PUNE, India, Jan. 02, 2020 (GLOBE NEWSWIRE) --
Brain Computer Interface Market – Overview
The development in cutting edge human technology is being pursued so as to optimize the quality of life that can be accomplished. The insights into the information and communication technology industry are advanced by Market Research Future, which concentrates on reports on industry verticals that review the market options for growth. An income level worth USD 2,564 Million is anticipated to be gained by 2024 while advancing at a CAGR of 15.1% in the upcoming period.
The development of technology that can be used to diagnose and possibly treat brain-related ailments is gaining significant impetus with the availability of funding. The diseases such as dementia, Alzheimer’s, paralysis are expected to motivate the development of the brain computer interface technologies. Moreover, brain computer interface applications are expected to become more proper, which can further induce the development of the global market for the brain computer interface market.
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Segmentation:
The segmental insights into the brain computer interface market are carried out on the basis of component, type, application, technology and end-user. On the basis of Component, the brain computer interface market is divided into hardware and software. Based on types, the brain computer interface market is segmented into non-invasive, invasive, and partially invasive. Based on the application, the brain computer interface market is segmented into gaming & virtual reality, communication & control, medical, and smart home control. Based on the technology, the brain computer interface market is segmented into near-infrared spectroscopy (NIRS), electro-encephalography (EEG), magnetoencephalography (MEG), electrocorticography (ECoG), functional magnetic resonance imaging (fMRI), and intracortical neuro recording. On the basis of end-user, the brain computer interface market consists of education & research, healthcare, and defense & aerospace.
Detailed Regional Analysis
The regional evaluation of the brain computer interface market covers regions such as Europe, North America, Asia Pacific, and other global regions. The North American region was accountable for the principal market segment of 51.8% in 2017, with a market worth of USD 525.3 million. The North American region market is expected to record a CAGR of 14.3% throughout the forecast period. The European region was the second chief market in 2017, assessed at USD 265.4 million; the market is projected to exhibit a CAGR of 15.6% in the coming years. Though, the market in the Asia Pacific region is anticipated to list the uppermost CAGR of 17.3%. The mounting implementation of brain computer interfaces between the small-sized and medium-sized enterprises in the North American region is anticipated to motivate the development of the brain computer interfaces market in the forecast period. Amongst the European region’s countries, presently, Germany is controlling the market with a portion of 26%, shadowed by the UK with a 22% market segment. Owing to the growing implementation of brain computer interface devices in universities, hospitals, and research institutes, the European region is expected to surge in the forecast period.
Competitive Analysis
The demographic profile of the market gives an impression of being acquiescent, which is enabling the manufacturers to experiment with the product features, to offer a more streamlined and rewarding user experience. The regulations being enforced by government and trade authorities on the global scale are proving to be conducive to the overall market growth. The ability to build a strong delivery chain in the global market is expected to benefit the consumer base in the market. The target market is expected to show defined growth in terms of future projections and trends. The barriers to entry in the market are anticipated do not pose a major hindrance to the development of the overall market. The investors in the market are also sentient of the needs that may arise in the future and are thus allocating their resources in a discernible manner. The enhancement in product quality is expected to aid the market players in the expansion of the user base to gain increased profitability in the coming years.
The strategic competitors of the brain computer interface market are EMOTIV, NIHON KOHDEN CORPORATION, NeuroSky, Inc, Brain Products GmbH, MindMaze, Compumedics Limited, Natus Medical Incorporated, g.tec, Advanced Brain Monitoring, Inc, BrainCo, Inc., and Neuroelectrics.
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Global Brain Computer Interface Market Research Report: by Component (Hardware and Software), By Type (Non-invasive, Invasive and Partially Invasive), By Application (Medical, Communication & Control, Gaming & Virtual Reality and Smart Home Control), By Technology (Electro-Encephalography (EEG), Magnetoencephalography (MEG), Electrocorticography (ECoG), Functional Magnetic Resonance Imaging (fMRI), Near-Infrared Spectroscopy (NIRS) and Intracortical Neuro Recording), by End-User (Healthcare, Education & Research and Defense & Aerospace) and by Region (North America, Asia-Pacific, Europe and Rest of the World) - Forecast till 2024
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