BCI Market Highlights
The global brain computer interface market valued USD 1,129.9 Million in 2018 and will surpass USD 2,564 million at a 15.1% CAGR by 2024, states the latest Market Research Future report.
BCI Market Key Players
GLobal brain computer interface market report profiled leaders are
- Natus Medical Incorporated
- NeuroSky, Inc
- Compumedics Limited
- Nihon Kohden Corporation
- Advanced Brain Monitoring, Inc
- Brain Products GmbH
- BrainCo, Inc.
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Increasing Implementation in Gaming Industries to Boost Market Growth
The increasing implementation of BCI technologies in gaming industries will boost market growth over the forecast period. Rising number of gaming industries are using brain computer interface technologies for making the video games more exciting and interactive.
Rising Prevalence of Neurodegenerative Disorders to offer Lucrative Opportunities
The rising prevalence of various neurodegenerative disorders like Epilepsy, Parkinson’s disease, and Alzheimer’s will fuel the brain computer interface market in the said period.
Ethical Issues to act as Market Restraint
Ethical issues due to the implementation of such technologies and during R&D coupled with issues related to cyber security threats arising with BCI systems may act as market restraint in the forecast period.
Shortage of Expertise to act as Market Challenge
The lack of expertise to implement BCI systems may act as market challenge over the forecast period.
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The global brain computer interface market is bifurcated based on component, type, application, technology, and end user.
By component, the hardware segment will lead the market over the forecast period for the increasing use of BCI related hardware and sensor in the digital industry. Besides, most healthcare organizations are adopting this technology for aligning every healthcare process together like patient examination as well as operation.
By type, the non-invasive segment will dominate the market over the forecast period for its rising adoption to control robotic arm that is beneficial for paralyzed patients in the healthcare sector.
By application, the smart home control segment will spearhead the market over the forecast period for the rapid development of improved lifestyles. The BCI technology in smart home controls offers consumers with an added convenience and also better control of security monitoring & operating entertainment appliances and systems.
By technology, the global brain computer interface market is segmented into Magnetoencephalography (MEG), Electro-Encephalography (EEG), Functional Magnetic Resonance Imaging (fMRI), Electrocorticography (ECoG), Near-Infrared Spectroscopy (NIRS) and Intracortical Neuro Recording.
By end user, the healthcare segment will have the lions share in the market over the forecast period for its high applicability to treat sleep disorders as well as neurological diseases. Besides, the BCI technology is also used at the time of treating paralytic patients & the study of neuroscience.
The COVID-19 outbreak has indeed hastened digitalization and offered a much-needed push to adoption of technology across the globe. Government imposed lockdowns made people search for novel solutions for daily needs right from education, medical requirements to food deliveries. Crises can at times be the key to develop new technologies and the recent crisis has proven in being the springboard for the popularity of BCI technology. Such technology proves handy in several sectors like defense and aerospace, education, healthcare, and others. People chose non-invasive BCI for their safety and cost-efficiencies. The increase in non-invasive BCI will impact the development of deep learning solutions for improving the accuracy of BCI and lower the cost of EEG headsets. Also, BCI technology aids to develop new types of business applications and communication. Thus, the growing number of technology providers is on the lookout for novel ways of generating revenue from brain data.
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North America to Lead Brain Computer Interface Market
North America will lead the brain computer interface market over the forecast period. The growing need for advanced brain computer interface technologies from end use industries like defense and aerospace, education and research, and healthcare, the extensive pool of medical & non-medical device manufacturers and technology providers, the growing adoption in the US for the presence of several key market players as well as investors in the BCI technology, followed by Mexico and Canada, and high R&D investments are adding to the global brain computer interface market growth in the region. Besides, several clinical trials being conducted on brain devices, growing incidences of neurodegenerative conditions like Huntington’s disease, Alzheimer’s, and Parkinson’s, increasing need for immersive gaming, and speedy adoption of advanced technology are also adding market growth.
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