Wireless Brain Sensors - Market Insights, Competitive Landscape, and Market Forecast - 2030

Wireless Brain Sensors - Market Insights, Competitive Landscape, and Market Forecast - 2030

Wireless Brain Sensors Market By Product Type (Devices And Accessories), Application (Traumatic Brain Injury (TBI), Dementia, Epilepsy, And Others), End-Users (Hospitals, Clinics, And Others), And Geography (North America, Europe, Asia-Pacific, And Rest Of The World) is expected to grow at a steady CAGR forecast till 2030 owing to the increasing prevalence of neurological disorders and growing incidence of traumatic brain injuries

The global Wireless Brain Sensors market is estimated to grow at a CAGR of 9.13% during the forecast period from 2024 to 2030. The demand for Wireless Brain Sensors is primarily being boosted by the increasing prevalence of neurological disorders such as dementia, epilepsy, and others. Additionally, the rising incidence of traumatic brain injuries around the globe and the growing geriatric population are some of the key contributing factors to the growth of the wireless brain sensors market during the forecast period from 2024-2030.

Wireless Brain Sensors Market Dynamics:

In 2020, Alzheimer’s Disease International reported that over 55 million individuals worldwide were living with dementia. Projections indicate that this number will double every 20 years, with an estimated 82 million affected by 2030 and 152 million by 2050.

Moreover, a notable recent study, conducted in collaboration with the World Health Organization (WHO) in 2024 and published in The Lancet Neurology, revealed that more than 3 billion individuals worldwide were afflicted with a neurological disorder in 2021.

Further, as per the Migraine Research Foundation, in 2020, migraine accounted to be the third most prevalent illness in the world. It is an extraordinarily prevalent neurological disease, affecting 39 million men, women, and children in the US and 1 billion worldwide.

Wireless brain sensors offer the potential to continuously monitor brain activity, enabling early detection of abnormal patterns associated with such disorders. Thus, the increasing prevalence of neurological disorders like dementia, epilepsy, and others will drive the demand for early detection and diagnosis for effective management and treatment, fostering positive growth in the wireless brain sensors market.

According to the Centers for Disease Control and Prevention 2023, it was stated that there were more than 214,000 traumatic brain injury (TBI) related hospitalizations in the US, in 2020. Prompt diagnosis and ongoing monitoring are crucial in managing traumatic brain injuries, aiding in understanding the extent of damage and guiding treatment choices. Wireless brain sensors facilitate continuous real-time monitoring of brain activity, enabling healthcare providers to swiftly identify abnormalities and evaluate the severity of TBIs. Consequently, the rising incidence of TBI is expected to drive the growth of the wireless brain sensors market.

However, the high cost associated with wireless brain sensors, stringent regulations, and complexity of the product are some of the key constraints that may limit the growth of the wireless brain sensors market.

Wireless Brain Sensors Market Segment Analysis:

Wireless Brain Sensors market by Product Type (Devices and Accessories), Application (Traumatic Brain Injury (TBI), Dementia, Epilepsy, and Others), End-Users (Hospitals, Clinics, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product type segment of the wireless brain sensors market, the devices category is estimated to amass a significant revenue share in the Wireless Brain Sensors market in 2023. This can be attributed to the various advantages provided by the devices. Wireless brain sensors allow for greater mobility and flexibility than wired systems, enabling users to move freely without being attached to a stationary recording device. Additionally, wireless brain sensors are more comfortable for users, as they eliminate the need for wires and connectors that can cause discomfort or restrict movement. This increased comfort enhances patient compliance with monitoring protocols and improves the overall user experience, particularly for long-term monitoring applications. Further, Wireless brain sensors facilitate remote monitoring of brain activity, allowing healthcare providers to monitor patients' neurological status from a distance. This is particularly beneficial for patients in remote locations, those with mobility limitations, or those undergoing long-term monitoring outside of traditional healthcare settings. Thus, all the advantages and applications provided by wireless brain monitoring devices will propel the growth of the segment.

Therefore, owing to the above-mentioned factors, the device category is expected to register significant growth, thereby driving the growth of the overall Wireless Brain Sensors market during the forecast period.

North America Is Expected To Dominate The Overall Wireless Brain Sensors Market:

North America is expected to account for the highest proportion of the wireless brain sensors market in 2023, out of all regions. This is due to the high prevalence of neurological disorders in the region. Additionally, the presence of attractive reimbursement policies, robust research and development initiatives, and a highly viable market in terms of product development, and launches are some of the key factors driving the growth of the wireless brain sensors market in North America.

As per data from the Centers for Disease Control and Prevention 2023, it was stated that 6.7 million people are living with Alzheimer’s disease in the United States, in the year 2023. Additionally, according to the same source, it was estimated that this number is projected to nearly triple to 14 million people by 2060.

According to the United Census Bureau report published in May 2023, the U.S. population aged 65 and over grew nearly five times faster than the total population over the 100 years from 1920 to 2020. The older population reached 55.8 million or 16.8% of the population of the United States in 2020.

As people age, there are natural changes in the brain, including the shrinkage of brain cells and decreased blood flow. These changes can affect cognitive function and increase susceptibility to conditions like dementia. Thus, this indicates a huge need for the detection and diagnosis of such conditions, therefore leading to the growth of the Wireless brain sensors market in the United States, which will further propel the wireless brain sensors market in North America.

Further, various key product launches and product approvals in the region are some of the other factors that are influencing the positive growth of the market in North America. For Example in February 2022 Masimo, received the FDA approval of the SedLine Pediatric EEG Sensor. With this clearance, the potential benefits of SedLine have been expanded to all patients one year old and above in the United States.

Therefore, the factors mentioned above, and the increasing product launches and product approvals in the region are some of the important factors that are thereby responsible for driving the overall market for wireless brain sensors in North America during the forecast period.

Wireless Brain Sensors Market Key Players:

Some of the key market players operating in the Wireless Brain Sensors market include NeuroSky, Advanced Brain Monitoring Inc., Koninklijke Philips N.V., Natus Medical Incorporated, NeuroWave Systems Inc., EMOTIV, BrainScope, InteraXon Inc., Cadwell Industries Inc., Neuroelectrics, Neuronetrix Solutions, LLC, Muse and others.

Recent Developmental Activities In The Wireless Brain Sensors Market:

In May 2021, Neuroelectrics, a leader in brain stimulation technology development, raised USD 17.5 million in a Series A round led by Morningside Ventures.

Key Takeaways From The Wireless Brain Sensors Market Report Study

Market size analysis for current Wireless Brain Sensors Market size (2023), and market forecast for 6 years (2024-2030)

Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the Wireless Brain Sensors market.

Various opportunities available for the other competitors in the Wireless Brain Sensors Market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current Wireless Brain Sensors market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Wireless Brain Sensors market growth in the coming future?

Target Audience Who Can Be Benefited From This Wireless Brain Sensors Market Report Study

Wireless Brain Sensors product providers

Research organizations and consulting companies

Wireless Brain Sensors-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in Wireless Brain Sensors

Various End-users who want to know more about the Wireless Brain Sensors Market and the latest technological developments in the Wireless Brain Sensors market.

Frequently Asked Questions For The Wireless Brain Sensors Market:

1. What is meant by Wireless Brain Sensors market?

Wireless brain sensors are devices designed to monitor and measure brain activity without the need for wired connections. These sensors typically use wireless communication technologies to transmit data from the brain to external devices such as computers, smartphones, or medical monitoring systems.

2. What is the market for Wireless Brain Sensors?

The global Wireless Brain Sensors market is estimated to grow at a CAGR of 9.13% during the forecast period from 2024 to 2030.

3. What are the drivers for the global Wireless Brain Sensors market?

The Wireless Brain Sensors market is slated to witness prosperity owing to factors such as the increasing prevalence of neurological disorders such as dementia, epilepsy, and among others. Additionally, the rising incidence of traumatic brain injuries around the globe and the growing geriatric population are some of the contributing factors to the growth of the Wireless Brain Sensors market during the forecast period from 2024-2030.

4. Who are the key players operating in the global Wireless Brain Sensors market?

Some of the key market players operating in the Wireless Brain Sensors market include NeuroSky, Advanced Brain Monitoring Inc., Koninklijke Philips N.V., Natus Medical Incorporated, NeuroWave Systems Inc., EMOTIV, BrainScope, InteraXon Inc., Cadwell Industries Inc., Neuroelectrics, Neuronetrix Solutions, LLC, Muse and others.

5. Which region has the highest share in the global Wireless Brain Sensors market?

North America is expected to dominate the overall Wireless Brain Sensors market during the forecast period, 2024 to 2030. This can be attributed high prevalence of neurological disorders in the region. Additionally, the presence of attractive reimbursement policies, robust research and development initiatives, and a highly viable market in terms of product development, and launches are some of the key factors driving the growth of the Wireless Brain Sensors market in North America.