Global Brain
Computer Interface (BCI) Market is expected to reach USD 1.7 billion
by 2022, according to a new study by Grand View Research Inc. Increasing
incidences of neurodegenerative conditions, advancements in neuroscience,
rising geriatric population base and the growing demand for neuroprosthetics
are some impact rendering drivers of the brain computer interface market.
Furthermore, growing R&D investments and the presence of government
projects such as DECODER (European project that used brain computer interface
to detect consciousness in non responsive patients) coupled with rising focus
of major market players on emerging economies such as Japan and China are also
expected to propel market growth over the forecast period. Introduction of
technological advancements occurring in the market is expected to result in the
availability of better options for healthcare personnel and individuals. The
technology encompasses a wide array of applications designed to revolutionize
the communication, automation, security and entertainment experience. Brain
computer interface is an emerging technology which is currently at a nascent
stage; however, the increasing interest among researchers in collaboration with
the government is expected to fuel the future growth of this market.
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Further key findings from the study suggest:
- Non-invasive BCI is identified as the most lucrative product sub segment of the market and is expected to grow at a rate of over 10.0% over the forecast period majorly owing to, increasing prevalence of paralysis.
- BCI based healthcare segment accounted for the largest market share in 2014. Rising incidences of brain related disorders, increasing R&D spending over medical applications and growing base of geriatric population are some driving factors for this segment.
- North America was the largest regional market with a revenue share of over 40.0% in 2014 on account of the presence of an extensive number of ongoing BCI projects. Growing patient awareness level and accessible healthcare infrastructure is also expected to lead to an expedited market growth over the forecast period.
- Asia Pacific is identified as the most lucrative regional market. Large presence of untapped opportunities coupled with rapidly improving economic conditions is expected to drive regional market growth over the forecast period. China is expected to witness the fastest growth over the forecast period.
- Key players of the brain computer interface market include Emotiv System, Mind Solutions Corp., Puzzlebox, Natus Medical, Interactive Productline, Compumedics Ltd. and Neuroelectrics.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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