The wearable EEG devices market size in 2021 stood at US$ 923.84 million and is projected to reach US$ 2,355.49 million by 2031 from US$ XX million in 2023. The market is expected to register a CAGR of 10.2% in 2023–2031. Growing research and developments, and product approvals and launches are likely to remain key wearable EEG devices market trends.
Wearable EEG Devices Market Analysis
There is growing global awareness of mental health issues, including stress, anxiety, and attention disorders. Neurofeedback, which involves real-time brain activity monitoring and training, has gained attention as a non-invasive approach to addressing these concerns. The efficiency and accuracy of neurofeedback systems have been improved by the advances in EEG technology and signal processing. Wearable EEG devices and other wearable technologies have made neurofeedback more accessible to a wider audience. Wearable EEG devices present a non-invasive and relatively inexpensive way to track brain activity in real time, helping in the early detection and better treatment of these diseases. Additionally, the market holds huge potential in emerging markets, with an increasing focus on improving healthcare infrastructure, increasing disposable income, changing lifestyles, and increasing healthcare spending.
Wearable EEG Devices Market Overview
Wearable EEG devices are characterized by their compact and user-friendly design, making them suitable for continuous monitoring outside traditional clinical environments. Due to the increasing cases of neurological diseases, the market is witnessing remarkable growth. Improved healthcare facilities, government initiatives, and increased mental health awareness drive this growth. The market is also characterized by increasing research and development activities, technological advancements, and strategic collaborations among key players.
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Wearable EEG Devices Market: Strategic Insights
Market Size Value in US$ 745.05 Million in 2018 Market Size Value by US$ 1,556.35 Million by 2027 Growth rate CAGR of 8.7% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Wearable EEG Devices Market: Strategic Insights
| Market Size Value in | US$ 745.05 Million in 2018 |
| Market Size Value by | US$ 1,556.35 Million by 2027 |
| Growth rate | CAGR of 8.7% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Wearable EEG Devices Market Drivers and Opportunities
Growing Incidences of Neurovascular Disorders to Favor Market
The neurovascular diseases include ischemic stroke, hemorrhage stroke, brain tumors, etc. The lifestyle habits, genetic disorders, related chronic conditions may lead to the development of neurovascular diseases. The cases of neurological disorders have increased significantly during the past few years. Epilepsy, stroke, brain tumors, frontotemporal dementia, and Parkinson's disease are among the brain diseases that are believed to drive market expansion during the forecast period. According to the WHO, about 50 million people worldwide have epilepsy, and about 70% of people with epilepsy can live seizure-free with timely diagnosis and treatment. Further, according to the World Health Organization (WHO), 2010, stated that the total number of people with dementia across the globe is reported at 35.6 million and is anticipated to nearly double every 20 years, reaching to 65.7 million and ~115.4 million by 2030 and 2050, respectively.
Technology Advancements– An Opportunity for Wearable EEG Devices Market Growth
The continuous technological innovations that improve the efficiency and effectiveness of wearable EEG device products and services include advances in materials, manufacturing processes, and digital technologies. The advancement of edge computing, supported by 5G networks within IoT frameworks, has significantly expanded human sensory perception and interaction. An important biometric measurement within these IoT applications is electroencephalography (EEG), which is known for its sensitivity, cost-effectiveness, and uniqueness. Integrating EEG signals into biometric recognition systems represents a significant advance in identity authentication. EEG-based biometric recognition leverages the brain's distinctive and difficult-to-reproduce electrical activity, positioning it as a secure and innovative approach to identity verification. EEG records the brain's electrical activity and provides deep and dynamic insights into a person's cognitive processes. Integrating IoT and 5G into EEG systems represents a significant advance and opens new opportunities for improved data collection, processing, and use. Integrating IoT and 5G technologies into EEG systems significantly advances neurotechnology. This merger is intended to improve data collection, processing, and application, lead to deeper insights into the human brain, and promote innovative solutions in the healthcare and technology sectors. As these technologies continue to develop, their impact on EEG research and applications is expected to increase, thereby providing opportunity for market growth.
Wearable EEG Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the wearable EEG devices market analysis are channel and application.
- Based on channel, the wearable EEG devices market is divided into 5-channel type, 14-channel type, 32-channel type, and others. In 2023, 32-channel type segment held the largest share of the market, and the same segment is estimated to register the highest CAGR during the forecast period.
- By application, the market is segmented into medical, neuromonitoring, gaming and others. In 2023, medical segment held the largest share of the market, and the same segment is anticipated to register the highest CAGR during 2023–2031.
Wearable EEG Devices Market Share Analysis by Geography
The geographic scope of the wearable EEG devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the wearable EEG devices market. The wearable EEG devices market growth in North America is attributed to increasing numbers of the neurological disorders such as brain tumors and stroke across the region. The US is expected to be the most prominent and fastest-growing market in North America. The US is among the highly advanced countries having various technologies available for a robust medical infrastructure, and it is globally known for its involvement in the research and development of the therapeutic techniques. In the Canadian population, neurological conditions are considered to be one of the leading cause of disabilities and are linked with a substantial public health burden. Mexico is counted among the top destinations for medical tourism, which provides cost-effective healthcare facilities. Numerous patients globally travel across the world for their treatments under the medical tourism plan. Thus, access to medical has expanded significantly in the past few years. Thus, owing to the developments undertaken by governments and non-government authorities, to improve the healthcare systems are likely to create growth opportunities for the growth of the market during the forecast period. However, Asia Pacific is expected to grow with the highest CAGR in the coming years.
Wearable EEG Devices Market Report Scope
Wearable EEG Devices Market News and Recent Developments
The wearable EEG devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for wearable EEG devices:
- X-trodes, a bio-convergence company bringing wireless monitoring solutions to the home environment, today announced that the US Food and Drug Administration (FDA) has granted 510(k) clearance for X-trodes' Smart Skin solution (marketed as X-trodes System M), a new wireless wearable technology for advanced electrophysiological monitoring. (X-trodes, News, 2024)
- Elemind received US$ 12 million for wearable brain modulation device. The Elemind device is designed to improve the user’s memory and sleep quality without the need for any drug-based treatment. The wearable neurotechnology can read individual brainwaves and guide them in real time by responding with tailored stimulation. (ELEMIND TECHNOLOGIES, INC., News,2024)
- Presto Engineering, a European leading expert in application-specific integrated circuit (ASIC) design and semiconductor engineering and production services, and T&W Engineering, the leading in-ear electroencephalogram (EEG) wearable device developer and provider of artificial intelligence (AI)-driven EEG reading services, today announced their collaboration to develop an ASIC for measuring high quality, multi-channel dry-electrode EEG for next-generation wearable brain sensing. (Presto Engineering, News, 2023)
- Wearable Sensing launched a new Dry EEG + tDCS system developed in conjunction with Soterix Medical. This system integrates 6 customizable dry electrode EEG sensors, and 2 tDCS electrodes into a single headset. Our Machine Learning (aka AI) cognitive state classification algorithm, QStates, can be used to close the loop enabling automatic stimulation in response to set cognitive states. (Wearable Sensing, News, 2023)
Wearable EEG Devices Market Report Coverage and Deliverables
The “Wearable EEG DevicesMarket Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Channel ; Application , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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