Future Trends, Drivers & Opportunity: Technological Developments in Wearable EEG Devices, Increasing Medical Tourism in Emerging Nations, Significantly Rising Elderly Population
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.
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Driving factors include growing incidences of neurovascular disorders, and significantly rising elderly population plays a vital role in the growth of the wearable EEG devices market. However, the restraints like the high cost of wearable EEG devices are likely to affect the market growth in the forecasted period.
The elderly population is defined as a group of people aging above 65 and more. The upsurge of the elderly population is anticipated to become one of the vital social changes in the present time. The number of the aging population has been increasing significantly across the globe. As per the United Nations, in 2017, there were around 962 million people aged 60 or over globally, which comprises 13% of the population worldwide. The geriatric population is forecasted to grow at a rate of 3% per year. Presently, Europe and Asia Pacific counties have the largest population, aged 60 years and more. The number of the aging population in the world is expected to reach about 1.4 billion in 2030, and it will touch nearly 2.1 billion in 2050.
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Furthermore, the number will be approximately 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 depression and dementia that affect about 7% and 5% 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 global wearable EEG devices market is segmented by channel and application. Based on channel, the market is segmented into 32-channel type, 14-channel type, 5-channel type, and others. In 2018, the 32-channel type accounted for the largest market share in the global wearable EEG devices market by channel. Technological development in 32-channel EEG products and its high acceptance by healthcare professionals are the major factors driving the growth of the segment. Based on application, the wearable EEG devices market has been segmented into medical, neuromonitoring, gaming, and others.
Some of the essential primary and secondary sources included in the report are 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) and others.
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This post was originally published on Food and Beverage Herald