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Brain Wave Analyzer Market Report 2024-2033 - Size, Share, Growth & Competitive Outlook
Brain Wave Analyzer Market Report
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According to The Business Research Company's, The brain wave analyzer market size has grown strongly in recent years. It will grow from $2.15 billion in 2023 to $2.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increasing prevalence of neurological disorders, growth in awareness about mental health, rising research and development activities, increase in healthcare expenditure, rising interest in brain computer interfaces.
The brain wave analyzer market size is expected to see strong growth in the next few years. It will grow to $2.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing adoption of neurofeedback therapy, rising incidence of neurological disorders, expansion of telehealth services, growing applications in sleep disorder diagnosis, expansion in the sports and fitness industry. Major trends in the forecast period include advancements in brain computer interfaces, integration of AI and machine learning, development of portable and wearable devices, implementation of non-invasive techniques, expansion into non-medical applications.
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Market Drivers and Trends:
The rising prevalence of neurological disorders is expected to propel the growth of the brain wave analyzer market going forward. Neurological disorders are a group of conditions that affect the nervous system, including the brain, spinal cord, and peripheral nerves. The rising neurological disorders are due to increased stress, poor diet, lack of exercise, and exposure to environmental toxins. A brain wave analyzer, using electroencephalograph (EEG), aids in diagnosing and managing neurological disorders by measuring brain activity to detect abnormalities, monitor progression, inform treatment plans, and support therapeutic interventions. For instance, in March 2023, according to the Alzheimer's Association, a US-based non-profit voluntary health organization, in the United States, an estimated 6.7 million Americans aged 65 and older were living with Alzheimer's dementia, which is a neurological disorder. Further, by 2060, the number of people aged 65 and older with Alzheimer's dementia is projected to increase to 13.8 million. Therefore, the rising prevalence of neurological disorders is driving the growth of the brain wave analyzer market.
Major companies operating in the brain wave analyzer market are focusing on strategic investment to introduce innovative brain wave analysis devices with advanced features. Strategic investment fosters innovation, enhances technological integration, expands market reach, ensures regulatory compliance, and improves customer education and operational efficiency, ultimately driving growth and competitiveness. For instance, in September 2021, Yokogawa Electric Corporation, a Japan-based electrical engineering and software company, invested in CyberneX Co. Ltd., a Japan-based company, to develop a compact earphone-type device for real-time brainwave measurement. This technology aims to revolutionize healthcare, education, and industry with easy-to-use brainwave data capture, even during movement, integrating physiological data for enhanced applications and positioning CyberneX and Yokogawa at the forefront of innovation in the brainwave analyzer market.
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Major Key Players of the Market:
Medtronic plc, Nihon Kohden Corporation, Natus Medical Incorporated, NeuroPace Inc., Cadwell Industries Inc., NeuroSky Inc., Compumedics Limited, Brain Products GmbH, EMOTIV Inc., ANT Neuro B.V., Electrical Geodesics Incorporated (EGI Inc.), Neuroelectrics Corporation, BrainScope Company Inc., G.Tec Medical Engineering GmbH, Advanced Brain Monitoring Inc., NeuroWave Systems Inc., Noraxon USA Inc., BrainMaster Technologies Inc., Mind Media B.V., Mitsar Co. Ltd., Neurobit Systems Ltd., NeuroStyle Pte. Ltd., Neurovigil Inc., Qneuro Inc., Cortech Solutions Inc
Brain Wave Analyzer Market 2024 Key Insights:
• The brain wave analyzer market size is expected to see strong growth in the next few years. It will grow to $2.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Rising Prevalence of Neurological Disorders Drives Growth in the Brain Wave Analyzer Market
• Development Of Brainwave Monitoring Earphones In The Brain Wave Analyzer Market
• North America was the largest region in the brain wave analyzer market in 2023
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