Wireless Brain Sensors Market Size, Share & Trends Analysis Report By Product (Electroencephalography (EEG) Devices, Sleep Monitoring Devices, Magnetoencephalography (MEG) Devices, Transcranial Doppler (TCD) Devices, Intracranial pressure (ICP) Monitors, Others), By Therapeutic Application (Traumatic Brain Injuries, Parkinson’s Disease, Epilepsy, Huntington's Disease, Dementia, Migraine, Sleep Disorders, Stroke, Others), By End-User (Neurology Hospitals, Diagnostic Centers, Research Institutes, Clinics, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global wireless brain sensors market size was valued at USD 181.44 million in 2022. It is projected to reach USD 461.87 million by 2031, growing at a CAGR of 10.94% during the forecast period (2023–2031).

Biomedical wireless brain sensors can measure intracranial pressure and temperature in the brain and, most crucially, record brain transmission through brain waves. Wearable brain monitors are frequently used for patients with illnesses like sleep difficulties, Parkinson's disease, traumatic brain injury, dementia, and other psychiatric conditions. Such sensors aid in monitoring neuronal changes and boosting cognitive performance. Large-scale technical advancements in brain-computer interfaces can be attributed to the ongoing refinement of brain electrodes. Wireless communication allows cell phones, tablets, and laptops to access commercially available sensors from a distance. Electroencephalography gadgets, transcranial Doppler gadgets, sleep monitoring gadgets, and so on are all popular and low-priced wireless brain sensors on the market.

Market Dynamics

What are the Primary Factors driving the Market for Wireless Brain Sensors?

Increasing Prevalence of Brain-Related Disorders

Increasing stress and a shift in lifestyle have led to a rise in the prevalence of illnesses affecting the brain, which has been a significant driver propelling the wireless brain sensor market. More and more people are losing their lives to conditions affecting the brain, such as developmental delays, mental illness, and neurodegeneration. Extreme shifts in people's social settings have also contributed to the growth of the wireless brain sensors industry. The rising cost of brain research directly results from the increasing prevalence of people with neurological illnesses. Moreover, the increasing prevalence of other prevalent brain-related illnesses has kept the driving forces preeminent.

What are the Main Factors that will slow down the Market for Wireless Brain Sensors?

Health-Related Concerns and High Cost

During the projection period, the global market for wireless brain sensors is likely to be partially restrained by worries over users' health and the high cost of employing such devices. It is mainly composed of polymers that may be reassembled to alter the dissolving rate, and it has the potential to be employed as a conducting component. The high price of sensors and the complexity of many products limit the market's potential. Strict safety and validation regulations also slow the demand for wireless brain sensors. Compatibility issues and a shortage of skilled laborers are also impeding market expansion.

What are the Future Opportunities for Wireless Brain Sensors?

Technological Advancements

The industry for wireless brain sensors has seen a surge of activity as researchers and developers race to create better, more secure products. Safety concerns about brain-implanted sensors have prompted new research and development. Recent innovations have alleviated these gaps and affected consumer worries, driving demand. Growing demand for wireless brain sensors will be aided by a combination of factors, including an increase in government spending and improvements to the clinical development environment in emerging countries. Due to the device's vast medicinal applications, there will be increasing demand for it. The market is anticipated to grow due to several factors, most significantly an increase in healthcare expenditure capacity and enhancements to healthcare infrastructure.

Regional Analysis

North America Dominates the Global Market

The global wireless brain sensors market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America is the most significant shareholder in the global wireless brain sensors market and is expected to grow during the forecast period.Due to rising rates of traumatic brain injuries and supportive government policies, rules, and regulations, North America is the world's largest market for these products. The market in North America is being propelled by sizeable medical device businesses and the government's ongoing investment in R&D activities to enhance the clinical, medical, and healthcare sectors with better solutions. The United States has the most significant market share in North America due to the country's rising prevalence of neurological illnesses. Health Union, LLC estimates that there are currently 1 million people in the United States living with Parkinson's disease, with another 60,000 new cases being identified annually.

Asia-Pacific is expected to grow during the forecast period. Market leaders in wireless brain sensors can look forward to substantial growth potential due to a significant target population and high unmet demands for minimally invasive techniques. Significant impact key drivers of the market for wireless brain sensors include increased clinical trials and high R&D investments from global market players because of the region's low-cost services. In addition to government initiatives and improvements in the clinical development framework of developing economies, an increase in the frequency of traffic accidents is fueling demand in this area. However, the market expansion for wireless brain sensors may need to be improved by the low adoption of innovative healthcare facilities, shortage of experienced professionals, and inadequate healthcare reimbursement facilities in some of the countries in this region.

Increasing rates of neurological illnesses in Europe are driving demand for neurology monitoring equipment in the region. The Brain Research section of the European Commission estimates that over 165 million Europeans have a mental illness. Additionally, it is predicted that roughly one-third of the population will have some form of the neurological or psychiatric disease at some point in their lives. The increasing number of older people in the region is also expected to expand the industry and provide new openings. The incidence of neurodegenerative diseases like Parkinson's is predicted to increase as a direct effect. As a result, the market for brain sensors and monitoring devices is expected to expand soon.

Segmental Analysis

The global wireless brain sensors market is segmented by product, therapeutic application, and end-user.

Based on product, the global wireless brain sensors market is bifurcated into electroencephalography (EEG) devices, sleep monitoring devices, magnetoencephalography (MEG) devices, transcranial doppler (TCD) devices, intracranial pressure (ICP) monitors, and others.

The electroencephalography (EEG) devices segment is the highest contributor to the market and is expected to grow during the forecast period. EEG gear makes it possible to capture the brain's electrical activity. This apparatus aids in recording brain electrical activity. The signals are amplified and converted to digital form before being transmitted to a mobile device or computer. People can use this tool to enhance their health and productivity by keeping tabs on their internal states of mind. Devices like these help collect and record brain electrical activity, which is used to detect this type of injury at an early stage. Those signals are amplified and transformed into digital form before being sent to servers or mobile devices. The ability to monitor one's emotional state and use that knowledge to better one's health and productivity is a powerful skill.

Based on therapeutic application, the global wireless brain sensors market is bifurcated into traumatic brain injuries, Parkinson’s disease, epilepsy, Huntington’s disease, dementia, migraine, sleep disorders, stroke, and others.

The traumatic brain injuriessegment is the highest contributor to the market and is expected to grow during the forecast period.The rising worldwide incidence of TBIs is a crucial factor responsible for the vast percentage of the traumatic brain injuries sector. The American Association of Neurological Surgeons reports that each year there are around 1.7 million cases of traumatic brain injury (TBI) in the United States and that approximately 5.3 million people in the country have a handicap due to a TBI. The need to care for these situations is significant and rising, necessitating the extensive use of brain sensors and related technologies. As a result, more and more individuals are looking for the availability of cutting-edge portable and wearable home-based monitoring devices due to the rising incidence of TBI, which is driving up the market growth.

Based on end-user, the global wireless brain sensors market is bifurcated into neurology hospitals, diagnostic centers, research institutes, clinics, and others.

The neurology hospitalssegment is the highest contributor to the market and is expected to grow during the forecast period.Monitoring the brain using a variety of sensors is a time-consuming and challenging process that typically takes place in medical settings due to the high cost and complexity of the necessary equipment and instruments. Hospitals typically have a larger patient volume than outpatient clinics or other end-users. In addition, the ongoing costs associated with brain monitoring devices represent a considerable financial burden for healthcare facilities. Still, hospitals are better able to shoulder this load than most end-users.

Impact of covid-19

The coronavirus outbreak dangled worldwide health care systems, exceeding their critical care units. The pandemic has caused significant disruptions in the global healthcare industry, with considerable losses to the economic operations of almost every nation. This has affected the global market largely.

Medical device manufacturers and distributors have witnessed a 60% drop in weekly revenue in the US market, affecting the fiscal fourth-quarter financial results of April 2020. However, many industry leaders are responding to this impact positively by encouraging and supporting the market through donations, manufacturing expertise, smart distribution channels, etc.

Recent Developments

• November 2022-Philips introduces cutting-edge AI-driven diagnostic tools and revolutionary workflow improvements.
• September 2022- Novo Nordisk and Microsoft are collaborating to use big data and artificial intelligence to accelerate drug discovery and development.