Wearable medical devices are swiftly gaining popularity which has induced the acceptance of brain computer interface technologies. A rising instance of brain disorders in the growing geriatric population has been a matter of concern across the medical circles and there are concerted efforts to combat the problems resulting from neurological or brain disorders. The aforementioned trend has boosted the demand for Brain Computer Interface (BCI) devices which has in turn fortified the market for BCI technologies. A number of market players are now aiming to excavate nascent and innovative BCI technologies to capture the essence of the market. Moreover, the human behaviors, inclinations, and preferences are being extensively analyzed to cater to the needs of a rocketing market for BMI technology. The Brain Computer Interface Market players have exhibited a propensity towards devising products which can be synchronized with a variety of applications. The market lords in the years 2015 included Emotiv Systems, Mindmaze SA., NeuroPace Inc., Elekta AB, Blackrock Microsystems LLC, Nihon Kohden Corporation, ANT Neuro B.V., Artinis Medical Systems B.V., Inc., Advanced Brain Monitoring, OpenBCI, Inc., Nerusky, Inc., and Cadwell Industries, Inc.
Over the forecast period from 2016 to 2024, the revenue of the global BCI technology market is anticipated to elevate to US$ 1,232.6 Mn by 2024 as compared to a substantially lower figure of US$ 383.2 Mn in 2015, registering a CAGR of 14.9% over the forecast period.
The noninvasive BCI devices are anticipated to fetch the greatest market share amongst all other type-based segmentations. In terms of end user, the health industry is foreseen to be the prime acquirer of the BCI technologies.
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On the geographical outlay, North America exhibited the highest revenue in the year 2015. Owing to the dexterous R&D initiatives, the forthcoming years are also expected to be fruitful for North America’s market for BCI technologies. Europe is foreseen to hold a prominent market share over the forecast period due to the adroit technological development and a deeper sense of acceptance for BCI technologies. The expected CAGR for Europe over the period from 2016 to 2024 would stand at 14.0%. The market for BCI devices is expected to earn a popping market in Asia Pacific where population growth and accelerating disposable income would act as the contributing factors.
Adept Research Alongside Growing Geriatric Population to Boost Market
The various Brain Computer Interface Market players are engaging in intensive research to innovate their BCI devices and make them sound and compatible. This has also sprouted various awareness programs and adverts that inform consumers about the utility offered by BCI technology. This has magnetized the consumers towards the market for BCI technology which speaks of the growth prospects in the future.
Brain Disorders are an ailment that causes severe disability, especially amongst the geriatric population. The growing occurrence of Parkinson’s disease, stroke, and depression amongst the old people has bolstered the demand for BCI devices. Trust garnered by BCI devices towards subsiding their handicaps or disabilities is expected to keep bolstering the Brain Computer Interface Market over the forecast period.
Towering Costs and Regional Disparities Could Hamper Market Growth
The BCI devices undergo a rigorous and resourceful chain of production which magnifies their cost to a substantially high figure. This could be a major hindrance in the growth of the market for BCI technology because regions such as Asia Pacific are heavily hit by economic disparities. Moreover, the unaffordability of these devices discourages research organizations from using them which pulls substitutes into the picture. This acceptance of substitutes could be a long-term threat to the market for BCI technology. Despite these obstacles, the acceptance towards wearable medical devices coupled with growing income standards across the globe is expected to keep proliferating the global BCI technology market.