Wireless Brain Sensors Market Projected to Grow at CAGR of 9.0% and Generate Revenue of $1,566.7 Million by 2031Download Sample Reports Overview
The global wireless brain sensors market size is predicted to be valued at $1,566.7 million by 2031, surging from $677.8 million in 2021, at a noteworthy CAGR of 9.0%.
Impact Analysis of COVID-19 on Wireless Brain Sensors Market
The COVID-19 impact on wireless brain sensors market has led to severe disruptions that have affected the demand, supply, import-export, and availability of wireless brain senior across end-use industries. The COVID-19 pandemic resulted in provincial lockdowns, line closures, and dissolution of transportation organizations. Furthermore, the financial risk of wireless brain sensors market growth is substantially greater than in earlier outbreaks, such as SARS, avian influenza, pig influenza, bird influenza, and Ebola, as evidenced by an increasing number of affected people and uncertainty about the crisis's resolution.
However, several initiatives are launched by the brain sensors market companies. For instance, in May 2021, Morningside Ventures sponsored $17.5 million in a Series a fundraising round for Neuroelectrics, a pioneer in brain stimulation technologies and therapeutics. The funding is expected to be utilized to advance clinical trials in refractory focal epilepsy and at-home treatment of refractory depression, as well as Neuroelectrics' non-invasive transcranial electrical stimulation therapeutic platform.
Global Wireless Brain Sensors Market Analysis
In the wireless brain sensors industry, there has been a major impetus for innovation and safer product development. Implanting of sensors in the brain, as well as the safety issues related with their usage, has prompted innovation and progress. The recent innovations have rectified such inconsistencies and affected customer worries, hence growing the industry. In 2016, researchers also developed a biocompatible brain implant that can thoroughly monitor brain injuries. Furthermore, once the criteria are met, the gadget is capable of completely dissolving into the surrounding soft tissue. These sensors are composed of biodegradable and biocompatible green electrical natural materials. These are intended to act for a shorter period of time, for instance, a few weeks, before totally dissolving into the cerebrospinal fluid over the course of roughly a day when submerged. For safety reasons, no inflammations were found in animal testing phases, confirming the device's perfect biocompatibility.
However, health-related concerns and the high cost of utilizing wireless brain sensors are two factors that are predicted to restrict growth in the global wireless brain sensors market share during the forecast period. A wireless brain sensor is an absorbable device made of silicon sheet in the 20-nanimeter range with several water soluble and biocompatible metals such as magnesium, titanium, and zinc. It may be utilized as a conducting component and is mostly composed of polymers that can be reassembled to change the dissolving rate. This aspect restrains the market expansion.
Scientists have created new high-data-rate, low-power wireless brain sensors that will make neuroscience research simpler than it was a decade earlier. The system is intended to enable brain research that is now not possible with sensors connected via cabled connections. The technique conveyed rich and significant indications from animal models while they slept, woke up, or exercised, according to the results. Furthermore, continual technological advances are likely to contribute considerably to the market revenue growth in the future. This factor boosts the wireless brain sensors market opportunity in upcoming year.
Global Wireless Brain Sensors Market Share, Segmentation
The wireless brain sensors market is segmented based on product type, application, end user, and region.
By product type, the market is further classified into electroencephalography (EEG) devices, sleep monitoring devices, magnetoencephalography (MEG) devices, and others. Among these, the electroencephalography (EEG) devices segment dominated the wireless brain sensors market share in 2021. EEG devices can capture the electrical activity of the brain. The gadget aids in the collection of electrical activity from the brain. The acquired signals are digitalized and improved before being transferred to a mobile device or computer for data processing and storage. Individuals may also utilize this gadget to enhance their wellbeing and productivity by tracking their emotions and mood. The growing occurrence of traumatic brain injuries, migraine, and stroke globally, is driving the expansion of the wireless brain sensors market trend.
By application, the market is further classified into Alzheimer's disease, traumatic brain injury, epilepsy, sleep disorders, and others. The Alzheimer's disease segment is anticipated to have a fastest growing market share by 2031. Alzheimer's disease (AD) is a significant and fast expanding load on the healthcare system. An increasing amount of research suggests that cognitive, behavioral, sensory, and motor impairments may occur several years before clinical signs of Alzheimer's disease. Existing neurodegenerative disease diagnostic tools, while well-validated, are frequently less successful in detecting departures from the usual cognitive decline trajectory in the early stages of the disease. In the search for gold standards for Alzheimer's disease evaluation, there is increased interest in the creation of easily accessible digital biomarkers that leverage improvements in consumer grade mobile and wearable technology.
By end user, the market is further classified into hospitals, research and academic institute/laboratories, homecare settings, and others. The hospitals segment accounted to the fastest growth market share in 2021. Hospitals are continually evolving in terms of technology. The assessment of the brain is a complex procedure that necessitates the use of expensive and advanced technologies that are often found only in hospitals. In hospitals, technologically improved instruments are mostly employed to give greater care. These instruments improve treatment processes and give greater, faster, and more precise results. All neurological disorders and concerns, are often diagnosed and treated in hospitals using cutting-edge techniques employed by specialist neurologists.
The wireless brain senior market analysis in the LAMEA region is projected to show the fastest growth during the forecast period. In LAMEA, the existence of a large target population and high unmet demands for less invasive treatments are projected to create considerable growth potential for leading competitors in the wireless brain sensors market. Furthermore, due to low-cost services in the area, growth in the number of clinical trials and high R&D investments by global market players are key driving factors of the market for wireless brain sensors market growth. Other factors assisting wireless brain sensors market size expansion in this area include, increase in frequency of traffic accidents, government efforts, and developments in the clinical development framework of developing nations.
Key Players in Global Wireless Brain Sensors Market
Some of the leading wireless brain sensors market players are
- Advanced Brain Monitoring, Inc.
- Koninklijke Philips N.V.
- Natus Medical Incorporated
- Cadwell Industries, Inc.
- NeuroWave Systems Inc.
In February 2022, Masimo, a global medical technology company, announced the FDA clearance of the SedLine Pediatric EEG Sensors. With its approval, SedLine's considerable advantages are now available to all Americans.