Global Wireless Brain Sensors Market Expected to Garner $1,566.7 Million by 2031, Growing at 9.0% CAGR from 2022 to 2031 [280-Pages] | Report by Research Dive

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Mar 01, 2023, 06:59 ET

The wireless brain sensors market is expected to grow in the 2021-2031 timeframe, due to the growing cases of traumatic brain injuries. The hospitals sub-segment is predicted to observe fastest growth. Market in North America to grow significantly.

NEW YORK, March 1, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Wireless Brain Sensors Market by Product Type (Electroencephalography (EEG) devices, Sleep Monitoring Devices, Magnetoencephalography (MEG) Devices, and Others), Application (Alzheimer's Disease, Traumatic Brain Injury, Epilepsy, Sleep Disorders, and Others), and End User (Hospitals, Research and Academic Institute/Laboratories, Homecare Settings, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031".

As per the report, the global wireless brain sensors market is predicted to grow at a stable CAGR of 9.0% in the 2022-2031 timeframe, thereby garnering $1,566.7 million by 2031.

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Dynamics of the Market

Drivers: Growing incidence of traumatic brain injuries, especially in the last few years, is expected to be the primary growth driver of the wireless brain sensors market in the forecast period. Along with this, rapid urbanization and rising disposable incomes are expected to boost the growth rate of the market further.

Opportunities: Increasing number of government initiatives is expected to offer numerous growth opportunities to the market in the analysis timeframe. Moreover, technological advancements, especially in developing economies are estimated to help the market grow in the coming years.

Restraints: High cost of using wireless brain sensors, however, may dampen the growth rate of the wireless brain sensors market.

Covid-19 Impact on the Market

Due to the outbreak of the Covid-19 pandemic, strict lockdowns and travel restrictions were put in place by various governments across the world. This negatively impacted several industries and businesses causing disruptions in supply chains and manufacturing processes. The wireless brain sensors market faced a similar situation wherein there was a disruption in the supply of raw materials and labor force. Also, the shutdown of production facilities led to a decline in the growth rate of the market.

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Segments of the Market

The report has divided the wireless brain sensors market into different segments based on product type, application, end-user, and region.

By product type, the electroencephalography (EEG) devices sub-segment is predicted to have the dominant market share by 2031. The increasing prevalence of brain injuries, migraines, strokes, and other conditions is expected to boost the sub-segment in the forecast period.
By application, the Alzheimer's disease sub-segment is expected to have the fastest growth by 2031. The growing incidence of Alzheimer's disease which causes a progressive deterioration in cognitive, behavioural, and social abilities is expected to boost the sub-segment in the forecast period.
By end-user, the hospitals sub-segment is anticipated to have the highest growth rate by 2031. The use of expensive and technologically advanced equipment in hospitals to treat neurological illnesses is predicted to help the sub-segment grow in the analysis period.
By regional analysis, the wireless brain sensors market in North America region is expected to flourish immensely in the forecast period. Increased incidence of neurological illnesses and growth in spending on product developments are anticipated to boost the growth of the market in this region during the forecast years.

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Significant Market Players

The significant market players of the wireless brain sensors market are

NeuroSky
Medtronic
Cadwell Industries Inc.
EMOTIV
Muse
NeuroWave Systems Inc.
Advanced Brain Monitoring Inc.
Natus Medical Incorporated
BrainScope
Koninklijke Philips N.V.

These key market players are developing different strategies like product development, merger and acquisitions, partnerships and collaborations to gain a leading position in the market.

For instance, in January 2022, a research paper published by a journal called Science Translational Medicine demonstrated that a newly developed brain sensor can record and transmit electrical signals from the surface of the human brain directly. This research paper is touted by medical experts as a game-changer, as it will change the way brain and neurological diseases are treated.

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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