BCI Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Brain Computer Interface Market information by Type, by Components, by Application and Region – forecast to 2027” the market was valued at USD 1,129.9 Million in 2018 and will grow at a compound annual growth rate of 15.1%.
BCI Market Scope:
The development in cutting edge human technology is being pursued so as to optimize the quality of life that can be accomplished. The insights into the information and communication technology industry are advanced by Market Research Future, which concentrates on reports on industry verticals that review the market options for growth.
Dominant Key Players on Brain Computer Interface Market Covered Are:
- BrainCo Inc.
- Advanced Brain Monitoring Inc.
- Brain Products GmbH
- Compumedics Limited
- NIHON KOHDEN CORPORATION
- NeuroSky Inc
- Natus Medical Incorporated
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BCI Market Drivers
Various factors are propelling the global brain computer interface market share. According to the recent MRFR report, such factors include constant technological advances in neuroimaging techniques, bio-signal processing, nanotechnology, and bio-sensing, and growing investments in research and development to integrate technology that supports brain computer interface devices with real-life applications of brain computer interface. Additional factors adding market growth include increasing use of BCI technology in military communication, home control systems, and virtual gaming, growing technological development to facilitate movement and communication in paralytic patients, rising geriatric population, and growing prevalence of neuroprosthetic conditions.
On the contrary, technological challenges associated with brain-computer interface (BCI), lack of awareness, a poor information transfer rate of brain-computer interface, and the on-going COVID-19 pandemic are factors that may impede the global brain computer interface market growth over the forecast period.
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Good and Bad Side of Brain Computer Interface (BCI)
Although we already understand the basic principles behind BCIs, it’s necessary to know the advancements and drawbacks pertaining to the integration of BCI. Let’s focus on the plus points first. The neural signals are constantly focusing on creating technology to restore speech for disabled individuals. An implant in a part of the brain linked with speech (Broca’s area) would emit signals to a computer and subsequently to a speaker. Proper training would help the subject to think each of the 39 phonemes present within the English language and make them speak through speaker linked with the computer. NASA has come up with a similar framework, although it reads electric signals from the nerves in the throat and mouth area, rather than reading them from the brain directly. They succeeded in conducting a web search by “typing” the term “NASA” mentally into Google. Cyberkinetics Neurotechnology Systems is endorsing the BrainGate, a neural interface framework that enables the paralyzed individual to administer robotic prosthesis, computer cursor or a wheelchair.
The Japanese researchers have found a basic BCI arrangement that enables the user to handle their avatar in the online world. On the other hand, the brain is an incredibly complicated system. The actions or thoughts taking place inside the brain are the outcomes of simple electric signals, would be an absolute understatement. There are almost 100 billion neurons functioning within a human brain. Neurons are constantly receiving and sending signals by means of a complex web of network. Chemical reactions are also involved in the process which are not to be ignored. Those reactions are hard to read for the electroencephalogram (EEG). The signal in EEG is weak and have chances of interference. EEGs gauge the smallest voltage capacities. Something as insignificant as the blinking eyelids of the user can create much stronger signals. Refinements in implants and EEGs are estimated to win over this issue to some extent in the future, but presently, decoding brain signals is similar to listening to a congested phone network due to the presence of a large amount of static. In addition to the aforementioned drawbacks, the lack of portability of the device is also considered a major flaw of BCI.
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Applications of Brain Computer Interface Market
Brain computer interface technologies are gaining traction of the healthcare industry. Imaging technologies such as electroencephalography and NRI has been integrated with brain computer interface for diagnosing and curing disorders such as Alzheimer’s, paralysis, cerebral palsy, dementia, vision impairment, hearing impairment, etc. Brain computer interface application is not restricted to this one particular industry. It has already found applications in other industry domains such as defense & aerospace and education & research.
The devices used in the process are sensors and electrodes that are placed in the grey matter of the brain. Thus, the developments of the sensor technology are also supposed to play a crucial role in widening the application base of brain-machine interface. Also, the technological innovations in end-user industries are supposed to open avenues of BCI adoption in the years to come. Also, increasing prevalence of brain disorders is anticipated to catalyze the investments in research & development.
Future Prognosis of Brain Computer Interface Market
Some of the core brain computer interface companies are – Emotiv, NeuroSky, Inc, MindMaze, Natus Medical Incorporated, Nihon Kohden Corporation, Brain Products GmbH, Advanced Brain Monitoring, Inc, Compumedics Limited, g.tec, BrainCo, Inc., and Neuroelectrics. With the development of the technology, which is inevitable, new players are supposed to enter the market.
Geographically, North America holds around 50% of the Brain Computer Interface market share. The advancements in technology of the region have facilitated the growth of the market. The infrastructure of the end-user verticals in the region is quite developed to support the adoption of BCI and its developments. Thus, the region is expected to continue growing at a fast pace over the next couple of years. Europe, in terms of technological infrastructure, exhibits developments too. It is also anticipated to experience considerable rate of growth in the coming years. According to MRFR’s observations, the Europe market was valued at USD 265.4 Mn in 2017. It is assessed to trail North America market closely. Asia Pacific, too, is expected to grow substantially. The regional BCI market is observing a rise in inflow of investments.
Brain Computer Interface Market – Future & Present
Brain computer interface market 2020 is expected to gain a quick mileage. The communication pathway paved between a wired brain and an external device is referred to as brain computer interface. It is also commonly known as neural-control interface (NCI), direct neural interface (DNI), mind-machine interface (MMI), or brain-machine interface (BMI). The electrodes that help in reading the signals of a human brain are studied in this process. Well, the technology has been witnessing numerous research & development activities and has the potential to revolutionize the technology sector entirely. At present, there are three kinds of BCI – invasive type, partially invasive type, and non-invasive type. The developments in human machine interface technologies are supposed to experience a rise in applications over the next couple of years.
Brain Computer Interface Market Competitive Analysis:
The demographic profile of the Brain Computer Interface market gives an impression of being acquiescent, which is enabling the manufacturers to experiment with the product features, to offer a more streamlined and rewarding user experience. The regulations being enforced by government and trade authorities on the global scale are proving to be conducive to the overall market growth. The ability to build a strong delivery chain in the global market is expected to benefit the consumer base in the market. The target market is expected to show defined growth in terms of future projections and trends. The barriers to entry in the market are anticipated do not pose a major hindrance to the development of the overall BCI market. The investors in the market are also sentient of the needs that may arise in the future and are thus allocating their resources in a discernible manner. The enhancement in product quality is expected to aid the market players in the expansion of the user base to gain increased profitability in the coming years.
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