Wearable Brain Devices Market size is anticipated to reach USD 668.5 million by 2030

 Wearable Brain Devices Industry Overview

The global wearable brain devices market size was valued at USD 247.8 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.33% from 2022 to 2030.

 

The growth of the market is attributed to the growing prevalence of various neurological disorders such as epilepsy, Parkinson’s disease, and Alzheimer’s disease. The rapidly growing geriatric population in the Asia Pacific region, especially in countries such as Japan, India, and China along with quick technological improvements are other key factors bolstering the growth of the market.

 

Modern technological advancements in portable technologies have made it possible to study the brain, and aid in the treatment of various brain disorders and diseases. According to BMJ Publishing Group Ltd., with the global population of adults aged 60 and up estimated to reach 2 billion by 2050, the burden of brain dysfunction and neurological illnesses, as well as demand for medical resources, is expected to skyrocket over time.

 

Gather more insights about the market drivers, restrains and growth of the Global Wearable Brain Devices Market


In line with the above, treatment, rehabilitation, and support services for neurological illnesses such as Parkinson's disease, Alzheimer's disease, schizophrenia, depression, and other dementias will be in high demand in the next decades. Moreover, the brain and its functions can now be observed in high resolution due to recent advances in brain imaging technologies. Near-infrared functional spectroscopy, for instance, is a noninvasive imaging technique that uses near-infrared light (wavelength >700 nm) to determine the relative concentration of hemoglobin in the brain using variations in hemoglobin light absorption patterns.

 

These systems, on the other hand, are unable to distinguish between scattered and absorbed photons. Time-domain (TD)-fNIRS is a new improvement in this method, which estimates photon scattering and absorption in tissues using picosecond light pulses and fast detectors. However, because such systems are expensive, sophisticated, and have a big form factor, they are unlikely to be widely used. To address these issues, a wearable headset based on TD-fNIRS technology was created by a group of manufacturers' researchers.

 

For instance, in January 2022, Kernel developed the Kernel Flow, a wearable helmet that uses time-domain functional near-infrared spectroscopy to perform brain imaging (TD-fNIRS). Although it showed comparable imaging performance, the system carries a smaller footprint, is cost-effective, and is less sophisticated than benchtop TD-fNIRS systems. As a result, market growth is expected to accelerate in the near future.

 

According to the WHO, in May 2020, more than 42,48,389 COVID-19 cases and 2,94,046 deaths were reported globally. The COVID-19 pandemic has created a significant challenge for the global healthcare industry further affecting the wearable brain devices market. Restricted access to medical services has led to inadequate care for patients suffering from other diseases. The huge demand for the product is anticipated to exceed stumbling blocks like the medical supply chain's disruption and limited output. During the pandemic, wearable brain devices have proven to be useful for monitoring and detecting neurology-related issues that the coronavirus may induce in individuals.

 

As a result, participants in the EEG devices market will continue to witness significant growth from hospitals and clinics. According to a study, published in Neuromodulation in February 2021, two COVID-19 patients with pulmonary and mild neurological symptoms (headache and fatigue) had their symptoms reduced without the need for medicines once they were activated every few hours throughout the day. Noninvasive vagus nerve stimulation refers to devices that can be worn on the neck and excite the Vagus nerve in a similar way (nVNS). Thus, this in turn is projected to boost the market growth.

 

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Market Share Insights

  • March 2022: Interaxon Inc. (Muse), announced the release of its VR Software Development Kit (SDK), as well as a new EEG headband that is compatible with all major VR head-mounted displays (HMDs), based on Interaxon's second-generation sleep headband and EEG meditation, Muse S. Interaxon is aiming at offering strategic collaboration prospects for brain health breakthroughs, leveraging their award-winning biosensing technology in AR and VR applications.
  • November 2021: LOK Corporation and Brain Scientific Inc. established a cooperation to manage and build Brain Scientific's U.S. and global distribution networks. Brain Scientific's flagship products are the NeuroEEG and NeuroCap. 

 

Key Companies Profile

Some prominent players in the global wearable brain devices market include:

  • Kernel
  • EMOTIV
  • Neurolief
  • Brain Scientific
  • BioSerenity
  • mBrainTrain
  • Brain Products
  • COGNIONICS, INC. 
  • Bitbrain Technologies

 

Order a free sample PDF of Wearable Brain Devices Market Intelligence Study, published by Grand View Research. 

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