According to a research report by Grand View Research, Inc.; the global Brain Computer Interface (BCI) market is projected to register a healthy growth rate of around 11.50% during the forecast period i.e., from 2015 to 2022. The global market was estimated to be worth 806.8 million 2015 and is projected to reach a valuation of nearly USD 1.73 billion by 2022. Increasing geriatric population base along with rising cases of neuroprosthetic conditions are the major contributors toward the growth of this market.
Technological developments that can facilitate enhanced movements and communication in paralytic patients can also boost the brain computer interface market growth in near future. Plus, usage of this technology in various other applications such as military communication, virtual gaming, and smart home control is also likely to fuel the market over the coming years.
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Moreover, increasing cases of neurodegenerative disorders such as Parkinson’s and Alzheimer disease across the world are also projected to contribute toward the growth of the BCI market. In addition, research and development activities in terms of technological advancements and innovations, undertaken by various governments may also boost the market expansion over the forecast period.
The global brain computer interface market is categorized as per product type, application, end use, and region. On the basis of product type, the market is trifurcated into non-invasive, partially invasive, and invasive BCI. The non-invasive BCI segment is expected to register a healthy CAGR of around 10.0% from 2015 to 2022. On the basis of application, the market is segregated into smart home control, entertaining and gaming, healthcare, and communication and control. Smart home control is likely to be the fastest-expanding application segment over the forecast period.
On the basis of end use, the market is fragmented into military, medical, and others. The military segment is expected to be the fastest-growing end use sector during the estimated period. On the basis of geographies, the market is divided into Middle East and Africa (MEA), Asia Pacific, Europe, North America, and Latin America.
The North America region led the global market in 2014 and accounted for nearly 40.0% of the revenue share in the same year. This growth was mainly due to the presence of a large number of BCI technology projects. The region is likely to continue maintaining the dominance in near future on account of rising awareness levels among patients and easily accessible healthcare infrastructure. In addition, popularity of virtual games is also likely to help spur the brain computer interface market growth in the region during the forecast period.
The Europe region is also estimated to have a substantial development over the next few years as a result of active measures undertaken by the European Commission for the people suffering from motor disabilities. The Asia Pacific regional market is expected to expand significantly during the next few years. Rising focus of prominent leasing companies on the developing countries such as China and Japan is the key factor behind the regional growth. Moreover, rapidly improving economy is also projected to drive the regional market over the coming years.
The Japan regional market is characterized by technological developments that are likely to result in the easy availability of advanced options for healthcare personnel. China, in particular, is expected to have the maximum and fastest expansion from 2015 to 2022. Rising usage of the BCI technology in military is also said to propel the growth of the Asia Pacific market for brain computer interface. In addition, rapidly expanding entertainment industry in emerging economies is also estimated to help augment the regional development in near future.
The major companies operating in the global brain computer interface market include Mind Solutions Corp.; Guger Technologies OG; ANT Neuro B.V.; Brain Products GmbH.; and Natus Medical Inc. Most of these market players focus on M&A activities in order to retain their industry position. To put this in perspective, Medtronic Public Limited Co. recently acquired Covidien Ltd. to boost innovation activities.
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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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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