The global wearable brain devices market is expected to reach USD 1191 million by 2030, at a CAGR of 9.3% from 2022 to 2030. Wearable brain devices market growth would be driven by the increasing incidence of neurological disorders & neurodegenerative conditions like Alzheimer’s, dementia, epilepsy, Parkinson’s disease & seizures. The growing geriatric population will lead the numbers of Alzheimer's and dementia patients, contributing significantly to the growth of the global wearable brain devices market.

Market Overview:

When an instrument, machine, appliance, or apparatus is used for medical purposes in combination with software or on a standalone basis, it is termed a medical device. They are classified into three categories: class I devices, class II devices & class III devices, with class I being the low-risk devices, class II as intermediate risk, and class III as high-risk devices. Oxygen meters, CT scanners, PET scanners, x-ray machines, and MRI machines are common examples of medical devices. Medical devices are utilized in hospital beds, infant incubators, exercise equipment, patients hoists, and infusion pumps. The wide applications of medical devices can be attributed to the improved diagnostics and treatment allowed by medical devices. Medical devices also can monitor diseases and generate data for informed insights; they enhance treatment procedures by providing comfort to the patient. Wearable medical devices are a niche segment of medical devices designed to function as a supporting & monitoring mechanism for a specific medical condition. Wearable medical devices are non-invasive, increasing their adoption rate among patients. Wearable fitness trackers, ECG monitors, BP monitors, smart health watches, and biosensors are some examples of wearable medical devices. Patient monitoring, screening, diagnostics, and surveillance during the pre, ongoing, and post-treatment phases are benefits of wearable medical devices. The wearable medical devices that are associated with the functions and working of the brain are called wearable brain devices. Wearable brain devices are a niche segment of wearable medical devices Wearable brain devices help reduce stress and headaches associated with acute migraine or other conditions. They also help improve sleep and cognitive functions, which can help treat neurodegenerative diseases that affect the behavior and motor functions of the patients. The non-invasive nature of wearable brain devices, along with ease of application and portability combined with the increasing at-home care settings, will lead to a wider acceptability of these devices and contribute to the growth of the global wearable brain devices market.

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Market Dynamics:

Drivers:

• Increasing global geriatric population

The brain shrinks with age; the brain's capability to carry out millions of instructions with its neurons declines as a person grows old. The fall and reduction in the efficacy of the brain harm the cognitive & motor ability of the individuals. The probability of developing a neurological condition increases with age. Therefore, the growing geriatric population will increase the number of patients with neurological disorders & neurodegenerative diseases. The non-invasive nature of wearable brain devices with enhanced portability will increase the adoption of wearable brain devices to treat neurological conditions. The increasing prevalence of neurological diseases and the rising adoption of wearable brain devices will drive the global market in the forecast period.

• Lifestyle changes

The modern world is highly competitive and busy, which results in acute stress in the population. The contemporary lifestyle is associated with no physical exercise, unhealthy diets, on-the-go snacking, lack of sleep, and increased workload resulting in acute stress, migraine & sometimes depression. Wearable brain devices help reduce stress, improve sleep & can be used in at-home care settings, which will drive the market for global wearable brain devices.

Restraints:

• Expensive wearable brain devices

Extensive capital is utilized in the research and development of wearable brain devices. Wearable brain devices use the latest technologies to improve their application; such technologies are expensive, making wearable brain devices a costly affair. The sophisticated nature and intricate procedures of wearable brain devices add to the costs of these devices. The high costs of wearable brain devices will hamper the market's growth.

Opportunities:

• Technological advancements

With the increase in demand for wearable brain devices, major players have invested capital in researching and developing better systems. For example, near-infrared spectroscopy in brain imaging and mapping to provide better diagnostics is gaining traction in the medical sector. It is a sophisticated, cost-effective & sustainable system compared to traditional methods. Other such advancements in wearable brain devices will make the industry competitive and help it become more efficient, providing the necessary impetus to its growth and lucrative opportunities for the market players.

Challenges:

• Data privacy & security concerns

The wearable brain devices are privy to private thoughts and emotions of an individual’s brain, which risk information leaks due to poor & insecure data transmission technologies. The lack of preventive authentication measures increases the probability of unauthorized access to patient data at the expense of the patient's physical & mental health. The new innovations in wearable brain devices or the trials that have to be conducted to study and test the success of such innovations need to be approved by relevant authorities. These authorities should maintain high standards of data security & privacy. Preventive measures and punitive actions should be implanted expeditiously to improve market players' compliance rate and accountability.

Segmentation Analysis:

The global wearable brain devices market has been segmented based on channel type, application, end-user, and regions.

• The channel type segment is divided into 5 channel type, 12 channel type, 14 channel type, 32 channel type, multi-channel type, & others. The 32-channel type segment dominated the market with a market share of around 35% in 2021. The 32-channel type is utilized for various purposes, from diagnosis to brain-computer interface in healthcare institutions. The growing application of the 32-channel type owing to its efficiency & convenience is attributed to its dominance in the channel type segment.
• The application segment is divided into the medical setting, AR/VR gaming setting, & others. Over the forecast period, the AR/VR gaming setting segment is expected to grow at the fastest CAGR of 11.5%. AR/VR stands for augmented reality/virtual reality. AR/VR creates a virtual world by incorporating elements from the real world to provide an enriching experience to consumers. It can be utilized in virtual exploration, learning, & gaming, among other things. AR/VR enhances the learning and gaming experiences, saves time, and improves business performance. It is applied in various other sectors, contributing significantly to its growth during the forecast period.
• The end-user segment is divided into hospitals, clinics, ambulatory settings, neurological centers, diagnostics centers, & others. In 2021, the hospitals segment dominated the market, accounting for around 45% of global revenue. With the pandemic exposing the poor state of healthcare infrastructure, governments of countries worldwide are focused on increasing capital spending to boost healthcare infrastructure and its holistic development. The increased spending can be utilized to ramp up at-home care settings to reduce the load on hospitals and improve service delivery. Wearable brain devices will help in surveillance, monitoring, and diagnostics of at-home care patients, driving the hospitals' segment growth in the forecast period.

Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region emerged as the largest market for the global wearable brain devices market, with a 34% share of the market revenue in 2021.

• North America currently dominates the wearable brain devices market due to the increased adoption of advanced wearable brain devices due to rising awareness about its benefits in the region's population. At the same time, Asia-Pacific is expected to rise in the forecast period due to increased government expenditure on healthcare infrastructure and the rising geriatric population with a growing prevalence of neurological disorders.

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Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global wearable brain devices industry.

Cybin – psychedelics to therapeutics has announced its sponsorship for a feasibility study that aims to measure the effects of ketamine's psychedelics on the human brain's cerebral cortex. The study would be conducted with the help of kernel flow, a wearable headset that measures the activity of the human brain. The study will provide an impetus to the wearable brain devices market.

List of Key Market Players:

• Advanced Brain Monitoring Inc.
• Kernel
• Brain Products GmbH
• EMOTIV
• Brain Scientific
• Neuroelectrics
• Natus Medical Incorporated
• Cadwell Industries
• ANT Neuro
• Abbot

Key Target Audience

• Hospitals/Healthcare Providers
• Medical Device Manufacturers
• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Third-party knowledge providers

Report Description:

• Global wearable brain devices market, Industry Analysis, Trends, Analysis and Forecast, 2022 to 2030 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
• 2021 is considered as the base year of the report. 2019 and 2020 are considered as the historic years and 2022 to 2030 are the forecast years. The global wearable brain devices market is based on revenue (USD Million). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each of the segments, regions, and countries catering to the global wearable brain devices market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
• The report encompasses with the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of wearable brain devices based on channel type, application, end-user and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
• The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to the global wearable brain devices market. This offers vital and in-depth insights to depict the overall market scenario.
• The report offers the detailed study for the company profiles of key organizations operating in the global wearable brain devices market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
• The report provides an elaborative assessment of the porter's five forces analysis coupled with SWOT analysis to provide business related data and informations. Porter's five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company's growth and development to sustain and survive in the long run.
• Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which act as a key potential for the investors.
• Potential growth prospects along with the penetration rate analysis of the product (market related, i.e., global wearable brain devices market) are covered to comprehend the adoption rate and evaluate the market size.