Wearable EEG - Market Size
Based on the revenues of the seven major international players in the market, the global market size of wearable electroencephalography (EEG) devices is at least $899 million. The main sub-markets include meditation and breathing, sports, performance, relaxation, brain-computer interface, pain management, sleep monitoring, and epilepsy monitoring.
Global market size of wearable EEG devices
- Emotiv, Neurosky, Muse, Melon, Versus Headset, Melomind, and IMEC are the seven major international players in the wearable EEG market.
- Emotiv has an estimated annual revenue of $2.8 million.
- The annual revenue of Neurosky is approximately $6.1 million.
- The revenue of Muse, also known as InteraXon, is around $11.5 million yearly.
- Melon is also one of the major companies in the wearable EEG space. It generated a revenue of $31.5 million in 2017.
- Versus has an annual revenue of about $1 million.
- As calculated from the prices of major wearable EEG headsets, the average price of a wearable EEG device was $475 in 2017. Taking this into account and the number of brain training headsets sold by Melomind (1,000 headsets) in 2017, the 2017 revenue of the company was $0.475 million.
- The estimated annual revenue of IMEC is $845.3 million.
- Considering the above-mentioned revenues of the leading companies in the market, the global market size of wearable EEG devices is calculated to be at least $899 million.
Main sub-markets of EEG wearable devices
- The main sub-markets of wearable EEG devices are meditation and breathing, sports, performance, relaxation, brain-computer interface, pain management, sleep monitoring, and epilepsy monitoring.
MARKET SIZE CALCULATION
To determine the market size of wearable EEG devices, we leveraged information from global market reports published by Market Watch, Market Research News, and Wise Guy Reports. Although the market size is only available behind paywall, the Market Watch report summary was able to provide the key market players. Assuming that the revenues of these companies when added together would reflect the global market size of wearable EEG devices, we searched for their respective annual revenue. Since the identified companies are all privately held hence, not obliged to report revenue publicly, we consulted company databases, such as Crunchbase, Zoominfo, and Owler, as well as news articles to get revenue estimates.
For Melomind's revenue, a direct estimate was not provided so we considered the number of brain training headsets that the company sold in 2017 (1,000 units) and the average price of wearable EEG head sets. We calculated the latter by considering the prices of the following major wearable EEG devices:
Muse 2016 — $200
Epoc — $799
Insight — $300
OpenBCI — $500 to $949: average price = (500 +949)/2 = $974.5 or $975
Neurosky Mindwave — $99.99 or $100
Therefore, the average price of a wearable EEG device is calculated as: ($200 + $799 + $300 + $975 + $100)/5 = $474.8 or $475.
Consequently, the estimated revenue of Melomind in 2017 was: 1,000 x $475 = $475,000 = $0.475 million.
By calculating the sum of the revenues of the identified major players in the market ($2.8 million + $6.1 million + $11.5 million + $31.5 million + $1 million + $0.475 million + $845.3 million = $898.675 million), we were able to provide the estimated global market size of wearable EEG devices.
BREAKDOWN BY MARKET SHARE
We were able to identify the main sub-markets of EEG wearable devices by examining relevant research articles and websites. However, information on their respective market share was not given on market reports, business sites, and science and technology portals.