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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