New York, USA, Jan. 12, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global wireless brain sensors market is anticipated to garner $1,566.7 million in revenue and rise at a CAGR of 9.0% over the analysis timeframe from 2022 to 2031.
As per our analysts, with the increasing frequency of brain-related disorders among individuals worldwide, due to the result of higher stress levels and changes in lifestyles, the wireless brain sensors market is expected to experience remarkable growth during the analysis period. Moreover, the rising technological improvements of high-data-rate, and low-power wireless brain sensors, and the growing demand for these brain sensors from developing economies is predicted to create extensive growth opportunities for the market over the estimated timeframe. However, health-related concerns and the high cost of using wireless brain sensors may hinder the growth of the market over the analysis period.
Segments of the Market
The report has divided the wireless brain sensors market into segments based on product type, application, end-user, and region.
Product Type: Electroencephalography (EEG) Devices Sub-Segment to be most Profitable
The electroencephalography (EEG) devices sub-segment is predicted to hold a dominant share of the market during the forecast period. The increasing rate of brain injuries, migraines, strokes, and other vital conditions of brains is expected to fortify the growth of the market sub-segment over the analysis period.
Application: Alzheimer's Disease Sub-Segment to be Most Productive
The Alzheimer's disease sub-segment is expected to have the fastest growth throughout the estimated period. The increasing prevalence of Alzheimer's disease among the old aged population all across the globe is predicted to propel the growth of the market sub-segment during the forecast period.
End-User: Hospitals Sub-Segment to be Most Beneficial
The hospitals sub-segment is predicted to hold the largest share of the market over the analysis timeframe. All neurological disorders and illnesses are treated using modern technology employed by trained neurologists in specialty hospitals, which is expected to upsurge the growth of the market sub-segment throughout the estimated period.
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Region: North America Region to Hold the Maximum Share of the Market
The North America region of the wireless brain sensors market is expected to be dominant over the analysis timeframe. This is mainly due to the presence of a bigger patient pool and increased product development in this region. Moreover, the availability of superior healthcare infrastructure and well-established insurance plans is predicted to drive the regional growth of the market during the forecast period.
Covid-19 Impact on the Wireless Brain Sensors Market
The outbreak of the Covid-19 pandemic has had a negative impact on the wireless brain sensors market. This is mainly due to the sharp drop in the sales of the growing market of healthcare research and development during the pandemic owing to the lack of prospective workforce, shutdown of production facilities, and shortage of raw materials. Moreover, due to the strict lockdown guidelines and transportation restrictions, the shipping of wireless brain sensor items was disrupted. This halted the assembly process and the retail network of wireless brain sensors during the period of crisis.
Key Players of the Market
The major players of the wireless brain sensors market include
- InteraXon Inc
- Medtronic Plc
- Natus Medical Incorporated
- Koninklijke Philips N.V.
- Cadwell Industries Inc.
- Advanced Brain Monitoring Inc.
- NeuroWave Systems Inc.
- EMOTIV
- BrainScope
- NeuroSky
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in July 2021, EMOTIV, a privately held bio-informatics and technology company developing and manufacturing wearable electroencephalography (EEG) products, launched its new product named “Brainwear” which can monitor the brain patterns of individuals throughout the day. These are smart earbuds that are designed with EEG technology. This can identify the times when an individual loses focus, gets mentally exhausted, or gets into the flow and also help the scientific community understand the neurobiology of stress.
Further, the report also summarizes other crucial aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
More about Wireless Brain Sensors Market:
- A Brief Survey of Wireless Brain Sensors and Three of its Main Applications
- Global Wireless Brain Sensors Market to Observe Widespread Growth with Growing Demand for Wireless Brain Sensor Devices
