Wireless Brain Sensor Market to Grow Exponentially by 2029- Brandessence Market Research

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30 May, 2023, 14:30 GMT

LONDON, May 30, 2023 /PRNewswire/ -- The neurological sector is undergoing a widespread technological evolution. This has led to the advent of wireless brain sensors which are equipped with the ability to monitor and record brain activity without the need of any invasive procedure. Brain data is wirelessly transferred from the brain to an external device using communication technology. These sensors are predominantly used to diagnose various neurological diseases.

The market research report on Wireless Brain Sensor Market by Brandessence Market Research provides a detailed overview of this industry. It offers valuable insights into the current market scenario and future prospects of this industry that is supported by accurate statical data. The report includes a deep dive analysis of the market dynamics, highlighting the key drivers, restraints, and opportunities shaping the industry. It also enlists the major industry segments with specific focus on potential market segments that are expected to witness significant growth in the coming years. The geographical landscape and competitive terrain are also evaluated with an aim to determine the scope and size of this industry.

Key Takeaways

  • The growing occurrence of neurological disorders, increased instances of traumatic brain injuries, and rising healthcare expenditure are aiding market expansion.
  • By product type, the electroencephalogram (ECG) segment is poised to amplify substantially due to the increased prevalence of neurological disorders and the escalating demand for non-invasive diagnostic, monitoring, and treatment solutions.
  • MEA is projected to account for a substantial volume share owing to the rapidly evolving neuroscience sector and rising awareness about brain disorders.

The Wireless Brain Sensor Market is expected to grow substantially over the forecast duration of 2022-2029.

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Elaborating the Key Trends and Dynamics of Wireless Brain Sensor Market

The growing occurrence of neurological disorders, increased instances of traumatic brain injuries, and rising healthcare expenditure are primarily augmenting the outlook of this business sphere. Alongside, adoption of unhealthy lifestyle trends, rise in the geriatric population base, and integration of high-end technologies in the neuroscience vertical are creating lucrative opportunities for this marketplace to prosper. Moreover, surging R&D activities in the field, rapid technological advancements, and growing awareness on neurological disorders are aiding the expansion of this industry vertical.

Major Growth Drivers

Unhealthy lifestyle trends- There has been a rising pervasiveness of neurological disorders like migraine across the globe. Unhealthy lifestyle and dietary habits are said to the primary reasons behind this. Growing stress levels, improper sleep schedule, excessive smoking and alcohol intake, and lack of balanced diet may lead to stroke, migraine, and several other brain-based disorders. This in turn is stimulating the overall dynamics of this business sphere.

Rising instances of traumatic brain injuries- The brain may get injured in road accidents, falls, gunshot wounds, and physical violence, among others. It might lead to brain damage and even death. After a brain injury, the constant monitoring of brain activity is required to determine if it is responding to the ongoing treatment. These factors together are creating an upward trend in this market.

Challenges

High cost- Wireless brain sensors are quite costly in nature. Due to their specialized nature, they are equipped with high end technology and are made of expensive raw materials. It is also worth noting that neurological treatment involves advanced equipment and skilled professionals, making it one of the most expensive verticals of medical science. Various healthcare facilities have budgetary constraints and therefore cannot procure advanced equipment like brain sensors. Apart from that, low incomed individuals cannot afford advanced neurological treatments due to financial issues. This is hindering the remuneration scope of this market.

Competitive Landscape of Wireless Brain Sensor Market

The competitive terrain of this business vertical is characterized by players such as Muse, Neurosky, Advanced Brain Monitoring Inc., Neuroelectrics, NeuroSky, Koninklijke Philips N.V., Medtronic, Cadwell Industries Inc., Nihon Kohden, and Others.

Segmental Assessment

By product type, the electroencephalogram (ECG) segment is poised to amplify substantially over 2022-2029. This is credited to the increased prevalence of neurological disorders and the escalating demand for non-invasive diagnostic, monitoring, and treatment solutions.

In terms of application, the sleep disorders segment is likely to amass notable gains over the stipulated timeline. This is due to the rising prevalence of sleep disorders like insomnia and sleep apnoea, among others, increased screen timings, and unhealthy lifestyle trends.

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Geographical Analysis and Landscape

Middle East & Africa Wireless Brain Sensor Market

MEA is projected to account for a substantial volume share over 2022-2029. This is attributable to the rapidly evolving neuroscience sector, rising R&D activities, along with growing awareness about brain disorders. Besides, surging healthcare expenditure, growing disposable income levels, and technological innovations in the field are adding traction to the progression of this regional market.

Europe

The market in Europe is reckoned to register the fastest growth over the estimated timeline. This is ascribed to the surge in geriatric population base, favourable medical reimbursement scenario, and growing pervasiveness of sleeping disorders.

Opportunities in this Industry

Surge in elderly population base- The geriatric population is highly susceptible to neurological disorders like stroke, dementia, Parkinson's disease, and epilepsy, among others. As people age, there is a gradual decline in cognitive abilities and changes in the brain's structure and chemistry. These age-related changes make the brain more susceptible to neurological disorders. This is positively swaying the dynamics of this market.

Major Developments in Wireless Brain Sensor Market

In 2019, Natus Medical announced the acquisition of Neurologica Corporation, a company specializing in advanced imaging technologies for neurology.

In 2021, Blackrock Neurotech completed the acquisition of Nia Therapeutics, a company focused on developing neurorehabilitation technologies.

Porter's Five Forces Analysis

Threat of New Entrants: The threat relatively moderate in this market. While the industry requires specialized knowledge and expertise in neuroscience and medical technology, advancements in technology and reduced barriers to entry may attract new players. However, established companies with strong research and development capabilities, intellectual property rights, and established customer relationships may have a competitive advantage, creating a barrier for new entrants.

Bargaining Power of Suppliers: The bargaining power of suppliers may fluctuate rapidly in this market. Suppliers of key components, such as wireless communication technologies or sensor materials, may hold some leverage if they have limited competition or unique capabilities. However, as the market grows and more suppliers emerge, the bargaining power may decrease. Additionally, companies with strong relationships and partnerships with suppliers can negotiate favorable terms, mitigating supplier power.

Bargaining Power of Buyers: Buyers in the wireless brain sensor market, such as healthcare providers and research institutions, generally have moderate bargaining power. While they are important customers, the specialized nature of the products and the limited number of suppliers may limit their options. However, as the market expands and competition increases, buyers may gain more negotiating power. Factors such as price sensitivity, product quality, and customer support can influence buyer power.

Threat of Substitutes: The threat of substitutes in the wireless brain sensor market is relatively low. Wireless brain sensors offer unique advantages in terms of non-invasiveness, mobility, and real-time monitoring capabilities. Traditional invasive brain monitoring techniques, such as implanted electrodes, have their limitations and may not be suitable for all applications. While there may be alternative non-wireless monitoring methods, the convenience and benefits of wireless brain sensors make them a preferred choice in many cases.

Competitive Rivalry: The competitive rivalry within the wireless brain sensor market is increasing as more companies enter the space. Established players, research institutions, and startups are actively developing and improving wireless brain sensor technologies. Factors such as technological advancements, product differentiation, brand reputation, and pricing strategies contribute to the intensity of competition. Companies that can offer innovative solutions, establish strong partnerships, and demonstrate superior performance will have a competitive advantage in this evolving market.

On Special Requirement Acute Repetitive Seizures Market Report is also available for below region:

North America                                                                                           
  • U.S, Canada
Europe
  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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