Electrodermal Activity Detecting Device Market Outlook 2031
The global electrodermal activity detecting device market size was valued at USD XX Billion in 2022 and is expected to reach USD XX Billion by 2031, expanding at a CAGR of 8.7% during the forecast period, 2023–2031. The market growth is attributed to the rising prevalence of extreme emotional or mental disorders among populations across the globe.
The prevalence of extreme emotional stress and mental disorders is on the rise, which leads to an increased need for effective monitoring and management tools. The electrodermal activity (EDA) detecting devices offer a non-invasive and objective method to measure stress levels and emotional responses. The increasing number of individuals suffering from extreme emotional stress and mental disorders boosts the demand for electrodermal activity-detecting devices. For instance,
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In June 2022, a report published by the World Health Organization (WHO) states that one in every eight people lives with mental disorders. Among mental health disorders, anxiety and related sleep disorders are the most prevalent, affecting over 300 million individuals globally
Advancements in wearable technology have significantly contributed to the growth of the EDA-detecting device market. Wearable devices such as smartwatches, fitness trackers, and biofeedback devices now incorporate EDA sensors, allowing users to track their stress levels and emotional responses in real time. The integration of EDA detection capabilities into wearable devices has made them more accessible and convenient for individuals seeking to monitor their physiological responses.
The research report finds that the COVID-19 pandemic hampered the electrodermal activity detecting device market. The pandemic and its associated lockdown measures have disrupted the manufacturing and supply chains of medical devices. This led to delays in the production and limited availability of these devices in the market.
Additionally, the primary focus of healthcare systems has shifted toward managing and treating COVID-19 patients. This shift in priorities temporarily reduced the attention and resources allocated to the development and promotion of electrodermal activity-detecting devices, thereby affecting the market.
Impact of Artificial Intelligence (AI) on The Electrodermal Activity Detecting Device Market
Artificial Intelligence (AI) had a significant impact on the electrodermal activity detecting device market. AI algorithms analyze electrodermal activity data with high precision, reducing the risk of errors and inaccuracies in diagnosis and treatment. This has resulted in improved device accuracy and reliability, making them more effective in monitoring and managing stress and emotional responses.
AI processes large amounts of data quickly, which is particularly useful in electrodermal activity-detecting devices that generate a significant amount of data. This enables healthcare professionals to gain deep insights into patient responses and patterns, leading to more accurate diagnoses and personalized treatment plans. For instance,
Electrodermal Activity Detecting Device Market Dynamics
Major Drivers
Rising demand for advanced medical devices and increasing public health awareness about electrodermal activity-detecting devices drive the market. Individuals are becoming more conscious about monitoring their physiological responses, due to the increasing public health awareness, leading to a high demand for EDA devices. The ability of electrodermal activity-detecting devices to provide insights into stress levels and emotional states contributes to their popularity, which further propels the market.
Technological advancements in medical devices and wearables are leading to the introduction of innovative devices. These advancements include improvements in sensor technology, data analysis algorithms, and connectivity features. The integration of these technologies into EDA-detecting devices enhances their accuracy, usability, and functionality, thereby fueling the market. For instance,
Increasing demand for stress management tools is boosting the market. Mental health concerns are rising across the globe, which propels the demand for devices that accurately measure and monitor electrodermal activity (EDA). However, EDA-detecting devices are used to detect changes in the skin's electrical conductivity, which provide insights into individuals' stress levels and emotional states. The need for effective stress management tools is driving the electrodermal activity (EDA) detecting device market.
Existing Restraints
High cost of EDA-detecting devices and expensive device treatment are key factors restraining the market. Affordability issues limit the adoption of these devices, particularly in developing regions. Additionally, the expensive nature of device therapy is expected to deter some users from investing in these devices, thereby affecting market growth during the forecast period.
Emerging Opportunities
Growing research and development (R&D) activities are expected to create lucrative opportunities in the market. The ongoing R&D efforts focus on improving production technologies and device features. These efforts further focus on enhancing device accuracy, usability, comfort, and connectivity. Furthermore, manufacturers are introducing new and improved electrodermal activity detecting devices in the market to meet the overall growing demand, thereby fueling the market. For instance,
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On August 11, 2023, Xiaomi's humanoid robot, CyberOne, utilizes advanced AI algorithms to detect human emotions and recognize environmental sounds. It features advanced arms and legs, bipedal-motion posture balancing, and impressive vision capabilities. CyberOne was unveiled at Xiaomi's product launch event in Beijing.
Scope of The Electrodermal Activity Detecting Device Market Report
The report on the global electrodermal activity detecting market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Electrodermal Activity Detecting Device Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Physiological Arousal, Psychological Arousal, Perioperative Care, and Others), and Application (Hospitals, Clinics, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Brain Signs; Eisco Labs; iMotions; Maxim Intregrated; Movisense GmbH; PLUX Biosignals; Shimmer.
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Electrodermal Activity Detecting Device Market Segment Insights
Type Segment Analysis
On the basis of type, the electrodermal activity detecting device market is segregated into physiological arousal, psychological arousal, perioperative care, and others. The physiological arousal segment is expected to constitute a major share of the market, owing to the rising incidence of the type of arousal and wide adoption of the device for examination of the particular emotional disorder.
The psychological arousal segment is estimated to hold a substantial share of the market during the forecast period, owing to the rising prevalence of anxiety, depression, and stress among the adult population across the globe.
Application Segment Analysis
Based on application, the global electrodermal activity detecting device market is segmented into hospitals, clinics, and others. The hospitals segment is anticipated to account for a major share of the market during the forecast period, owing to the growing demand for electrodermal activity-detecting device treatments in the hospital. The presence of specialized doctors and medical staff in hospitals and the wide availability of advanced medical devices are some vital reasons propelling the growth of the segment in the market.
The clinic segment is estimated to hold a substantial share of the market during the projected period, owing to the increasing installation of advanced devices and the opening of specialized clinics for anxiety treatment. Easy accessibility of the treatment service by patients is another key factor boosting the segment.
Regional Analysis
In terms of region, the electrodermal activity detecting market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America held the major share of the market in 2022, owing to the presence of developed healthcare facilities, the rising awareness regarding the benefits of EDA-detecting wearable devices, and the presence of renowned medical device industries. Additionally, growing healthcare spending from governments presents another key factor that is projected to boost the regional market. For instance,
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According to the Centers for Disease Control and Prevention, more than one in 25 US adults suffer from mental illness, such as major depression, bipolar disorder, and schizophrenia.
Europe is anticipated to account for a key share of the market during the forecast period, due to the rising collaboration between key players and academic research institutes to develop innovative healthcare devices. European Medical Agency (EMA) and Europe, have adopted a proactive role in granting early CE approval for medical devices used in medical diagnosis and monitoring mental activities.
Segments
The global electrodermal activity detecting device market has been segmented on the basis of
Type
- Physiological Arousal
- Psychological Arousal
- Perioperative Care
- Others
Application
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Major players competing in the electrodermal activity detecting market include Brain Signs; Eisco Labs; iMotions; Maxim Intregrated; Movisense GmbH; PLUX Biosignals; and Shimmer.
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In September 2023, Google launched the Fitbit Charge 6, which incorporates AI and machine learning for improved health capabilities. The Charge 6 offers up to 60% more accurate heart rate readings, making it the most precise Fitbit tracker to date.
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In December 2022, Empatica, a company specializing in medical-grade wearable devices, obtained FDA clearance for their Empatica Health Monitoring Platform.
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