Brain Computer Interface Market is driven by The Ageing Population

The increasing technological adoption of wearable medical devices is expected to positively support the market for global brain computer interface (BCI) market. The demand for BCI devices is expected to increase primarily in the health care and gaming and entertainment industries. Ageing induces brain-related disorders such as stroke, depression, and Parkinson’s disease. These disorders can be treated with the use of BCI devices. Therefore, the ageing population is one of the key drivers for the growth of the global BCI devices market. The revenue of the global BCI market stood at US$ 383.2 Mn in 2015; this is projected to expand at a CAGR of 14.9% during the forecast period (2016 to 2024) and reach a market size of US$ 1,232.6 Mn by 2024.

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As per the report, North America was the largest market in terms of revenue in 2015. Rising investment in the health care sector is expected to support R&D initiatives in the North American BCI market in the coming years. The U.S. is expected to be a significant contributor to the BCI market in North America. Europe is expected to contribute a healthy market share during the forecast period owing to the existence of high technological investments and comparatively quicker adoption of BCI devices. The Europe BCI market is expected to expand at a CAGR of 14.0% over the forecast period from 2016 to 2024. Innovations in the BCI market are primarily introduced in North America and then in Rest of the World.

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Due to rapid population growth and rising disposable incomes, Asia Pacific is expected to remain a significant market for BCI devices in the coming years. Countries such as Japan, China, and South Korea are expected to witness the significant adoption of BCI devices. Rest of MEA and GCC countries are expected to be major contributors to the MEA BCI market during the coming years. The demand for electroencephalography (EEG) based devices is expected to remain significant in North America, Europe, and Asia Pacific. The health care and gaming and entertainment industries are expected make a major contribution to the growth of the BCI market in Latin America.