03 January 2023
Visiongain has published a new report entitled Wearable Brain Devices Market Report 2023-2033: Forecasts by Product Type (Conventional Devices, Implantable Devices), by Technology (Vagus Nerve Stimulation (VNS), Responsive Neurostimulation, Deep Brain Stimulation), by Channel Type (32-Channel Type, 12-Channel Type, 14-Channel Type, Multi-channels), by End-user (Hospitals & Clinics, Neurology Centers, Homecare Settings, Intensive Care Units, Other), by Medical Setting (Epilepsy, Sleep Disorders, Parkinson’s Disease, Traumatic Brain Injury (TBI), Alzheimer's, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global wearable brain devices market was valued at US$276.0 million in 2022 and is projected to grow at a CAGR of 11.4% during the forecast period 2023-2033.
Innovative Business Opportunities and Application Services Will Boost the Market
Innovative business opportunities and application services that help the average citizen are being created all around the world as a result of wearable sensor technologies. People have changed how they live, engage with one another and their environment, go about their everyday lives, and keep track of their health issues by utilising these technologies. The shrinking of sensors and circuitry, as well as advancements in the functionality and processing capacity of mobile devices like smartphones and tablet computers, are the main factors driving the market for wearable devices and remote sensors' rapid development. These advancements are providing chances to create and use cutting-edge instruments to take measures often only possible in clinical settings in the field of health, and more specifically in the field of brain monitoring. Portable EEG monitoring and other aspects of brain function, such as sleep evaluation, gait analysis, cognitive function testing, eye tracking, and speech analysis, have undergone rapid technological advancements
How has COVID-19 had a significant negative impact on the Wearable Brain Devices Market?
Technology advances are anticipated to be a key driver for the market's growth over the forecast period. Due to an ageing global population and greater acceptance of the internet of things, the wearable technology industry is anticipated to play a bigger role in the medical and health sector (IoT). This expansion has been driven by the Covid-19 pandemic, which has also led to an increase in home fitness fads and a focus on creating a more interconnected healthcare system that can provide continuous monitoring.
Wearable technology is used by people to monitor and receive alerts for their blood pressure, heart rate, and calorie consumption, as well as to track their workout schedules. As consumers became more conscious of personal hygiene and the need to take care to stop the spread of illnesses, the COVID-19 pandemic increased the adoption of wearable electronics. For instance, Apple upgraded its Cardiogram app by adding a new sleeping beats-per-minute feature that keeps track of heart rate changes for COVID-19 patients.
How will this Report Benefit you?
Visiongain’s 308-page report provides 144 tables and 183 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global wearable brain devices market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Wearable Brain Devices. Get financial analysis of the overall market and different segments including product type, channel type, technology, medical setting, end-user and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing wearable brain devices market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
A Change in Lifestyle
The population is severely stressed because of the intense competition and busyness of the modern world. The modern lifestyle is linked to lack of exercise, bad eating, eating while on the go, lack of sleep, and increasing workload, which can lead to acute stress, migraines, and occasionally depression. The market for worldwide wearable brain devices will be driven by the gadgets' ability to promote sleep, lower stress levels, and be employed in at-home care settings.
Growing Innovations and Technological Advancements
Significant advancements have been made in the development and use of wearable sensing devices over the past few decades. A revolution in the development of new services is being sparked by research and development in wearable brain device technology. The most recent advancements in standards for medical equipment can offer consumer wearables services interoperability in a safe and private manner, which could be advantageous to consumers in the near future. Future advancements and global adoption of wearable sensing technology and services are anticipated
Where are the Market Opportunities?
Developments in Technology
Major players have put money into research and the development of better systems in response to the rise in demand for wearable brain devices. For instance, near-infrared spectroscopy is gaining popularity in the medical field for use in brain imaging and mapping to provide better diagnosis. Compared to conventional approaches, it is a smart, affordable, and sustainable solution. The sector will become more efficient and competitive as a result of additional breakthroughs in wearable brain technology, which will also create profitable prospects for market participants.
Wearable Medical Technology as an Alternative to Conventional Monitoring Methods
The current degree of innovation in the field of wearable and microsensor solutions for health monitoring is due to the increasing downsizing and affordability of sensors and circuits. This makes it easier to create tools for measuring complex health outcomes in non-specialist and remote settings. The healthcare system is experiencing a critical shift from the conventional hospital-centered system to an individual-centered system due to the increased prevalence of chronic diseases, an ageing population, and continuously rising healthcare expenses. Since the turn of the 20th century, wearable sensors have been increasingly common in biomedical and healthcare monitoring systems, enabling continuous measurement of vital biomarkers for disease monitoring and health monitoring, medical diagnosis, and evaluation.
The major players operating in the wearable brain devices market are Advanced Brain Monitoring, Cadwell Industries, Compumedics, Ltd., Edwards Lifesciences Corporation, GE Healthcare, Koninklijke Philips N.V.( Philips Healthcare), Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Siemens Healthineers, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• 28 Nov 2022, Royal Philips a global leader in health technology, at the Radiological Society of North America (RSNA) annual meeting launched a next-generation compact portable ultrasound solution (November 27 – December 1, Chicago, USA). The Compact 5000 Series from Philips aims to bring the diagnostic quality associated with premium cart-based ultrasound systems to a wider range of patients.
• 27 Nov 2022, SIGNA Experience, a platform of four synergistic technologies that aid users in their diagnostic journey, was launched by GE Healthcare. This integrated collection collaborates to provide the best magnetic resonance imaging (MRI) scanning experience for the physician, technologists of all skill levels, and the patient.
Notes for Editors
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