Global Brain-Computer Interface Market to inflate at the CAGR of 9.9% from 2018 to 2024
Posted On September 14, 2018
The Global Brain-Computer Interface market was valued at USD 944.5 Million (by revenue) in 2017 and is anticipated to reach USD 1,822.2 Million by 2024 with a CAGR of 9.9% as per the report recently released by Value Market Research. Brain-computer interface is a revolutionary approach that facilitates the direct communication between the human brain and peripheral electronic devices that control movement in physically challenged people. This device records the brain signals from the surface cortex, through the signaling device placed over the scalp. The brain-computer interface system helps the handicapped individuals to perform their day-to-day tasks. Technically, the main function of a brain-computer interface device is to grab the electrical signals that pass between the neurons and transmit them to an external device.
The report estimate that the ever-growing technological innovation in terms of computation, human sensing, coupled with the rising application of brain-computer interface for gaming, communication, and entertainment, are some of the major trend observed in brain-computer interface market. Further, the rising research activity in order to develop a therapy for paralyzing brain disorder and injuries is likely to add enormous growth to the market. Additionally, the market is forecast to show a promising growth over the forecast period owing to rising cases of brain disorders that adversely affect the movement of body parts along with rising government funding for R & D. Conversely, dearth of experienced professionals in handling brain-computer interface systems coupled with the cybersecurity issues is likely to restrict the growth of this market. However, this issues can be resolved with the further commercialization of advanced technology. Also, the rising use of sensor technologies and enhanced healthcare infrastructure in emerging economies is predicted to further stimulate the market growth.
The “Global Brain-Computer Interface Market report segmented By Type (Invasive, Non-Invasive, and Partially Invasive), Application (Restoration Of Disabilities, Repair Of Brain Function, and others), End-User (Healthcare, Military, Manufacturing, other) And By Regions - Industry Trends, Size, Share, Growth, Estimation, and Forecast, 2017-2024” - helps to understand competitive benchmarking, market forecast, opportunities, market shares, latest markets trends, and dynamics.
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The report has been fragmented on the basis of type, application, end-user, and regions. By type, the market parts into invasive, non-invasive, and partially invasive. The non-invasive segment is dominating segment owing to the increasing usage of non-invasive technology for home control, communication, amplifiers, gaming sticks, and headsets. On the basis of application, the market is split into restoration of disabilities and repair of brain function. Out of which, restoration of disabilities is gaining the hype owing to growing adoption of this technology in assisting impaired people to carry out activities independently. Based on end-user the market is segregated into healthcare, military, and manufacturing. Among this, the healthcare has emerged as the leading end-user industry owing to rising usage for the treatment of neurological diseases, sleep disorders, and paralytic patients. By geography, the market has been analyzed across the region of North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. From the geographical perspective, North America is leading the market owing to the rising research and development activities computation along with the rising investment in the healthcare infrastructure are the key factors majorly driving the BCI market growth in this region.
The Report Segments Global Brain-Computer Interface Market -
- Partially Invasive
- Restoration Of Disabilities
- Repair Of Brain Function
- North America
- Latin America
- Middle East & Africa
Advanced Brain Monitoring, Inc., Cadwell Laboratories Inc., Cortech Solutions, Inc., Emotiv, Inc., Guger Technologies OEG, Mind Solutions Inc., Neurosky, Inc., Nihon Kohden Corporation, OpenBCI, Quantum Applied Science and Research, Inc.
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