Wearable Brain Devices Market Size is Estimated to Witness 12.33% CAGR till 2030

The global wearable brain devices market size was valued at USD 247.8 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.33% from 2022 to 2030

The global Wearable Brain Devices Market size is anticipated to reach USD 668.5 million by 2030, registering a CAGR of 12.33%, according to a new report by Grand View Research, Inc. The increasing prevalence of neurological disorders and the growing government initiatives across the globe are expected to drive the growth of the market.

The COVID-19 pandemic has created a significant challenge for the global healthcare industry. The influence of wearable brain products is twofold. Hospitals and clinics are increasingly requesting the use of these devices to track neurology-related problems in COVID-19 patients. However, the market expansion is hampered by problems such as the disruption of the medical supply chain, delayed production, and a restricted workforce. Nonetheless, the demand for these devices during such critical periods, as well as the need to deliver effective therapy, will outweigh the aforementioned limitations.

During the forecast period, technological advancements are expected to be a crucial driver for the growth of the market. For instance, in March 2021, the Food and Drug Administration approved Neurolief's Relivion device. Relivion is a multi-channel non-invasive brain neuromodulation system designed for at-home treatment of acute migraine, a devastating neurological illness that results in 1.2 million emergency room visits every year and affects 39 million people globally.

Related Press Release@ Wearable Brain Devices Market Report

Wearable Brain Devices Market Report Highlights

• By channel type, the 32-channel type accounted for the largest market share of 34.33% in 2021. This is attributed to technological advancements and high adoption by healthcare professionals
• Based on the application, the epilepsy segment dominated the market with around 33.80% of the revenue share in 2021. This is due to the increasing prevalence of epilepsy, and the high efficacy exhibited by wearable brain devices in treating epilepsy
• Based on end-user, the neurology centers segment captured the largest market share of around 20.79% in 2021. The growth of this segment can mainly be attributed to the consequent rise in surgical procedures
• Asia Pacific is expected to witness the fastest CAGR of 13.97% over the forecast period. Expansion of private hospitals and neurology centers in rural areas will drive the regional market growth