Wireless Brain Sensors Market: Current Analysis and Forecast (2020-2026)

Report Description

Global Wireless Brain Sensors Market was valued at US$ 1,558.2 million in 2019 and is anticipated to reach US$ 2,903.8 million by 2026 displaying reasonable CAGR of 9.3% over the forecast period (2020-2026). Neurological disorders are recognized as one of the most prevalent diseases with a higher burden on the patients, their families, and society. 20 million Americans experience some form of neuropathy, and about 16% of U.S. households contain an individual with brain impairment. According to the Federal Interagency Forum on Aging-Related Statistics, 35.8% of persons aged 85 years and older have moderate or severe memory impairment. The prevalence of neurological disorders such as Alzheimer’s and Parkinson’s among others are increasing. Rising technological advancements have resulted in the advent of wireless brain sensors technology. The wireless brain sensors can monitor intracranial pressure/temperature and can be deployed for the monitoring of patients suffering from traumatic brain injuries and other neurological disorders. The market of Wireless Brain Sensors market is anticipated to grow enormously owing to factors such as rising geriatric population, increasing prevalence of neurological disorders and traumatic brain injuries, increasing stress, escalation penetration of smartphones and the internet. Moreover, increasing life expectancy due to rising awareness and better medical facilities would further boost this market, as the prevalence of age-related neurological disorders has increased over the year, majorly in the developed countries. Increasing demand for connected devices, ease of use of such sensors by neurodevelopmental populations is further expected to boom the industry. However, privacy issues will act as the major challenges in the growth of this market.

“Brain Sensors are majorly applied in Electroencephalography (EEG) Devices”

Based on product type the global wireless brain sensors market is bifurcated into Electroencephalography (EEG), sleep monitoring devices, magnetoencephalography (MEG), Transcranial Doppler (TCD) Devices, Intracranial Pressure (ICP) Monitors, Other (Accessories). Electroencephalography (EEG) Device segment dominated the market, generating revenue of US$ 525.07 million in 2019. Sleep Monitoring Devices are expected to witness a CAGR growth of 9.8% during the forecast period 2020-2026.

“Wireless Brain sensors are major applications to the treatment and tracking of Traumatic Brain Injuries”

Based on medical conditions, the global Wireless Brain Sensors market is segmented into Parkinson’s disease, Alzheimer’s disease, sleep disorders, traumatic brain injuries, epilepsy, migraine, Stroke and others. Application of wireless brain sensors for Traumatic Brain Injuries occupied the largest share of 24.6% in 2019. TBI contributes to worldwide death and disability more than any other traumatic insult. Epilepsy disease would witness the highest adoption of brain sensors in the years to come. The segment is expected to grow at a CAGR of 10.3% during the forecast period.

Wireless Brain Sensors Market Size by Medical Condition, 2020-2026 (US$ Million)

“Amongst end-user, the hospital was the highest user of Wireless Brain Sensors, accounting for 66.5% share in 2019”

Hospitals, Diagnostic Centers, Research Institutes among others were the major end-user segments of the wireless brain sensors technology. The hospital segment dominated the market in 2019 and is expected to generate revenue of US$ 1,460.18 million by 2023. However, the use of these brain sensors in Diagnostic Centres is expected to witness the highest CAGR growth of 10.1% during the analysed period.

“North America dominated the adoption of wireless brain sensors technology, generating revenue of US$ 791.43 million in 2019”

For better understanding of the overall adoption and penetration of wireless brain sensors technology, deep-dive country-level analysis was conducted for major regions/countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) and Rest of the world. In 2019, North America was the largest market of the technology owing to the high prevalence of age-related neurological disorders and the rising old age population along with high awareness among the people. Europe and Asia-Pacific regions are expected to witness the highest CAGR of 10.0% and 9.9% respectively during the analysed period.

Competitive Landscape-Top 10 Market Players

EMOTIV Inc, Advanced Brain Monitoring, Inc., Muse, Neurosky, Neuroelectrics, Cognionics, Inc., Wearable Sensing, Bitbrain Technologies, Compumedics Neuroscan and Brain Products Gmbh are some of the prominent players operating in the Global Wireless Brain Sensors market industry. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Reasons to buy:

• Current and future market size from 2019 to 2026 in terms of value (US$)
• Combined analysis of deep-dive secondary research and input from primary research through Key Opinion Leaders of the industry
• Country-level details of the overall adoption of Wireless Brain Sensors market
• A quick review of overall industry performance at a glance
• In-depth analysis of key industry players
• A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities prevailing in the industry
• Examination of industry attractiveness with the help of Porter’s Five Forces analysis and start-ups
• The study comprehensively covers the market across different segments and sub-segments of the technology
• Regions/countries Covered: North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) and Rest of the world

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Research Methodology

Analyzing the historical market, estimation of the current market and forecasting the future market of the Global Wireless Brain Sensor technology were the three major steps undertaken to create and analyze the overall adoption and penetration of wireless brain sensors on a global scale. Exhaustive secondary research was conducted to collect the historical market of the technology and overall estimation of the current market. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted with industry experts across the value chain of wireless brain sensor devices. Post assumption and validation of market numbers through primary interviews, a top-down approach was employed to forecast the market size of global wireless brain sensor technology. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the future market size of segments and sub-segments the technology pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Global Wireless Brain Sensors technology through company internal sources such as annual report & financial statements of top players, performance presentations, press releases, inventory records, etc. and external sources including trade journals, news & articles, government publications, economic data, competitor publications, sector reports, regulatory bodies publications, safety standard organizations, third-party database and other credible publications. For disease and economic related data collection, sources such as the World Bank, CDC, European Commission (EC), United Nations and WHO, OECD among others were used.

Step 2: Market Segmentation:

After obtaining the historical market size of the overall market, a detailed secondary analysis was conducted to gather historical market insights and share for different segments for the Global Wireless Brain Sensors. Major segments included in the report are product type, medical condition and end-user.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments detailed factor analysis was conducted to estimate the current market size of the global Wireless Brain Sensors. Factor analysis was conducted using dependent and independent variables such as accelerating aging population, rising prevalence of neurological disorders and traumatic brain injuries, increasing stress levels, rising penetration of mobile phones and technological advancements. Historical trends of the global Wireless Brain Sensors and their year-on-year impact on the market size and share in the recent past were analyzed. The demand and supply-side scenario were also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at current market size, key players in major applications and markets, market shares of these players and industry’s supply chain. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including market drivers, restraints, trends and opportunities available for stakeholders in the industry. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up/Top-down was applied to arrive at the market forecast pertaining to 2026 for different segments and sub-segments. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value and rate of adoption of Wireless Brain Sensors technology globally
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in major applications and markets as well as the market share of each player. Also, the growth strategies adopted by these players to compete in the ever-growing global Wireless Brain Sensors market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, etc.). Primary research findings were summarized, and statistical analysis was performed to prove the stated hypothesis. Input from primary research was consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants

Market Engineering

Data triangulation technique was employed to complete the overall market engineering process and to arrive precise statistical numbers of each segment and sub-segment pertaining to the Wireless Brain Sensors technology. Data was split into several segments post studying various parameters and trends in the areas of application of these sensors in the form of electroencephalogram (EEG), sleep monitoring devices, Magnetoencephalography (MEG) Devices, Transcranial Doppler (TCD) Devices, Intracranial pressure (ICP) Monitors, others (accessories), medical condition and end-user for major regions/countries globally.

Main objective of the Wireless Brain Sensors Market Study

The current & future market trends of the Global wireless brain sensor market are highlighted in the report. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. The current and future market trends would determine the overall attractiveness of the market, providing a platform for the industrial participant to exploit the untapped market to benefit as the first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the global wireless brain sensor market in terms of value (US$)
• Analyze the current and forecast market size of different segments and sub-segments of the technology. Segments included in the study are product type, medical condition, end-user and region/country
• Define and describe the technologies
• Analyze the overall healthcare sector in different region/country and anticipate potential risk associated with the technology
• Define and analyze the government regulations for wireless brain sensor devices in major markets
• Define and analyses the competitive landscape of the global wireless brain sensor market and the growth strategies adopted by the key market players to sustain in the ever-growing market

Detail analysis of the factors that drive the wireless brain sensor market, along with available opportunities for the market players