Brain Computer Interface Market Growth Forecast Analysis by Manufacturers, Regions, Types and Applications to 2024
An intensely competitive vendor landscape owing to the rising number of companies and the increased focus of companies on the development of innovative technologies to offer products that are highly compatible with newer applications makes the global brain computer interface (BCI) market highly dynamic, says Transparency Market Research in a recent report. Leading companies in the market include Advanced Brain Monitoring Inc., NeuroPace Inc., Artinis Medical Systems B.V., Mindmaze SA, Blackrock Microsystems LLC, ANT Neuro B.V., Elekta AB, Cadwell Industries Inc., and OpenBCI.
Companies in the market are actively involved in conducting and/or sponsoring exhibitions and conferences to increase awareness about their products among target industries and consumers. A vast number of companies are also focusing on research activities centered on ergonomics to make their products more relatable and flexible for applications across a large domain of end-use sectors.
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Transparency Market Research states that the global BCI market was US$383.2 mn in 2015 and is poised to exhibit a promising 14.9% CAGR between 2016 and 2024, rising to an opportunity of US$1,232.6 mn by 2024.
North America to Account for Massive Share in Global Market
On the basis of type, the segment of noninvasive BCI devices held the dominant share in terms of revenue in 2015, accounting for more than 68% of the overall market. Features such as ease of use, shorter recovery times and fewer post-surgery complications offered by noninvasive BCI devices are expected to help keep the segment its top spot over the forecast period as well. Over the forecast period, the partially invasive BCI segment is projected to expand at a promising pace.
From a geographical standpoint, the BCI market in North America is expected to hold a massive share in the global revenues throughout the forecast period. The leading position of the regional market can be attributed to rising investments in technological innovation and vast growth opportunities in the enterprise sector. Furthermore, factors such as the rising geriatric population, well-developed healthcare infrastructure, and high disposable income will contribute to the growth of the market in the region.
Rising Prevalence of Mental Disorders in Conjunction with Ageing Population to Drive Market
The global population is becoming increasingly aware about the functionality and the overall benefits of brain computing wearable devices in the treatment of a number of brain-related diseases. Therefore, the massive rise in the global population of geriatrics and the consecutive rise in brain-related diseases such as depression, stroke, and Parkinson’s disease, has emerged as one of the key factors boosting the global demand for BCI devices, thereby fuelling the growth of the market.
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The active role of several government organizations in the development of BCI technology, especially in industrialized countries, is also a key factor promoting the development of the global BCI market. Programs such as the EU backed Horizon 2024 and a number of BCI-related programs approved by the U.S. FDA are expected to have a significant positive impact on the overall development of the global BCI market in the near future.
Companies in the market are actively involved in conducting and/or sponsoring exhibitions and conferences to increase awareness about their products among target industries and consumers. A vast number of companies are also focusing on research activities centered on ergonomics to make their products more relatable and flexible for applications across a large domain of end-use sectors.
Request Sample : https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=4670
Transparency Market Research states that the global BCI market was US$383.2 mn in 2015 and is poised to exhibit a promising 14.9% CAGR between 2016 and 2024, rising to an opportunity of US$1,232.6 mn by 2024.
North America to Account for Massive Share in Global Market
On the basis of type, the segment of noninvasive BCI devices held the dominant share in terms of revenue in 2015, accounting for more than 68% of the overall market. Features such as ease of use, shorter recovery times and fewer post-surgery complications offered by noninvasive BCI devices are expected to help keep the segment its top spot over the forecast period as well. Over the forecast period, the partially invasive BCI segment is projected to expand at a promising pace.
From a geographical standpoint, the BCI market in North America is expected to hold a massive share in the global revenues throughout the forecast period. The leading position of the regional market can be attributed to rising investments in technological innovation and vast growth opportunities in the enterprise sector. Furthermore, factors such as the rising geriatric population, well-developed healthcare infrastructure, and high disposable income will contribute to the growth of the market in the region.
Rising Prevalence of Mental Disorders in Conjunction with Ageing Population to Drive Market
The global population is becoming increasingly aware about the functionality and the overall benefits of brain computing wearable devices in the treatment of a number of brain-related diseases. Therefore, the massive rise in the global population of geriatrics and the consecutive rise in brain-related diseases such as depression, stroke, and Parkinson’s disease, has emerged as one of the key factors boosting the global demand for BCI devices, thereby fuelling the growth of the market.
Download TOC : https://www.transparencymarketresearch.com/report-toc/4670
The active role of several government organizations in the development of BCI technology, especially in industrialized countries, is also a key factor promoting the development of the global BCI market. Programs such as the EU backed Horizon 2024 and a number of BCI-related programs approved by the U.S. FDA are expected to have a significant positive impact on the overall development of the global BCI market in the near future.