“Increase in incidence of brain disorders affecting the movements of body, surge in government of funding trigger the use of BCI technologies, and swift use of sensor technologies are expected to propel the growth of the global brain computer interface market. The market across North America held the lion’s share in 2013, accounting for more than one-third of the market. On the other hand, the non-invasive segment dominated the market in 2013, accounting for more than four-fifths of the market”
The global brain computer interface market accounted for $700.0 million in 2013 and projected to garner $1.46 billion by 2020, registering a CAGR of 11.5% during the forecast period.
Increase in incidence of brain disorders affecting the movements of the body, miniaturization of components, and rise in number of gaming industries implementing BCI technologies, and surge in government of funding trigger the use of BCI technologies are the major drivers of the global brain computer interface market. However, lack of expertise in implementing the BCI systems, security issues associated with BCI systems, and ethical issues associated with BCI technologies hamper the market growth. On the contrary, developing economies and swift use of sensor technologies are expected to create lucrative opportunities in the near future.
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The global brain computer interface market is divided on the basis type, application, and geography. Based on type, the market is segmented into invasive, non-invasive, and partially invasive. The non-invasive segment dominated the market in 2013, accounting for more than four-fifths of the market. However, the invasive segment is projected to manifest the fastest CAGR of 15.3% during the forecast period.
On the basis of application, the market is categorized into communication and control, gaming and entertainment, smart home control, and others. The healthcare segment held the largest share in 2013, contributing around one-third of the market. However, the smart homes segment is anticipated to portray the fastest CAGR of 12.5% during the forecast period.
The global brain computer interface market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2013, accounting for more than one-third of the market. However, the market across LAMEA is projected to portray the fastest CAGR of 14.9% during the forecast period.
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The global brain computer interface market report includes an in-depth analysis of the major market players such as Nihon Kohden Corporation, Advanced Brain Monitoring, Inc., Mind Solutions Inc., Quantum Applied Science and Research, Inc., OpenBCI, Cadwell Laboratories Inc., NeuroSky, Inc., Cortech Solutions, Inc., Emotiv, Inc., and Guger Technologies OEG.
Top Impacting Factors of Brain Computer Interface –
- Rising incidences of brain disorders affecting the movements of body
- Government fundings trigger the use of BCI technologies
- Miniaturization of components further add to the growth of BCI technology market
- The increasing number of gaming industries implementing BCI technologies
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