Press release
Brain Computer Interface Market Size Driven by Recent Developments, Marketing Approaches, and Innovation
In 2019, North America accounted highest market share in the brain computer interface market. Factors that contribute for the growth of regional market involves rising incidences of brain disorders and cerebrovascular diseases. Surge in diseases facilitates development of technologically advanced BCI systems in North America region. However, there exists a stiff competition among the market players present in this region focusing on development of innovative products at affordable prices that comply with the FDA regulations. Such factors contribute fullest for driving the overall BCI technologies market in this region.
On the other hand, Asia Pacific region is predicted to register highest growth rate (CAGR) in the forecast period. Untapped opportunities, surge in healthcare expenditure, and growing awareness among patient group drives the Asia Pacific regional market for BCI technology. Additionally, low cost manufacturing sites and favorable taxation policies in APAC region have attracted foreign players to invest in such lucrative region.
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Rising focus on R&D activities for BCI technology assist to launch several ranges of innovative products. For records, in May 2018, COMPUMEDICS announced strategic partnership with China based health 100 for somfit sleep technology. Also, Integra Life Sciences Corporation announced approval for DuraGen Dural Regeneration Matrix in Japan province that directed the company expansion and presence in the worldwide market.
Market Opportunities
Opportunities in healthcare sector
Growing healthcare infrastructure in developing economies such as India is anticipated to offer huge opportunities for the growth of BCI technology in global market. As the healthcare infrastructure improves, gains string attention for innovative systems for improving lives of the disabilities in patients. Also, government in such regions contribute funds for the welfare of the population that creates immense opportunities for the research and development (R&D) activities for BCI technology. Rising prevalence of chronic disorders like Alzheimer's, Parkinson's disease, and epilepsy suffering patients demand high for BCI technology. Moreover, high occurrence of neurodegenerative conditions propels the demand for brain computer interface (BCI) technology in the forecast period globally.
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Segmental Analysis
Brain computer interface market is segmented based on product, application, and end-user. Product is segmented as invasive BCI, partially invasive BCI, and non-invasive BCI. By application, the market is segregated as healthcare, smart home control, communication and control, and entertainment and gaming. Healthcare is further sub segmented as disabilities restoration and brain function repair.
Based on product, mobile C-arm is expected to dominate the Brain Computer Interface market globally. Benefits associated with the mobile C-arms includes optimal angle arrangement facility for capturing high quality images and easy movement and positioning keeping patient positioning comfortable and rest. Further, advancement in mobile C-arm product bolsters the segmental growth globally.
Some of the leading competitors are Mind Solutions, Compudemics, Emotiv Incorporation, Neurosky, Mind Technologies Inc., Covidien, PLC., Compumedics, Ltd., Natus Medical, Inc., Nihon Kohden Corporation, Integra Life Sciences Corporation, CAS Medical Systems, Advanced Brain Monitoring Inc., and among others.
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Some of the key observations regarding Brain Computer Interface industry include:
• In December 2020, Naxon Labs announced launching of brain to computer interface solution. The technology offers saving time with automatic blink and artifact detection and display in real-time brain wave frequencies per channel or by average. The data captured can be downloaded for further analysis with tools like MATLAB, Brainstorm or EEG Lab. The device can be connected from a PC, a MAC or a tablet with Bluetooth.
• In January 2019, Neurable announced collaboration with Trimble to bring brain computer interface (BCI) technology for innovating solution in transportation and architecture, engineering, and construction (AEC) industries. The two companies have a common vision of using neurotechnology to support digital transformation by offering a bi-directional feedback loop, driving safety and productivity.
• In June 2019, Nihon Kohden announced launching of new product namely, VitalEEG™ wireless electroencephalogram (EEG) headset. The new product is specialized for rapid evaluation of brain wave information of unconscious patients. Additionally, specialized for quick setup and efficient placement of electrodes. VitalEEG is ready to go within few minutes, directing clinicians to quickly access brain health and determine next steps for the treatment of unconscious patients.
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