Brain Computer Interface Market: With 14.9% CAGR the Market Revenue is Prognosticated to Stand at US$ 1,232.6 Mn by 2024
Therefore, the ageing population is one of the key drivers for the growth of the global BCI devices market. The revenue of the global BCI market stood at US$ 383.2 Mn in 2015; this is projected to expand at a CAGR of 14.9% during the forecast period (2016 to 2024) and reach a market size of US$ 1,232.6 Mn by 2024.
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As per the report, North America was the largest market in terms of revenue in 2015. Rising investment in the health care sector is expected to support R&D initiatives in the North American BCI market in the coming years. The U.S. is expected to be a significant contributor to the BCI market in North America.
Europe is expected to contribute a healthy market share during the forecast period owing to the existence of high technological investments and comparatively quicker adoption of BCI devices. The Europe BCI market is expected to expand at a CAGR of 14.0% over the forecast period from 2016 to 2024. Innovations in the BCI market are primarily introduced in North America and then in Rest of the World.
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Due to rapid population growth and rising disposable incomes, Asia Pacific is expected to remain a significant market for BCI devices in the coming years. Countries such as Japan, China, and South Korea are expected to witness the significant adoption of BCI devices. Rest of MEA and GCC countries are expected to be major contributors to the MEA BCI market during the coming years.
The demand for electroencephalography (EEG) based devices is expected to remain significant in North America, Europe, and Asia Pacific. The health care and gaming and entertainment industries are expected make a major contribution to the growth of the BCI market in Latin America.
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Noninvasive BCI devices would account for a significant market share among all other types throughout the forecast period. The application of BCI technology would be greater in the health care context, as a part of the treatment of brain-related disorders and diseases. The communication segment would account for the highest CAGR growth over forecast period until 2024 among all applications.
BCI manufacturers are creating new technologies continuously in order to focus on user ergonomics and offer products that are highly compatible with different applications. In 2015, some of the key manufacturers of BCI technology were Emotiv Systems, Inc., Cadwell Industries, Inc., Nerusky, Inc., OpenBCI, Advanced Brain Monitoring, Inc., Artinis Medical Systems B.V., ANT Neuro B.V., Nihon Kohden Corporation, Blackrock Microsystems LLC, Elekta AB, NeuroPace Inc., and Mindmaze SA.
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