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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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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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