Global Cognitive Enhancement Wearable Technology Market to Grow at a CAGR of 17% During 2024-2032, Driven by Rising Research and Development Expenditure by Device Manufacturers

The introduction of new and innovative technological enhancements will drive the growth of cognitive enhancement wearable technology market in the coming years. The emerging industry for this new technology has few key players dominating the market shares. These key players have been increasingly investing in the research and development of new technologies to augment the demand for the industry. The introduction of artificial intelligence (AI) will bolster the cognitive enhance wearable technology demand as AI can improve the features of devices and reduce lag by predictive algorithms.

The electroencephalogram (EEG) segment in the technology classifications is expected to register substantial growth because of the growing usage of devices for monitoring brain activity. The EEG technology has also been used by the medical sector for treatment of neurological disorders. The     transcranial direct current stimulation (tDCS) technology segment will also register substantial growth with growing results showing improvement of cognitive functions of the users. The online distribution channel for cognitive enhancement wearable technology market will grow significantly in the upcoming years with the rising e-commerce platforms and the convenience of ordering and receiving the products in the comfort of home.

In January 2019, Halo Neuro Inc, a key player in cognitive enhancement wearable technology market, secured USD 13 million in series B funding. The participation of notable investors led by TPG capitals, which has a special purpose acquisition company TPG Pace Tech Opportunities (NYSE: PACE) and have acquired many companies such as Accel (NYSE: ACEL). The Halo Neuro Inc has been purchased by Flow Neuroscience in February 2021 for integrated expertise to develop better products. This will provide thrust to the market growth in future.

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Market Analysis by Technology, Device Type, Type, Distribution Channel and Regions:

• The technological segments for the market are electroencephalogram (EEG) and transcranial direct current stimulation (tDCS) among others.

• The device types of the industry are audio headset, head bands and head cap, among others.

• The types of cognitive enhancement wearable technology are battery and charge.

• The distribution channels for industry are online and offline.

• The regional markets for cognitive enhancement wearable technology include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing neurological disorders will boost the industry demand.

• Advancements in technological solutions will lead to spurt in the market demand.

• The demand from sports sector for monitoring and improving performance is providing impetus to the growth of market.

• The rising population, increasing disposable income and exposure to new technology will accelerate the industry growth.

Key Offerings of the report:

• The EMR report gives an overview of the global cognitive enhancement wearable technology industry for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the technology, device type, type, distribution channel and major regions of cognitive enhancement wearable technology industry. 

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global cognitive enhancement wearable technology market are Halo Neuro, Inc, Sooma Oy, InteraXon Inc. (Muse), Melomind, FocusBand Technologies, and Neuro Management LLC among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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