Wearable EEG Devices Market Size, Trends and Growth Analysis by 2027

The worldwide market for wearable EEG devices is projected to achieve a value of US$ 1,556.35 million by 2027, up from US$ 745.05 million in 2018. This growth represents a compound annual growth rate (CAGR) of 8.7% from 2019 to 2027.

Key factors propelling this market include the increasing prevalence of neurovascular disorders and the rapidly growing elderly demographic, which significantly contributes to the expansion of the wearable EEG devices sector. Conversely, challenges such as the high price of these devices may hinder market growth during the forecast period.

The elderly demographic is characterized by individuals aged 65 and older. The rise in this age group is expected to be one of the most significant social transformations of our time. The global aging population has been on a notable upward trend. According to the United Nations, in 2017, there were approximately 962 million individuals aged 60 and above, representing 13% of the global population. This geriatric segment is projected to grow at an annual rate of 3%. Currently, Europe and the Asia Pacific region host the largest populations of individuals aged 60 and older. By 2030, the global elderly population is anticipated to reach around 1.4 billion, and this figure is expected to rise to nearly 2.1 billion by 2050.

Moreover, projections indicate that this number could soar to approximately 3.1 billion by the year 2100. The elderly population is often associated with various chronic health issues, particularly neurological disorders, which are prevalent among older adults, affecting between 5% and 55% of individuals aged 55 and above. These disorders are linked to a heightened risk of adverse health outcomes, including increased mortality, disability, institutionalization, and hospitalization. Mental and neurological conditions account for 6.6% of the total disability-adjusted life years (DALYs) in this age group. Approximately 15% of adults aged 60 and older are reported to have a mental disorder. The most frequently encountered mental and neurological issues in the elderly include depression and dementia, affecting about 7% and 5% of the global elderly population, respectively. Consequently, the combination of a growing elderly population and the rise in related neurological disorders is expected to drive substantial growth in the market for wearable EEG devices.

The global market for wearable EEG devices is categorized by channel and application. In terms of channel, the market is divided into 32-channel, 14-channel, 5-channel, and other types. In 2018, the 32-channel category held the largest share of the global wearable EEG devices market by channel. The advancement of technology in 32-channel EEG products and their widespread acceptance among healthcare professionals are significant factors contributing to the growth of this segment. Regarding application, the wearable EEG devices market is segmented into medical, neuromonitoring, gaming, and other uses.

Key primary and secondary sources referenced in this report include the Food and Drug Administration (FDA), Canada First Research Excellence Fund, World Health Organization (WHO), Stroke Support Organization, the Neurology Association of South Africa (NASA), World Stroke Organisation (WSO), among others.