Brain Computer Interface Market to Register 14.9% CAGR BY 2024
The global brain computer interface (BCI) market is projected in a report by Transparency Market Research (TMR) to find companies focusing on bringing out novel and nascent technologies with a view to secure a solid share. Companies could also concentrate on catering to the needs of end users by analyzing human preferences, inclinations, and behaviors to a detailed degree. They are expected to hold an inclination toward manufacturing products that could be coordinated with a broad range of applications. Presence of ruling competitors such as NeuroPace Inc., MindMaze SA, and Emotiv Systems could be marked in the market.
TMR prognosticates the global BCI market to post a 14.9% CAGR for the forecast tenure 2016-2024. The market could reach to a US$1.2 bn valuation by the final forecast year. With respect to segmentation by type, non-invasive BCI is foreseen to grab a colossal share of the market in the coming years. In terms of region, North America could be a higher revenue getter followed by Europe anticipated to register a 14.0% CAGR.
Awareness Programs Inform Consumers about Utility of BCI Technology
Consumers are prophesied to adopt BCI technology due to increasing awareness about its utility through various advertisements and programs. Companies dealing with BCI could look to make their products compatible, sound, and innovative while being involved in extensive research and development activities. Demand for BCI is forecasted to gain a strong boost in the near future because of rising incidence of depression, stroke, and Parkinson’s disease among geriatrics. Geriatric population could be vulnerable to brain-related disorders that lead to severe disabilities. Over the years, BCI devices have attained the trust of older people with disabilities.
Developed regions such as Europe are envisioned to support market growth of BCI on the back of certain factors such as large-scale acceptance of the technology and robust technological development. Asia Pacific could also contribute while riding on growing disposable income of consumers and tall population rise.
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Expensive Cost of BCI Devices Discourages their Use in Research Organizations
Cost of BCI devices could rise to a substantial high as they go through a resourceful and rigorous production chain. Bearing the brunt of economic disparities, developing regions are predicted to showcase a slower growth in the international BCI market. Furthermore, the danger of substitutes could come into the picture once research organizations hesitate to adopt BCI devices due to unaffordability.
On one side, these could pose a long-term threat to market growth, rising income standards and improving acceptance of wearable medical devices are forecasted to create ample of opportunities in the foreseeable future. Besides healthcare, BCI devices could find application in other industries as well, viz. gaming and entertainment.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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