Market Size of Wireless Brain Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.60 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wireless Brain Sensors Market Analysis
The wireless brain sensors market is projected to register a CAGR of 9.6% during the forecast period.
The COVID-19 pandemic significantly impacted the wireless brain sensors market during its early phase, as many individuals had sleep difficulties and related brain problems. However, the market has been recovering since restrictions were lifted. The prevalence of neurological disorders, new product launches, and increasing demand for brain sensors have led the market over the last two years.
The primary factor contributing to the market's growth is the rising prevalence of neurological disorders such as Parkinson's disease, epilepsy, and Alzheimer's disease. Numerous factors, such as lifestyle changes and severe social environment variations, have collectively strengthened the demand for wireless brain sensors. For instance, as per an Alzheimer's Association report, an estimated 6.5 million Americans aged 65 and above are living with Alzheimer's. Of that population, 73% are aged 75 or above. According to the same source, the prevalence of Alzheimer's disease is increasing due to the growing geriatric population. By 2050, the number of people aged 65 and older with Alzheimer's is projected to increase to 12.7 million, barring medical breakthroughs to prevent, slow, or cure Alzheimer's disease. Hence, people may adopt wireless brain sensors to improve their quality of life, thereby boosting the market's growth.
There are over 10 million new cases of dementia each year worldwide, implying one new case every 3.2 seconds. Furthermore, the rising investments in research and development and technological advancements boost the market's growth. For instance, in January 2022, iMediSync, an AI-driven early detection and therapeutic platform for optimal brain health from Seoul, South Korea, showcased its comprehensive EEG solution (hardware + software + remote telehealth solution) to perform brain mental health screening and predictive analysis of potential mental conditions in just 10 minutes. It launched its first therapeutic device at the 2022 CES Las Vegas, iSyncWave, which integrates both EEG brain mapping and LED therapy.
Hence, owing to the above-mentioned factors, the wireless brain sensors market is likely to grow over the forecast period. However, stringent regulations and the complexity of the functionality of the product are likely to restrain the growth of the market studied.
