Brain Machine Interfaces Market To Grow At 10.1% CAGR Between 2019-2027 analysis by Credence Research


Posted December 31, 2019 by andreadevis

The global market for brain machine interfaces is set to grow by more than 10.1 per cent over the forecast period from 2019 to 2027, starting from US$ 1.05 billion in 2018.

 
The global market for brain machine interfaces is set to grow by more than 10.1 per cent over the forecast period from 2019 to 2027, starting from US$ 1.05 billion in 2018.

The global market for brain machine interfaces is driven by an increase in the prevalence of neurodegenerative conditions and a growing global geriatric population base. According to the WHO, 1 in 5 Americans will be over 65 by 2030 and, if left uncontrolled, more than 12 million Americans will suffer from neurodegenerative diseases within 30 years. The prevalence of Parkinson's, Alzheimer's, and epilepsy is projected to witness a leap over the forecast period of all neurological disorders. The demand for brain machine interface technology across the globe is likely to be driven by such etiological statistics.

Additionally, in every major industrial sector, the penetration of advanced technologies leads to the adoption of brain machine interface. In addition, the increased adoption of virtual gaming is also targeted at the use of brain machine interface technology. According to studies, there are nearly 1.2 billion gamers worldwide, 1 billion of whom are virtual reality gamers. In addition, increasing demand for modern home control systems and increasing advances in military communication are expected to boost the applicability of the market for brain machine interfaces, fueling its growth in the forecast period.

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Although brain machine interfaces are advanced technology, the lack of skilled personnel to implement these systems and the security issues associated with these systems are likely to have an impact on the growth of the market. In addition, there are some ethical issues related to the brain machine interface system which reduces the rate of adoption and therefore affects the growth of the market during the forecast period.
Application-based, the healthcare segment dominated the global market for brain machine interfaces. Based on the high application of this technology to the treatment of neurological diseases, sleep disorders, paralytic patients and neuroscience studies, this segment holds the largest share of the global market for brain machine interfaces. In addition, an increasing number of research activities are also driving market growth. Based on geography, North America dominates the market of brain machine interfaces by holding the largest market share of 40% of the total revenue generated worldwide. This enormous market share is mainly attributed to the increasing incidence and prevalence of neurodegenerative diseases, together with the increasing popularity of virtual gaming.

According to the Alzheimer's Association, in 2018, about 5.7 million Americans of all ages suffered from Alzheimer's dementia, 5.5 million of whom were aged 65 and older. This large population suffering from neurological disorders in this region is driving the adoption of brain machine interface.

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In addition, U.S. government funding for research and development is also driving this market's growth. However, Asia-Pacific is expected to witness the fastest growth in the global market for brain machine interfaces. High growth in this region is largely anticipated in emerging countries like India and China. In addition, Japan is contributing a huge market share based on its ability to adopt advanced technologies in various end-use industries. In addition, increased economic growth and an increasing need for an efficient diagnostic and therapeutic alternative for neurological disorders are largely contributing to this high growth rate. In addition, the expansion of international players in this region also fuel the growth of this region's brain machine interface market during the forecast period.

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Last Updated December 31, 2019