QY Research has recently published its new report, titled “Global Brain Computer Interface (BCI) Market Size, Status and Forecast 2019-2025.” It is a specialized and in-depth study of the key market trends and the evolving healthcare industry to understand the growth of the global BCI market. This report aims to provide an overview of the global brain computer interface market with detailed regional analysis, segmentation assessment, and competitive landscape present in the market.
As per the report, the global brain computer interface (BCI) market is estimated to reach US$283.04 mn by 2025 from US$125.21 mn in the year 2018. The market is expected to register a robust CAGR of 12.43% throughout the forecast period of 2019-2025.
Global Brain Computer Interface (BCI) Market: Drivers and Restraints
The growing adoption of BCI technology is attributable to its rising awareness in treating a wide range of brain disorders. The growing incidences of brain disorders, stroke, depression, and Parkinson’s disease among the elderly population are expected to boost market growth. The mounting use of BCI technology in the home control systems, military communication, and virtual gaming is expected to enhance the growth opportunities of the global brain computer interface market in the near future. Growing research and development activities by governments to improve brain computer interface technology and expand its end uses are expected to propel the market in the forthcoming years.
However, the high cost of investment in BCI technology will hamper the growth of the market over the forecast period.
Global Brain Computer Interface (BCI) Market: Segment Analysis
The BCI market is segmented into application and product type. The application segment includes communication, healthcare, gaming and entertainment, and others. Healthcare segment will dominate the global BCI market as the demand for this technology for treating paralytic patients, sleep disorders, and neurological diseases remains high. The product type is segmented into non-invasive BCI and invasive BCI.
Global Brain Computer Interface (BCI) Market: Regional Analysis
North America is likely to hold the largest market share in the global BCI market due to rapid pace of technological developments in the region. Asia Pacific is also expected to grab a significant market share due to growing investments in research and development activities and increasing government support for developing technologies.
Global Brain Computer Interface (BCI) Market: Leading Players
Artinis Medical Systems BV, NeuroPace Inc, BrainCo, Emotiv Inc, ANT Neuro B.V, InteraXon, Brain Products GmbH, NeuroSky, Inc., Neuroelectrics, Blackrock Microsystems LLC, G.TEC, Compumedics Limited, Advanced Brain Monitoring, and Mindmaze SA are the major players that are operating in the global BCI market.
Global Brain Computer Interface (BCI) Market: Competitive Landscape
Companies are investing in new technologies to experience a digital change for their customer. Both the businesses and the IT leaders are excited to work with cutting-edge technologies such as IoT, virtual reality, and business intelligence to gain a perfect alignment in this competitive market. For instance, one of the top medical technology company, NeuroPace Inc, has introduced its new category, Current Procedural Terminology (CPT) code for electrocorticography from an implanted brain neuro-stimulator. This new code is used to perform with the RNS system of the company for the treatment of the patients suffering from refractory epilepsy.