A budding wearable brain devices market is speculated to rise high, up from the approximate valuation of US$250 Mn recorded in 2020. Notably soaring prevalence of epilepsy worldwide will significantly drive the market forward.
Rising Inclination Toward Non-invasive Products to Favour Wearable Brain Devices Market Growth
Advancements in portable medical technology have enabled the study of brain functioning and support treatment of several brain disorders. In addition, inclination towards non-invasive procedures has increased as patients opt for trauma-less post procedure condition. This has fuelled the use of less invasive products for monitoring several indications of the patient thus contributing towards patient success. For instance, according to 2020 report presented by American Stroke Association revealed that a non-invasive wearable brain stimulation device significantly improves the motor functioning among stroke stricken patients. This will provide a clear analysis of brain health and stroke condition thus aiding in the treatment, prevention and favourable outcomes for several individuals suffering from stroke conditions every year. In this backdrop, rising demand for non-invasive technologically advanced products is expected to influence growth of the wearable brain devices market.
Rising Epilepsy Cases to Spur Demand, Stimulating Wearable Brain Devices Market
Unprecedented use of wearable brain devices in cases of epilepsy has been witnessed since past few years. This is mainly owing to increasing number of epilepsy cases worldwide coupled with rising awareness about the impact of this neurological condition. For instance, according to the WHO, approximately 5 million individuals suffer from epilepsy each year on the global front. Moreover, this condition is expected to impact 49 individuals per 100,000 annually. Among middle and low income nations, around 139 individuals per 100,000 are affected. In this background, medical device manufacturers are striving towards developing effective and cost efficient solutions to monitor, treat, and diagnose brain conditions. This factor remains instrumental in driving growth of the wearable brain devices market worldwide.
32-Channel Devices to Receive Widespread Acceptance in Global Wearable Brain Devices Market
The use of 32-Channel is expected to increase at a significant rate accounting for a major revenue share in the wearable brain devices market. This can be attributed towards the operational benefits provided by 32-Channel as compared to other channels. 32-Channel devices can maintain the accuracy and flexibility needed for communication and are portable for regular use. The wearable brain devices market is largely influenced by growing use of devices based on this channel in diagnosing several neurological illnesses by recording electrical events. In addition, convenience in usage, widespread acceptability, and high efficiency of wearable brain devices with 32-channel has significantly complemented the growth of wearable brain devices on the global front.
North America to Maintain Status Quo as the Leading Region in Global Wearable Brain Devices Market
Surging demand for minimally, and non-invasive procedures, and products has influenced the use of wearable brain devices across the globe. North America being no exception has reflected great potential with respect to research and development to manufacture technological advanced products. Being a technologically strong geography, the region is expected to exhibit high attractiveness for wearable brain devices market. This is mainly owing to development of new wearables to monitor and diagnose brain conditions backed by increasing presence of a large pool of companies in developed nations in the region. For instance, in 2021, the US FDA gave 510 (K) clearance to Neuronaute EEG and EceCap EEG wearable devices developed by BioSerenity Inc. These devices allow physicians to gain remote access to monitor electrical activities in the brain among individuals suffering from epilepsy. BioSerenity has been focused on enhancing patient care by developing such EEG wearable devices to support more than 3 million people in the United States suffering from epilepsy.
In addition, increasing spending on healthcare has encouraged players to establish their operations in the North America region. According to CMS (Centers for Medicaid and Medicare Services), spending on healthcare in United States reflected a rise of 9.7% to reach US$ 4.1 trillion, account for about 19.7% of the country’s GDP in 2020. This factor coupled with increasing cases of Alzheimer’s disease and other neurological disorders is expected to augur well for the wearable brain devices market in North America in the coming years. Alternatively, the key fast-developing nations in Asia Pacific are also poised to showcase high growth lucrativeness. This is mainly owing to rising population and customer pool and prevalence of neurological disorders such as Alzheimer’s, dementia, and epilepsy. According to Global Burden of Disease (GBD), the injury-related, and non-communicable neurological disorders have doubled in India alone over the past few decades. This has fuelled the need for efficient and timely diagnosis, in turn paving the potential pathway for wearable brain devices market in Asia Pacific.
Wearable Brain Devices Market Participants
A few of the major players in wearable brain devices market include Kernel, mBrainTrain, EMOTIV, BioSerenity Inc., Cadwell Industries Inc., Neurolief, Cognionics Inc., Neuroelectrics, and Brain Products.
The Global Wearable Brain Devices Market Is Segmented As Below:
By End User
Key Elements Included In The Study: Global Wearable Brain Devices Market
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