by The global wearable brain devices market is on the brink of remarkable growth, surpassing its approximate valuation of US$250 million recorded in 2020. The primary catalyst behind this upward trajectory is the escalating prevalence of epilepsy worldwide, coupled with a growing preference for non-invasive medical solutions.
Advancements in Non-Invasive Technology Drive Market Expansion
In recent years, advancements in portable medical technology have revolutionized our ability to study brain function and treat various brain disorders. Patients are increasingly opting for non-invasive procedures to minimize post-procedure trauma, driving the adoption of less invasive products for monitoring various patient indications. For example, a 2020 report by the American Stroke Association highlighted the significant improvements in motor function among stroke patients using a non-invasive wearable brain stimulation device. This breakthrough technology not only aids in brain health analysis but also contributes to the treatment, prevention, and improved outcomes for individuals with stroke conditions. As a result, the demand for technologically advanced, non-invasive products is expected to shape the wearable brain devices markets growth trajectory.
Rising Epilepsy Cases Propel Demand for Wearable Brain Devices
The use of wearable brain devices in epilepsy cases has seen unprecedented growth, driven by the increasing global incidence of epilepsy and growing awareness of this neurological condition. According to the World Health Organization (WHO), approximately 5 million individuals worldwide suffer from epilepsy each year, with an expected impact on 49 individuals per 100,000 annually. In middle and low-income nations, this figure rises to around 139 individuals per 100,000. Medical device manufacturers are responding to this challenge by developing effective and cost-efficient solutions to monitor, treat, and diagnose brain conditions, significantly contributing to the expansion of the wearable brain devices market.
32-Channel Devices Gain Prominence
Among the various types of wearable brain devices, 32-Channel devices are poised to capture a significant share of the market. These devices offer operational benefits, including accuracy, flexibility, and portability, making them ideal for regular use. Their widespread acceptance is driven by their ability to diagnose neurological illnesses by recording electrical events, as well as their convenience and high efficiency. The use of 32-Channel wearable brain devices has become integral to the diagnosis and monitoring of brain conditions, propelling market growth.
North America Leads the Way
North America is expected to maintain its status as the leading region in the global wearable brain devices market. The regions strong technological foundation, coupled with significant investments in research and development, has led to the creation of technologically advanced wearables for monitoring and diagnosing brain conditions. For instance, in 2021, the US FDA granted 510(K) clearance to Neuronaute EEG and EceCap EEG wearable devices developed by BioSerenity Inc., allowing remote monitoring of brain electrical activities in individuals with epilepsy. Additionally, the increasing healthcare spending in the United States, accounting for about 19.7% of the countrys GDP in 2020, further supports the growth of the wearable brain devices market. The rising cases of Alzheimers disease and other neurological disorders also contribute to the markets expansion in North America.
Asia Pacific Emerges as a Lucrative Market
In Asia Pacific, the wearable brain devices market is set to exhibit high growth potential. The regions rising population and prevalence of neurological disorders such as Alzheimers, dementia, and epilepsy are driving the need for efficient and timely diagnosis, creating a promising pathway for the wearable brain devices market. According to the Global Burden of Disease (GBD), injury-related and non-communicable neurological disorders have doubled in India alone over the past few decades, further highlighting the markets growth opportunities in the region.
Key Market Players
Prominent players in the wearable brain devices market include Kernel, mBrainTrain, EMOTIV, BioSerenity Inc., Cadwell Industries Inc., Neurolief, Cognionics Inc., Neuroelectrics, and Brain Products.
The wearable brain devices market is poised for exponential growth, driven by technological advancements, increasing demand for non-invasive solutions, and the rising prevalence of neurological conditions. As innovative solutions continue to emerge, the market is set to play a pivotal role in enhancing brain health and improving the lives of millions worldwide.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/wearable-brain-devices-market
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This press release first seen on Brilad
COMTEX_442127618/2840/2023-10-19T11:53:24
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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