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

Global Wireless Brain Sensors Market Analysis

The global wireless brain sensors market size was $677.8 million in 2021 and is predicted to grow with a CAGR of 9.0%, by generating a revenue of $1,566.7 million by 2031.

Global Wireless Brain Sensor Market Synopsis

Increasing prevalence of traumatic brain injuries (TBI) is expected to increase the demand for wireless brain sensors market trend. TBIs are caused by a blow, bump, or shock to the head, which results in either permanent or temporary brain damage. TBIs are commonly caused by gunshot wounds, sports injuries, falls, domestic abuse, and vehicle accidents. Increase in the number of road accidents is expected to rise the demand for wireless brain sensors, thus, propelling the market growth even further. Another key driver is rise in prevalence of neurological illnesses, such as Alzheimer's disease, Parkinson's disease, epilepsy, and others. Furthermore, rising healthcare spending capacity and advancements in healthcare infrastructure are expected to be important drivers of the wireless brain sensors market growth. Rapid urbanization and rising disposable income levels in emerging and developed nations are expected to have an impact on the growth of the wireless brain sensors market.

However, expensive sensors costs and difficult-to-understand device functionality are hindering market growth. The wireless brain sensors market demand is further limited by stringent safety and validation requirements. The market expansion is hampered by shortage of trained professionals and compatibility issues.

Increase in the number of government initiatives, as well as developments in developing nations' clinical development framework, is anticipated to give advantageous prospects for the expansion of the wireless brain sensors market. Furthermore, rise in demand for wireless brain sensors from new economies and technological advancements are expected to boost the growth rate of the wireless brain sensors market growth in the future.

Wireless Brain Sensors Overview

Wireless brain sensors are used to monitor the intracranial pressure and temperature of people who have suffered severe traumatic brain injuries. Electroencephalography devices, sleep monitoring devices, transcranial Doppler devices, and other wireless brain sensors help to monitor brain changes and improve cognitive capacities. These wireless sensors may be accessible over wireless networking using a smartphone, tablet, or computer, making the device more cost-effective.

COVID-19 Impact on Global Wireless Brain Sensor Market

The COVID-19 impact on wireless brain sensors market had a significant impact on the global economy at several levels, including the wireless brain sensors market. Growing market of healthcare research and development is likely to have a sharp drop in sales during the lockdown period owing to the shutdown of production facilities, severe shortage of raw materials, and lack of prospective workforce. In addition, availability of labor is apparently disrupting the inventory network of the global wireless brain sensors market, as the lockdown and spread of the disease caused people to stay in the house. The wireless brain sensors manufacturers and the shipping of items are connected. If the assembly process is halted, transportation and the retail network are also halted. The pandemic also had a negative impact on the stacking and dumping of products, such as raw materials and results (fixings).

However, in August 2021, the Careline Health Group, a healthcare organization, took new initiative and used Muse Healthcare's machine learning and predictive modelling capabilities to address the demands of its patients. The technology aids in the evaluation and modelling of every clinical assessment, medicine, vital sign, and other important data to perform risk stratification of various patients. It also makes correct modifications to treatment plans, based on the status and location of patients.

Rise in prevalence of brain-related disorders is major driving force in the wireless brain sensors industry

Increased frequency of brain-related diseases as a result of higher stress levels and changes in lifestyle have been critical elements driving the wireless brain sensors market. Brain disorders, which mainly relate to a mix of developmental, psychiatric, and neurodegenerative diseases, are an increasing cause of death globally. Furthermore, substantial changes in social contexts have cumulatively increased demand for wireless brain sensors. The increasing number of people suffering from brain-related disorders has increased spending on research and development in the field. According to the Parkinson's Foundation, nearly one million people in the U.S. had Parkinson's disease in 2020, which is more than the total number of people diagnosed with muscular dystrophy, multiple sclerosis, and Lou Gehrig's disease (or Amyotrophic Lateral Sclerosis), and more than 10 million people globally have Parkinson's disease.

To know more about global wireless brain market drivers, get in touch with our analysts here.

Health-Related Concerns and High Cost of Using Wireless Brain Sensors Restrain Market Growth

Health-related concerns and the high cost of using wireless brain sensors are two factors that are expected to limit the growth of the global wireless brain sensors market during the forecast period. A wireless brain sensor is an absorbable device built of silicon sheets in the 20-nanometer range with numerous water-soluble and biocompatible metals such as magnesium, titanium, and zinc. It may be used as a conducting component and is largely made up of polymers that can be reassembled to modify the dissolving rate.

Rising Demand from Developing Economies and Technological Improvements to Drive Excellent Opportunities

Scientists have created new technological improvement of high-data-rate, low-power wireless brain sensors, which is expected to make neuroscience research easier than it was a decade ago. The system is intended to enable brain research that is now not possible with sensors connected by cabled connections. According to the results, the technique conveyed rich and significant data from animal models as they slept, woke up, or exercised. Furthermore, constant technological advances are likely to considerably contribute to the market growth in the future. Other factors boosting business expansion include, increase in the frequency of traffic accidents, government efforts, and developments in the clinical development framework of developing countries. This factor boosts the wireless brain sensor market opportunity during the upcoming years.

To know more about global wireless brain sensors market opportunities, get in touch with our analysts here.

Global Wireless Brain Sensors Market Trends, by Product Type

By product type, the market has been divided into electroencephalography (EEG) devices, sleep monitoring devices, magnetoencephalography (MEG) devices, and others. Among these, the electroencephalography (EEG) devices segment accounted for the highest market share in 2021 whereas the magnetoencephalography (MEG) devices segment is estimated to show the fastest growth during the forecast period.

Global Wireless Brain Sensors Market Share, by Product Type, 2021

Source: Research Dive Analysis

The electroencephalography (EEG) devices segment is anticipated to have a dominant wireless brain sensors market share in 2021. Increasing rates of brain injuries, migraines, strokes, and other conditions are likely to drive the growth of the electroencephalography devices segment in terms of revenue, to the global wireless brain sensors market during the forecast period. To be able to identify this form of lesion at an early stage, such devices help gather and record the electrical activity of the brain. The signals are amplified and converted to digital form before being transferred to computers or mobile devices for data processing and storage. Using such tools, people can track their emotions and moods to increase their productivity and overall wellness.

The magnetoencephalography (MEG) devices segment is anticipated to show the fastest growth wireless brain sensors market share by 2031. Magnetoencephalography (MEG) is a non-invasive method for analyzing brain activity in living things. It enables millisecond-by-millisecond assessment of ongoing brain activity and identifies the sections of the brain responsible for the activity. MEG can help to more precisely design the implantation site when the implantation of intracranial electrodes is required. MEG technology gives patients undergoing neurosurgery useful data for presurgical mapping in a noninvasive manner. There is currently no other method for researching the brain that combines structural and functional information, in such a way as MEG technology does. This combination results in great spatial resolution and high temporal resolution.

Global Wireless Brian Sensors Market Size, by Application

By application, the market has been divided into Alzheimer's disease, traumatic brain injury, epilepsy, sleep disorders, and others. Among these, the alzheimer's disease segment is estimated to show the fastest growth during the forecast period.

Global Wireless Brian Sensors Market Share, by Application, 2021

Source: Research Dive Analysis

The Alzheimer's disease segment is anticipated to show the fastest growth by 2031. Alzheimer's disease is a degenerative neurologic ailment that causes brain cells to die and the brain to shrink (atrophy). Alzheimer's disease is the most prevalent form of dementia, which is defined as a progressive deterioration in cognitive, behavioral, and social abilities that impairs a person's capacity to operate independently.

In the U.S., 5.8 million adults who are 65 and older have Alzheimer's disease, and of the estimated 50 million people with dementia worldwide, 70% are predicted to have Alzheimer's disease. During the forecast period, these variables are predicted to accelerate the growth of the Alzheimer's disease segment.

Global Wireless Brian Sensors Market Forecast, by End User

By end user, the market is divided into hospitals, research and academic institute/laboratories, homecare settings, and others. Among these, the hospitals segment accounted for the second highest market share in 2021.

Global Wireless Brian Sensors Market Share, by End-user, 2021

Source: Research Dive Analysis

The hospitals segment had the fastest market growth in 2021. Hospitals are currently advancing in terms of technology. Brain examination is a difficult procedure that necessitates the use of expensive and advanced equipment that is often found only in hospitals. In hospitals, technologically advanced technologies are often employed to give better care. These gadgets not only make treatment processes easier, but they also deliver better, quicker, and more accurate outcomes. Almost all neurological illnesses and disorders, including severe TBIs, are identified and treated using modern technology employed by trained neurologists in specialty hospitals. When compared to clinics and other end users, hospitals see a much larger intake of patients suffering from head injuries.

Wireless Brain Sensors Market Value, Regional Insights

The wireless brain sensors market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Global Wireless Brain Sensors Market Size & Forecast, by Region, 2021-2031 ($ Million)

Source: Research Dive Analysis

The Market for Wireless Brain Sensors in North America to be Most Dominant

The North America wireless brain sensors market analysis was dominant in 2021 owing to the presence of a bigger patient pool and increased product development spending. In addition, well-established insurance plans and availability of superior healthcare infrastructure are two major factors driving the industry in this area. Due to reasons such as rising number of neurological illnesses in the country, the U.S. owns the greatest wireless brain sensors market size in North America.

According to Health Union, LLC, around 1 million Americans have Parkinson's disease, and roughly 60,000 are diagnosed with the condition each year.

Competitive Scenario in the Global Wireless Brain Sensors Market

Product launches and product expansions are common strategies followed by major market players. For instance, on May 2O21, Neuroelectrics, a pioneer in brain stimulation technology and therapeutics, secured $17.5 million in a Series A round headed by Morningside Ventures. The funding is expected to be used to further develop Neuroelectrics' non-invasive transcranial electrical stimulation therapy technology, as well as to progress clinical studies in refractory focal epilepsy and at-home treatment of refractory depression.

Source: Research Dive Analysis

Some of the leading wireless brain sensors market players are NeuroSky, EMOTIV, Advanced Brain Monitoring, Inc., Koninklijke Philips N.V., Medtronic, Muse, Natus Medical Incorporated, Cadwell Industries, Inc., NeuroWave Systems Inc., and BrainScope.