Wireless brain sensors Market Expected to Reach $1.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Wireless brain sensors Market," The wireless brain sensors market was valued at $677.80 million in 2021, and is estimated to reach $1.6 billion by 2031, growing at a CAGR of 9% from 2022 to 2031.

One of the primary causes driving increase in the use of wireless brain sensors is rise in unhealthy lifestyles around the globe. Stroke and migraine are primarily brought on by lifestyle choices that lead to unhealthy behaviours, such as smoking and alcoholism. Exercise, food, weight management, rest, and substance abuse are just a few examples of lifestyle factors that have an impact on health, according to some trustworthy authorities. In addition, the adoption of unhealthy lifestyles is the main cause of mortality and morbidity, which is stroke. The number of stroke victims in the U.S. alone is around 70,000 each year, and a major portion of these strokes result in death or lifelong disability.

However, stringent safety and validation standards and regulations, as well as difficulty in understanding product functionality, are limitations to the global wireless brain sensors market growth. In addition, compatibility difficulties constrain the market expansion during the forecast period.

Increase in the number of government initiatives for wireless brain sensors and advancements in the clinical development framework of emerging countries are expected to provide favorable possibilities for the growth of the wireless brain sensors market. Furthermore, increased demand from emerging countries and technological developments in expected to drive the wireless brain sensors market size during the forecast period.

The wireless brain sensors market share is segmented on the basis of product type, application, end user, and region. By product type, it is classified into electroencephalography (EEG) devices, sleep monitoring devices, magnetoencephalography (MEG) devices, and others. By application, it is classified into alzheimer's disease, traumatic brain injury, epilepsy, sleep disorders, and others. By end user, it is classified into hospitals, research and academic institute/laboratories, homecare settings, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the wireless brain sensors market report include, NeuroSky, EMOTIV, Advanced Brain Monitoring, Inc., Koninklijke Philips N.V., Medtronic, Muse, Natus Medical Incorporated, Cadwell Industries, Inc., NeuroWave Systems Inc., and BrainScope.

Impact of COVID-19 on Global Wireless Brain Sensors Industry

• Sales of wireless brain sensors are directly proportional to the demand from healthcare and pharmaceutical industries. However, various sectors, such as healthcare and pharmaceutical were negatively impacted by the COVID-19 pandemic, which affected the production and demand for wireless brain sensors due to disrupted supply chain.
• COVID-19 impacted almost all industries and the wireless brain sensors producing companies ceased their operations owing to import-export restrictions, lockdown imposed across several countries, shortage of labor, and the fear of contracting the novel coronavirus, which led to sluggish demand in the wireless brain sensors market trends.
• Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S., affected the global market.

Key Findings of the Study

• By product type, the electroencephalography (EEG) devices segment emerged as the global leader in 2021 and the magnetoencephalography (MEG) devices segment is anticipated to be the fastest growing during the forecast period.
• By application, the others segment emerged as the global leader in 2021 and the Alzheimer's disease segment is predicted to show the fastest growth in the upcoming years.
• By end user, the research and academic institute/laboratories segment emerged as the global leader in 2021 and the hospitals segment is predicted to show the fastest growth in the upcoming years.
• Region-wise, North America registered the highest market share in 2021 and is projected to maintain the position during the forecast period.