According to The Insight Partners market research titled ‘Wearable EEG Devices Market to 2027 – Global Analysis and Forecasts by Channel and Application.’ The global wearable EEG devices market is expected to reach US$ 1,556.35 Mn in 2027 from US$ 745.05 Mn in 2018. The market is projected to grow with a CAGR of 8.7% from 2019-2027. The report provides trends prevailing in the global wearable EEG devices market and the factors driving market and also the factors that act as hindrances.
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The global wearable EEG devices market, based on the channel, was segmented into 32-channel type, 14-channel type, 5-channel type, and others. In 2018, the 32-channel type segment held the largest share of the market. Moreover, the 32-channel type segment is expected to grow at the fastest rate during the coming year. The increasing usage in the 32-channel type segment is anticipated to grow in the future. Moreover, it’s various applications in recording electrical activities in the brain to detect neurological disorders and other applications in the brain-computer interface.
The major factors boosting the market growth are growing incidences of neurovascular disorders and significantly rising elderly population. However, hindrances such as high cost of wearable EEG devices are likely to impact the market growth in the forecasted period.
The wearable EEG devices market majorly consists of the players such as Advanced Brain Monitoring, Inc., ANT Neuro, Natus Medical Incorporated, Brain Products GmbH, Compumedics Neuroscan, Electrical Geodesics, Inc. (Koninklijke Philips N.V.), EMOTIV, g.tec medical engineering GmbH, Neuroelectrics, Cadwell Industries, Inc. among others. Several companies are concentrating on organic strategies, such as product launch and product approvals. For instance, in December 2017, Brain Products has extended the line with a 64 channel version to complement the LiveAmp family that is the most flexible wireless high-density EEG/ExG recording system.
Growing Incidence of Neurovascular Diseases
Neurological diseases are the diseases of the spine, brain, and the nerves that connect them and provides oxygenated blood. The neurovascular systems are highly dependent on the continuous supply of oxygen and nutrients, which has been supplied by the arteries and veins. The amount of oxygen and nutrients to the brain is essential for its working; therefore, a defect in the system can impair the function, and it may quickly become a life-threatening factor.
The neurovascular diseases include hemorrhage stroke, ischemic stroke, brain tumors, and more. The genetic disorders, lifestyle habits, related chronic conditions may cause the development of neurovascular diseases. During the last few years, the predominance of neurological disorders has increased significantly. For instance, epilepsy is one of the neurovascular diseases that is rising significantly across the globe.
The rising cases of brain tumors worldwide is the primary factor for the Wearable EEG devices market growth. For instance, as per the data of Lancet Neurol 2019, approximately 330, 000 cases of central nervous system (CNS) cancer were reported in the world in 2016. The most regular type of essential CNS cancer is Glioma, which is a group of malignant brain tumors that includes high-grade Glioma or glioblastoma and low-grade Glioma (astrocytoma, oligodendroglioma). Thus, it is anticipated that the increasing prevalence of neurovascular diseases is likely to fuel the growth of the market during the forecast period.
Significantly Rising Elderly Population
The elderly population is the group of people aged 65 and over. The increase in the aged population is poised to become one of the most important social transformations of the present time. The number of the elderly population has been rising significantly across the globe. As per the United Nations, in 2017, there were an anticipated 962 million people aging 60 or above globally, which contained 13% of the population worldwide. The geriatric population is expected to increase at a rate of 3% every year.
Presently, Europe and Asia Pacific regions have the largest population, aging 60 years, and more. The number of the aging population is projected to touch about 1.4 billion in 2030 in the world, and about 2.1 billion in 2050. Additionally, it is expected to reach up to 3.1 billion in 2100. The elderly population has been linked with various chronic diseases due to problems related to it. Neurological disorders are most commonly observed in older adults, affecting between 5% and 55% of people aged 55 years and above. They are associated with a high risk for adverse health outcomes, such as mortality, disability, institutionalization, and hospitalization. Mental and neurological disorders in elderly adults report 6.6% of the total disability (DALYs) for this age group. Roughly, 15% of adults aged 60 and above have a mental disorder. The most common mental and neurological disorders observed in the geriatric population are dementia and depression that affect about 5% and 7% of the world’s elderly population, respectively. Therefore, due to the increasing geriatric population and the surge in associated neurological disorders, the market for wearable EEG devices is anticipated to witness significant growth.
The report segments the global wearable EEG devices market as follows:
Global Wearable EEG Devices Market – By Channel
- 32-channel Type
- 14-channel Type
- 5-channel Type
Global Wearable EEG Devices Market – By Application
Global Wearable EEG Devices Market – By Geography
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- South & Central America (SCAM)
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