which account for most of the demand for wireless brain sensors.
Scientists have developed new high-data-rate, low-power wireless brain sensors that can make neuroscience research comparatively easier than a decade earlier. The technology is designed to enable neuroscience research that cannot be accomplished with currently available sensors that are tied with cabled connections. Results show that the technology transmitted rich and meaningful signals from animal models as they sleep, woke, or exercise. Furthermore, continuous technological advancements are expected to contribute significantly to revenue growth of the market going ahead.
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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 391.7 Million |
| CAGR (2023–2032) | 9.5% |
| Revenue forecast to 2032 | USD 1,156.31 Million |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, Application, End-Use, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | 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., and NeuroTherapeutics Pharma, Inc. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global wireless brain sensor market is fairly fragmented, with a number of large and medium-sized market players accounting for majority market revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective wireless sensors. Some major companies included in the global wireless brain sensor market report are:
- 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.
Strategic Development
- In June 2020, EMOTIV Inc. launched EPOC X, which is designed for scalable and contextual human brain research, as well as allows access to professional-grade brain data with an improved and easy-to-use design. It has been designed with a rotating headband that enables more data collection opportunities. The company has also modified its design to reduce rehydration time so that it can reduce interruption and enable the experiment to run for a longer period easily.
- In December 2019, Advanced Brain Monitoring Inc. cleared the clinical trials for Stat X-Series mobile EEG systems. This device provides practical and cost-effective solutions for on-call and portable EEG in minutes to healthcare professionals, and this will help to increase the company’s customer base.
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Some Key Highlights From the Report
- Sleep monitoring device segment revenue is expected to expand at a significantly rapid CAGR during the forecast period due to increasing prevalence of neurodegenerative disorders, Parkinson’s diseases, and Alzheimer’s diseases. These devices are used as sleep trackers to ensure good sleep hygiene and maintain proper health of patients.
- Traumatic Brain Injuries (TBIs) segment is expected to register a significantly steady revenue growth rate over the forecast period. Increasing number of individuals participating in sport and recreational activities is expected to increase patient volume suffering from various brain injuries owing to higher potential of and exposure to potential injuries and risks. Also, increasing number of road accidents is a major cause of TBIs. Increasing awareness regarding TBIs and higher number of cases of injuries are some other factors boosting growth of this segment.
- North America is expected to account for a relatively larger revenue share over the forecast period due to rising demand for wireless brain sensors across various end-use sectors, including hospitals, clinics, research centers, and even at homes in countries in the region.
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Emergen Research has segmented global wireless brain sensor on the basis of product, application, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019–2032)
- Electroencephalography (EEG) Devices
- Sleep Monitoring Devices
- Magnetoencephalography (MEG) Devices
- Transcranial Doppler (TCD) Devices
- Intracranial Pressure (ICP) Monitors & Accessories
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Dementia
- Epilepsy
- Parkinson’s Diseases
- Traumatic Brain Injuries
- Others
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- Research Institutes
- Neurological Hospitals
- Diagnostic Centers
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
a. U.S.
b. Canada
c. Mexico
- Europe
d. Germany
e. France
f. U.K.
g. Italy
h. Spain
i. BENELUX
j. Rest of Europe
- Asia Pacific
k. China
l. India
m. Japan
n. South Korea
o. Rest of APAC
- Latin America
p. Brazil
q. Rest of LATAM
- Middle East & Africa
r. Saudi Arabia
s. UAE
t. South Africa
u. Turkey
v. Rest of MEA
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