Wireless brain sensors are devices that help monitoring the temperature, detecting the intracranial pressure, and record brain signaling in the form of brain waves. The essential aim of this wireless brain sensor is of securing the person from emergency situations. The devices are primarily used for patients experiencing conditions such as sleep disorders, traumatic brain injury, dementia, Parkinson’s disease, and other neurological conditions. These devices aid in observing and monitoring the neurological deviations and provide support for improving the cognitive functionalities. Accessibility of these sensors is easy from a remote area through wireless connectivity and be integrated with smart phones, tablets and computers, consequently be monitored intermittently from a homecare environment, making the device more cost-efficient. Brown University based neuroengineers team has developed a fully rechargeable and implantable wireless brain sensor, having the capability of relaying broadband signals at real-time from up to hundred neurons in freely moving subjects.
The wireless brain sensor market is expected to expand continuously and thus generating higher profit margin. According to Parkinson’s foundation, in U.S. by 2020, nearly one million will be living with Parkinson's disease, which is more than the combined number of people diagnosed with muscular dystrophy, multiple sclerosis and Lou Gehrig's disease (or Amyotrophic Lateral Sclerosis), and more than 10 million people worldwide are living with Parkinson's disease. As per World Health Organization (WHO), the annual incidence of traumatic brain injury accounts to 558 per 100,000 people in the USA, and it also accounts as the 3rd leading cause of global disability and mortality by 2020. Also, the number of people living with dementia worldwide is presently estimated at 47 million and is predicted to increase to 75 million in number by 2030. The number of cases of dementia are expected to almost triple by 2050.
Key drivers of the wireless brain sensor market include increasing stress level, high prevalence of neurological disorders because of the changes in lifestyle, and severe variations in the social environments have collectively intensify the demand for wireless brain sensor market. Furthermore, the increase in the number of patients suffering from brain related disorder also fuel the growth of wireless brain sensor market. Notwithstanding, difficulty in understanding the functionality of product, compatibility issues, stringent safety and validation regulations, and compatibility issues are some of the reasons hampering the growth of the wireless brain sensors market.
The global wireless brain sensor market can be classified based on product type, as electroencephalography (EEG) devices, sleep monitoring devices, and accessories. On the basis of application, it can be segmented as epilepsy, dementia, parkinson’s disease, huntington’s disease, migraine, stroke, traumatic brain injuries, and sleep disorders. it can also be divided by end-users, as hospitals, research centers and others.
Based on geography, the global wireless brain sensor market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America upholds major market share for wireless brain sensors because of higher research and development investments, increase in technological advancements, acceptability and accessibility to innovative technologies and widespread presence of wireless brain sensors industries. Europe lines second in this market due to increasing prevalence of neurological disorders and expanding research and development activities are responsible for the growth of Wireless Brain Sensor market. Asia Pacific Wireless Brain Sensor Market is witnessed with amplified growth rate mainly due to increasing prevalence of Parkinson disease as a result of aging of the population, government funding for research and development, and growing awareness regarding cure and treatment.
Key players operating in the global wireless brain sensor market include EMOTIV, Muse, NeuroSky, Neuronetrix Solutions, LLC dba COGNISION, Neuroelectrics, Brain Products GmbH, Hangzhou Zhongheng Electric Co., Ltd., Advanced Brain Monitoring Inc., NeuroTherapeutics, Novo Nordisk A/S and others. In order to gain competitive advantage in the market, the key players are actively involved in various growth strategies such as agreements, partnerships and collaborations and new product developments.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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10. What will be the barrier to entry for new players in the market?
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