Wireless Brain Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The wireless brain sensors market is projected to grow with a CAGR of 9.6% over the forecast period. The major factor attributing to the growth of the market is the rising prevalence of neurological disorders like Parkinson’s disease, epilepsy, Alzheimer’s disease, and others. Numerous factors such as changes in lifestyle and severe variations in the social environments have collectively strengthened the demand for wireless brain sensors market. According to the World Health Organization, around 50 million people had dementia until 2019, and there are nearly 10 million new cases every year. Alzheimer's disease is the most common form of dementia and may contribute to 60-70% of cases. The total number of people with dementia is projected to reach 82 million in 2030 and 152 in 2050. Furthermore, rising investments in research and development and technological advancements boost the market growth. However stringent regulations and complexity of the functionality of the product are the major drawbacks for the market growth.

Key Market Trends

Traumatic Brain Injuries Create Maximum Demand for Wireless Brain Sensors

The dominant share of the segment is due to the rising incidence rates of traumatic brain injuries (TBI) globally. For instance, as per the American Association of Neurological Surgeons, about 1.7 million cases of TBI occur in the United States every year. Approximately 5.3 million people live with a disability caused by TBI in the United States alone. Annual direct and indirect TBI costs are estimated at USD 48-56 billion. Every year, 80,000-90,000 people experience the onset of long-term or lifelong disabilities associated with TBI. The increasing prevalence of the TBI is boosting the usage of the wireless brian sensors and ultimately increasing the market growth.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to dominate the overall Wireless Brain Sensors market, throughout the forecast period. The largest share is mainly due to the presence of a larger patient pool and increasing investments for product development. Furthermore, well-established insurance policies and the availability of advanced healthcare infrastructure are a few of the other factors boosting the market in this region. In the North America region, the United States holds the largest market share due to factors such as an increasing number of neurological disorders, in the country.

According to Health Union, LLC. About 1 million Americans are living with Parkinson’s disease, and approximately 60,000 Americans are diagnosed with the disease each year.

The above-mentioned statistics indicate that the large patient pool and high disposable income propel the market growth in the region.

Competitive Landscape

The Wireless Brain Sensors market is moderately competitive. A few of the crucial approaches followed by players functioning in the market include product advancement, invention, acquisitions, and mergers. Some of the companies which are currently dominating the market are NeuroSky, EMOTIV, Advanced Brain Monitoring, Inc., Koninklijke Philips N.V., Medtronic, Muse, Natus Medical Incorporated, Cadwell Industries, Inc., NeuroWave Systems Inc., BrainScope.

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