CAGR: 13.1%Current Market Size: USD 250 MillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global wearable brain devices market is expected to grow from USD 250 million in 2022 to USD 669.3 million by 2030, at a CAGR of 13.1% during the Projection period 2023-2030. The rise in neurological disorders mainly drives the growth of the wearable brain devices market.
A medical device is an instrument, equipment, appliance, or apparatus that is used for medical purposes, either in conjunction with software or on its own. They are divided into three classes: class I devices, class II devices, and class III devices, with class I being low-risk, class II being intermediate risk, and class III being high-risk. Medical gadgets include oxygen meters, CT scanners, PET scanners, x-ray machines, and MRI machines. Hospital beds, infant incubators, exercise equipment, patient hoists, and infusion pumps all use medical gadgets. The increased diagnostic and therapeutic capabilities of medical devices can be due to their vast range of applications. Medical gadgets can also monitor diseases and generate data for informed insights; they improve treatment operations by giving patients comfort. Wearable medical devices are a subset of medical devices that serve as a support and monitoring mechanism for a specific medical condition. Wearable medical gadgets are non-invasive, which increases patient acceptance. Wearable medical gadgets include fitness trackers, ECG monitors, blood pressure monitors, smart health watches, and biosensors. Patient monitoring, screening, diagnostics, and surveillance are all advantages of wearable medical devices during the pre-, ongoing-, and post-treatment phases.
Sample Request: - Global Wearable Brain Devices Market
Market Dynamics:
Drivers:
As a person ages, the brain's ability to carry out millions of messages using neurons diminishes. Individuals' cognitive and motor abilities are harmed by the decrease and reduction in brain efficacy. The likelihood of acquiring a neurological disorder rises with age. As a result, the aging population will increase the number of individuals suffering from neurological illnesses and neurodegenerative diseases. Wearable brain devices will be more widely used to treat neurological diseases because of their non-invasive nature and increased portability. In the Projection period, the global market will be driven by the rising prevalence of neurological illnesses and the increasing acceptance of wearable brain devices.
Restraints:
Extensive resources are being invested in the study and development of wearable brain devices. Wearable brain devices use cutting-edge technology to improve their application; such technologies are pricey, making wearable brain devices an expensive endeavor. Wearable brain technologies are expensive due to their advanced nature and intricate operations. The exorbitant prices of wearable brain technologies will restrain commercial expansion.
Opportunities:
As the need for wearable brain devices has increased, key businesses have invested resources in studying and developing improved systems. In the medical field, for example, near-infrared spectroscopy in brain imaging and mapping to provide better diagnosis is gaining traction. In comparison to old approaches, it is a sophisticated, cost-effective, and sustainable solution. Other improvements in wearable brain devices will make the sector more competitive and efficient, providing the required impetus for its expansion and profitable chances for market participants.
Challenges:
Wearable brain devices have access to an individual's private thoughts and feelings, putting information leaks in danger due to insecure data transmission technology. The absence of preventive authentication procedures raises the risk of illegal access to patient data, endangering the patient's physical and mental health. New advancements in wearable brain devices, as well as trials to examine and test the success of such breakthroughs, must be approved by competent authorities. These authorities must uphold strong standards of data security and privacy. Preventive and punitive measures should be implemented as soon as possible to increase market participants' compliance and accountability.
Segmentation Analysis:
The global wearable brain devices market has been segmented based on channel type, application, end-user, and region.
By Channel Type
The channel type segment is 5 channel type, multi-channel type, 14 channel type, 32 channel type, 12 channel type, and others. The 32 channel type segment led the largest share of the wearable brain devices market with a market share of around 41.23% in 2022. When compared to other types of channels, such devices maintain the accuracy required for adequate communication while remaining extremely portable for daily use. The market is predicted to expand further due to the numerous applications of this channel in recording electrical events in the brain to detect neurological disorders, as well as other applications in the brain-computer interface. Furthermore, factors such as efficiency, ease of use, high output, technological improvement, and universal acceptance by healthcare professionals are expected to boost the segment's growth.
By Application
The application segment is AR/VR gaming setting, medical setting, and others. The AR/VR gaming setting segment led the largest share of the wearable brain devices market with a market share of around 39.67% in 2022. In the Projection period, factors like rising prevalence, research studies, and product releases are anticipated to boost the market growth. For instance, the article "Severe Depressive Disorder and Addiction" from February 2022 stated that more than 17 million adults in the United States alone had at least one major depressive episode. When someone has suicidal thoughts or a persistently low mood, anhedonia (a loss of interest in pleasurable activities), guilt or worthlessness, lack of energy, poor concentration, changes in appetite, psychomotor retardation, agitation, or sleep disturbances, these symptoms are indicative of depression.
By End-User
The end-user segment is clinics, ambulatory settings, hospitals, diagnostics centers, neurological centers, and others. The hospitals segment led the largest share of the wearable brain devices market with a market share of around 35.78% in 2022. The rise of this segment is mostly related to an increase in the number of patients suffering from various chronic conditions, which has resulted in an increase in surgical procedures. Notably, hospitals receive a far higher influx of patients for neurology treatments than other healthcare settings, owing to the ease with which any crises that may arise during surgical procedures may be managed and the availability of a wide range of treatment options. New devices with increased performance are expected to boost segment growth during the Projection period.
Global Wearable Brain Devices Market - Sales Analysis.
The sale of the wearable brain devices market expanded at a CAGR of 12.3% from 2016 to 2022.
Modern advances in portable technology have enabled researchers to examine the brain and aid in the treatment of numerous brain ailments and diseases. According to BMJ Publishing Group Ltd., with the worldwide population of people aged 60 and up predicted to reach 2 billion by 2050, the burden of brain dysfunction and neurological disorders, as well as the demand for medical resources, would rise with time. As previously stated, treatment, rehabilitation, and support services for neurological disorders such as Parkinson's disease, Alzheimer's disease, schizophrenia, depression, and other dementias will be in great demand in the next decades. Furthermore, because of recent improvements in brain imaging technologies, the brain, and its functions may now be examined in high resolution.
For example, near-infrared functional spectroscopy is a noninvasive imaging technique that exploits variations in hemoglobin light absorption patterns to detect the relative concentration of hemoglobin in the brain. These systems, on the other hand, can't tell the difference between dispersed and absorbed photons. Time-domain (TD)-fNIRS is a novel advancement in this approach, which uses picosecond light pulses and fast detectors to estimate photon scattering and absorption in tissues.
Thus, owing to the aforementioned factors, the global wearable brain devices market is expected to grow at a CAGR of 13.1% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the wearable brain devices market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the wearable brain devices market and held a 38.2% share of the market revenue in 2022.
Global Wearable Brain Devices Market - Country Analysis:
Germany's wearable brain devices market size was valued at USD 18.7 million in 2022 and is expected to reach USD 50.4 million by 2030, at a CAGR of 13.2% from 2023 to 2030. Due to the high prevalence of cardiovascular and lifestyle-related disorders and increased adoption of wearable medical technology, together with high per capita medical spending.
China’s wearable brain devices market size was valued at USD 19.5 million in 2022 and is expected to reach USD 53.32 million by 2030, at a CAGR of 13.4% from 2023 to 2030. Due to increased government expenditure on healthcare infrastructure and the rising geriatric population with a growing prevalence of neurological illnesses.
India's wearable brain devices market size was valued at USD 15 million in 2022 and is expected to reach USD 40.7 million by 2030, at a CAGR of 13.3% from 2023 to 2030. The rapidly rising elderly population in the Asia Pacific region, particularly in India, as well as rapid technology advancements, are additional significant factors driving market expansion.
Key Industry Players Analysis:
To increase their market position in the global wearable brain devices market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
13.1% |
Market Size |
250 million in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Channel Type, By Application, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Kernel, Brain Scientific, EMOTIV, mBrainTrain, Neurolief, COGNIONICS, INC., BioSerenity, BrainCo Inc, Brain Products, Neuroelectrics, Bitbrain Technologies, Dreem, NextMind, and Cadwell Industries Inc. |
By Channel Type |
|
By Application |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Wearable Brain Devices Market By Channel Type:
Global Wearable Brain Devices Market By Application:
Global Wearable Brain Devices Market By End-User:
Global Wearable Brain Devices Market By Region:
Global wearable brain devices market is expected to reach USD 669.3 million by 2030.
The wearable brain devices market is projected to have a CAGR of 13.1%.
Based on the channel type, the wearable brain devices market is segmented into 5 channel type, multi-channel type, 14 channel type, 32 channel type, 12 channel type, and others.
As a person ages, the brain's ability to carry out millions of messages using neurons diminishes. Individuals' cognitive and motor abilities are harmed by the decrease and reduction in brain efficacy. The likelihood of acquiring a neurological disorder rises with age. As a result, the aging population will increase the number of individuals suffering from neurological illnesses and neurodegenerative diseases.
Leading market players active in the global wearable brain devices market are Kernel, BrainCo Inc, EMOTIV, Neurolief, BioSerenity, mBrainTrain, Brain Scientific, Brain Products, COGNIONICS, INC., Bitbrain Technologies, Dreem, Cadwell Industries Inc., NextMind, Neuroelectrics among others.
Political Factors- A transparent governance structure is vital for developing a cooperative company climate. As a result of corruption and a lack of transparency, the wearable brain devices market is now experiencing a variety of issues. The current political uncertainty and volatility is the root reason of this lack of openness. Fraudulent activities are on the rise, corporate processes such as licencing and contracting have become more complex, and law enforcement has become weaker as a result of corruption, undermining stakeholders' trust in commercial companies and governmental institutions. In general, growing bureaucratic corruption is impeding economic growth, limiting opportunities for enterprises such as wearable brain devices market to thrive.
Economic Factors- Rising inflation diminishes the purchasing power of money and discourages people from spending on goods and services, which may hamper the wearable brain devices market capacity to increase revenue. Changes in exchange rates can have an impact on a company's profitability. wearable brain devices market should conduct this study in order to precisely estimate exchange rate variations and avoid unwanted trade and business performance repercussions. A high interest rate means that wearable brain devices market will have to make interest-only brains, increasing the entire cost of the loans received.
Social Factors- When the wearable brain devices market products/services are largely aimed at young consumers, two favourable demographic indications are strong population growth and an increasing proportion of the young population group. Wearable brain Devices Market can also investigate the host country's perspective on immigration, as a welcoming attitude towards immigrants of various cultural origins indicates that diversity management techniques should be applied. Wearable brain devices market should change its marketing strategies to promote diversity and inclusion. An hopeful outlook on migration also demonstrates that the wearable brain devices market may easily hire personnel from a wide range of ethnic backgrounds. Workplace diversity is usually connected with increased productivity, improved innovation, and superior overall business success.
Technological Factors- Renewable technology development to reduce reliance on natural resources has become a major trend in several industries. Wearable brain devices market should analyse how well a country's technology infrastructure supports the use of renewable technologies in order to capitalise on this environmental trend. Certain governments around the world offer appealing incentives to employ renewable energy sources. Wearable brain devices market may reach its aims for long-term growth by seizing the opportunity and investing in renewable energy sources.
Environmental Factors- The research and development trend in the chosen industry or region demonstrates how proactive organisations are in offering cutting-edge solutions to meet the needs of their customers. Wearable brain devices market must increase its understanding of how new technological breakthroughs may benefit the organisation while also providing value to customers. Significant investment in research and development activities would be required in markets defined by disruptive technology. However, the Wearable brain devices market must have a long-term view and not expect a quick reward from its R&D operations.
Legal Factors- Several federal and state legislation are in existence in several countries to protect consumers from potential economic exploitation. To protect consumer privacy in the age of information technology, rules have become increasingly stricter. To avoid lawsuits, the Wearable brain devices market must strictly adhere to data protection rules when conducting online transactions. Before entering new markets, Wearable brain devices market management must understand local legislation governing refunds, discounts, credit terms, quality, deceptive advertising, and maximum pricing (particularly in the case of basic essential goods).
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