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.

Research Strategy

FINDINGS

EEG FOR EVALUATING BRAIN ACTIVITY WHILE IMMERSED IN CONSUMER MARKETING CAMPAIGNS

• The use of EEG to assess the brain activity of consumers who are seeing advertising campaigns is one of the trends happening in this sector.
• The use of neurophysiological techniques to understand the impact of marketing initiatives on the buying behavior of consumers has exploded in the last few years.
• This is driven by the ineffective traditional means that are currently being used to gauge the consumers' response to campaigns.
• Usually, the results of the old ways are highly influenced by the consumers' skill and openness to providing their detailed answers to typical purchasing behavior questions.
• The results are usually skewed because of the biases and constraints that are found in a person's conscious and unconscious awareness level.
• It was discovered also that unconscious processes may heavily influence consumer behaviors more.
• As companies search for more effective means of measuring this behavior, experts in the field are now using neurophysiological techniques in this area.
• One of the neurophysiological methods involves the use of EEG and devices that are close to the skin to measure bodily reactions such as " skin conductance, heart rate, respiration, eye tracking, and facial expressions."
• There are still some limitations on the use of EEG as most tests were done inside the laboratories.
• However, there are more improvements expected to test the use of EEG and relate devices in the real world.

EEG application in brain-computer interface (BCI) initiatives

• People with extreme brain disabilities are demanding for more innovative individualized rehabilitation solutions.
• This is a continuously developing research area that has applications in "healthcare systems, from fall prevention to neuronal rehabilitation, to educational, self-regulation, production, marketing, and security as well as games and entertainment."
• As this need continues to rise, some research work has been undertaken to create BCIs that can help in the rehabilitation of impaired people.
• Most of the research done is on the use of non-invasive assistive devices that use EEG concepts to further develop these BCIs.
• These BCI-EEG-assistive solutions are expected to improve human-machine communications especially for the rehabilitation of the disabled.

biometric identity verification using EEG

•  EEG-based user identity verification systems are seeing a rise in popularity.
• Researchers in this field have been involved in developing significant studies that can analyze brain patterns.
• One of their initiatives involves the use of "EEG-signal capturing devices" that can detect inputs from the human body for further analysis and processing of identities.

EEG-powered robot assistants.

• The application of a bioelectrical stimulus to improve the typical motor-disability aids has seen massive growth.
• This is backed by the significant development done on biosensor innovations and the rising interest in addressing accessibility constraints effectively and naturally.
• With this technology, control outputs are straightaway detected from the wearer's biometric signals.
• The signals can be directly taken by EEG-powered devices from the brain or muscular patterns.
• These signals will then be used to communicate with distinct devices such as " robotics exoskeletons or assistive robotic arms or hands."

RESEARCH STRATEGY