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The global brain machine interfaces market is highly driven by increasing prevalence of neurodegenerative conditions and growing global geriatric population base. According to WHO, 1 in 5 Americans will be over the age of 65 by 2030, and if left unchecked, more than 12 million Americans will suffer from neurodegenerative diseases, within 30 years time. Out of all the neurological disorders, the prevalence of Parkinson’s, Alzheimer, and epilepsy is projected to witness a leap during the forecast period. Such etiological statistics are likely to drive the demand for brain machine interface technology across the globe. Additionally, penetration of advanced technologies in every major industrial sector is leading the adoption of brain machine interface. Furthermore, increasing adoption of virtual gaming is also target the use of brain machine interface technology. According to studies conducted, worldwide there are nearly 1.2 billion gamers out of which 1 billion are virtual reality gamers. Moreover, growing demand for modern home control systems and increasing advancements in military communication is expected to drive the applicability of the brain machine interface market, fueling its growth in the forecast period.
Though brain machine interfaces is an advanced technology, lack of skilled manpower in implementing these systems, and security issues associated with these systems are likely to impact the growth of this market. Additionally, there are some ethical issues related to brain machine interface system which declines the rate of adoption and thus impacts the growth of the market during the forecast period.
Based on application, the healthcare segment dominated the global brain machine interface market. Based on high applicability of this technology in treatment of neurological diseases, sleep disorders, paralytic patients, and in studying neuroscience, this segment holds the maximum share of the global brain-machine interface market. Moreover, a growing number of research activities are also driving the market growth. Based on geography, North America dominates the brain-machine interfaces market by holding the largest market share of 40% of the total revenue generated worldwide. This huge market share is mainly attributed to increasing incidence and prevalence of neurodegenerative diseases along with growing popularity of virtual gaming. According to the Alzheimer’s Association, around 5.7 million Americans of all ages suffered with Alzheimer’s dementia in 2018 out of which 5.5 million people belonged to age 65 and older. This large population suffering with neurological disorders drives the adoption of brain machine interface in this region.
Moreover, government funding in research and development in the US, is also driving the growth of this market. However, Asia-Pacific is projected to witness fastest growth in the global brain machine interface market. High growth in this region is largely anticipated in emerging countries like India and China. Also, Japan is contributing a huge market chunk based on its ability to adopt advanced technologies in various end use industries. In addition to this, increasing economic growth and increasing need for efficient diagnostic and therapeutic alternative for neurological disorders is largely contributing to this high growth. Moreover, expansion of international players in this region is also fueling the growth of brain machine interface market in this region, during the forecast period.
Some of the major companies profiled in the report include Guger Technologies OG, InteraXon, iWinks, Mind Solutions Corp., Compumedics Ltd., Neuroelectrics, Interactive Productline, Emotiv Corp., Ripple, Natus Medical, NeuroSky, ANT Neuro, Puzzlebox, Brain Products GmbH, among others.
According to a new market research report published by Credence Research “Global Brain Machine Interfaces Market (Type (Invasive, Non-invasive and Partially invasive) and Application (Healthcare, Communication and control, Gaming and entertainment, Smart Home Control and Others)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall brain machine interfaces market worldwide is set to grow with a CAGR of more than 10.1% during the forecast period from 2019 to 2027, starting from US$ 1.05 Bn in 2018.
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