Brain Computer Interface Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 11/16/2017 -- An intensely competitive vendor landscape owing to the rising number of companies and the increased focus of companies on the development of innovative technologies to offer products that are highly compatible with newer applications makes the global brain computer interface (BCI) market highly dynamic, says Transparency Market Research in a recent report. Leading companies in the market include Advanced Brain Monitoring Inc., NeuroPace Inc., Artinis Medical Systems B.V., Mindmaze SA, Blackrock Microsystems LLC, ANT Neuro B.V., Elekta AB, Cadwell Industries Inc., and OpenBCI.
Companies in the market are actively involved in conducting and/or sponsoring exhibitions and conferences to increase awareness about their products among target industries and consumers. A vast number of companies are also focusing on research activities centered on ergonomics to make their products more relatable and flexible for applications across a large domain of end-use sectors.
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Transparency Market Research states that the global BCI market was US$383.2 mn in 2015 and is poised to exhibit a promising 14.9% CAGR between 2016 and 2024, rising to an opportunity of US$1,232.6 mn by 2024.
North America to Account for Massive Share in Global Market
On the basis of type, the segment of noninvasive BCI devices held the dominant share in terms of revenue in 2015, accounting for more than 68% of the overall market. Features such as ease of use, shorter recovery times and fewer post-surgery complications offered by noninvasive BCI devices are expected to help keep the segment its top spot over the forecast period as well. Over the forecast period, the partially invasive BCI segment is projected to expand at a promising pace.
From a geographical standpoint, the BCI market in North America is expected to hold a massive share in the global revenues throughout the forecast period. The leading position of the regional market can be attributed to rising investments in technological innovation and vast growth opportunities in the enterprise sector. Furthermore, factors such as the rising geriatric population, well-developed healthcare infrastructure, and high disposable income will contribute to the growth of the market in the region.
Rising Prevalence of Mental Disorders in Conjunction with Ageing Population to Drive Market
The global population is becoming increasingly aware about the functionality and the overall benefits of brain computing wearable devices in the treatment of a number of brain-related diseases. Therefore, the massive rise in the global population of geriatrics and the consecutive rise in brain-related diseases such as depression, stroke, and Parkinson's disease, has emerged as one of the key factors boosting the global demand for BCI devices, thereby fuelling the growth of the market.
The active role of several government organizations in the development of BCI technology, especially in industrialized countries, is also a key factor promoting the development of the global BCI market. Programs such as the EU backed Horizon 2020 and a number of BCI-related programs approved by the U.S. FDA are expected to have a significant positive impact on the overall development of the global BCI market in the near future.
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High Cost of BCI Devices to Weigh Down Growth Prospects in Developing Economies
The high cost of BCI devices is one of the key challenges that restricts the expansion of the global BCI market, especially across the high-growth potential emerging economies in regions such as Asia Pacific. As the costs of a vast majority of commonly used BCI devices are unaffordable for research organizations and even unnecessary luxuries for more personal applications, substitutes are rake in larger demand. This factor could essentially be one of the key factors to limit the growth potential of the BCI market in new regions, thereby hampering the overall growth prospects of the global market.
This review of the global brain computer interface market is based on a recent Transparency Market Research report, titled "Brain Computer Interface Market (Type - Invasive BCI, Partially Invasive BCI, and Noninvasive BCI; Technology - Electroencephalography (EEG), Electrocorticography (ECOG), Near Infrared Spectroscopy (NIRS), Functional Magnetic Resonance Imaging (fMRI), and Magnetoencephalography (MEG); Application - Health Care, Gaming and Entertainment, Communication, Defense and Aerospace, and Home Automation) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024