Brain Computer Interface Market Growth & Key Business Strategies by Leading Industry Players Emotiv, Inc., Advanced Brain Monitoring Inc. and Nihon Kohden Corporation
Geo graphically, North America holds a major share in the BCI technology market due to high penetration of such technologies in this region. APAC is also a major contributor primarily to the vast computer gaming industry. The European region constitutes the third largest market and is expected to grow at a relatively higher CAGR during the forecast period. The European Commission is taking active measures for the population with motor disabilities. In 2012, the EC commissionedEUR 2.3 million in support of a three year project for the well-being of population suffering from motor disabilities. The technology enjoys highest adoption in the healthcare sector followed by the gaming industry. An increase in the number of game developing companies, implementing BCI technologies to improve the overall gaming experience, would further enhance the adoption of BCI technologies. The application of BCI technology is also underway in the smart homes control industry and would witness incremental growth during the forecast period of 2014-2020.
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The growth is also attributed to the stiff competition amongst the prominent market players leading to swift technological advances in the BCI systems. Players such as Emotiv, Inc., Advanced Brain Monitoring Inc. and Nihon Kohden Corporation are adopting a consistent development process of innovative products to penetrate the market and further enhance the overall revenues.
Rising Incidences of Brain Disorders
As the global economy is slowly improving, the lifestyles of population across the globe is also improving. Such modern lifestyles have given rise to several health issues, neurophysiological disorders being a prominent one of them. These brain disorders are further expected to increase during the forecast period 20142020, hence creating demand opportunities to support the growth of the brain computer interface technology market in future.
Governments in various nations across the globe are taking necessary steps by implementing measures to improve the basic infrastructure of the nation. In the due course of implementing these action plans, healthcare has emerged as a primary concern. In regions across U.S. and Europe, regular funds are being allotted for conducting research studies. Brain computer interface technology research studies are encouraged as they majorly benefit the population of the nation in improving the health of individuals. Such funding sources from the government, especially in developing economies, such as India and China, are further expected to positively impact the brain computer interface systems market, thereby driving the growth of brain computer interface market.
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Key findings of Brain Computer Interface Market:
•The Global market for BCI would exhibit a steady growth owing to its increased adoption across key sectors such as healthcare and the gaming industry, during the forecast period (2014 - 2020)
•The Invasive BCI technology market would grow at the fastest CAGR of 15.3% during 2014-2020
•Swift growth is expected in the smart home control applications segment due to high living standards in the North American region, especially across U.S. and Canada
•The Asia-Pacific market would foresee tremendous growth for BCI technology systems
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