Brain Computer Interface Market Statistics: 2030
The global brain computer interface market size was valued at $1,488.00 million in 2020, and is projected to reach $5,463.00 million by 2030, growing at a CAGR of 13.9% from 2021 to 2030. A brain-computer interface (BCI), also known as neural-control interface (NCI), mind-machine interface (MMI), direct neural interface (DNI), or brain-machine interface (BMI) and brain machine interface, is an interactive platform or direct communication pathway between the brain and an external device. Brain imaging technologies such as Magneto encephalography (MEG), functional Magnetic Resonance (fMRI), Electrocorticography (ECOG) and Electroencephalography (EEG), are integrated with brain machine interface systems to capture electrical signals sent by the human brain.
Depending on the type, the non-invasive segment dominated the brain computer interface market share in 2020, and is expected to continue this trend during the forecast period. The growth of the segment is attributed to rise in adoption of non-invasive brain computer interface system as this system is used to control robotic arm which is beneficial for paralyzed people in healthcare industry. However, the invasive segment is expected to witness highest growth in the upcoming years as it is directed implanted in the brain and have the highest quality signals. These devices are used to provide functionality to paralyzed people. Invasive BCIs are also used to restore vision by connecting the brain with external cameras and to restore the use of limbs by using brain controlled robotic arms and legs. These benefits of invasive BCI are expected to fuel the demand in the upcoming years.
On the basis of component, in brain computer interface industry the hardware segment dominated the overall brain computer interface market in 2020, and is expected to continue this trend during the forecast period. This is attributed to increase the use of BCI related hardware and sensor among the digital industry. Most healthcare organizations have started adopting these technology to align all healthcare processes together such as patient examination and operation, which improves the overall productivity of medical staff this factor will boost of brain computer interface market growth. However, the software segment is expected to witness highest growth in the upcoming years as there has been an increase in the adoption of BCI software among the end user, as it ensures effective functioning of BCI software and platforms
The report focuses on the growth prospects, restraints, and brain computer interface market. As well as this report discuss on global market opportunity. The study provides Porter’s five forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market. In addition, the report analyzes the profiles of key players operating in the market, which include Advanced Brain Monitoring, Inc., Nihon Kohden Corporation, Guger Technologies Natus Medical Incorporated, Cadwell Laboratories Inc., OpenBCI, Cortech Solutions, Inc., NeuroSky, Inc., Emotiv, Inc. and Integra LifeSciences.
Brain Computer Interface Market Segments Review
The brain computer interface market is segmented on the basis of component, type, application and region. The component segment is bifurcated into, Hardware and software segment, The type segment includes invasive BCI, non-invasive BCI and partially invasive BCI. According to application, the BCI market is segmented into communication & control, healthcare, smart home control, entertainment & gaming, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Software segment is projected as one of the most lucrative segments
Impact of COVID-19
Post COVID-19, the brain computer interface market size was valued at $1,488.00 million in 2020, and is projected to reach $5,463.00 million by 2030, growing at a CAGR of 13.9%% from 2020 to 2030. The pandemic has caused recession in the economy that has forced various enterprises across the globe to dramatically and rapidly shift their operations. The industries around the globe are being severely affected by the COVID-19-induced recession; however, the impact on the technology sector during the crisis was comparatively lesser than the rest of the economy. The rundown of events encouraging the proliferation of new-age technologies, such as artificial intelligence and internet of things has increased.
Brain computer interface market trends is observing growing popularity and attention of researchers in both industry and academia as a means to decrease human contact between devices and produce the revenue streams for service providers due to the features in technology. During the COVID-19 pandemic, organizations that deployed brain computer interface earlier have been able to quickly adjust to the new variant of virus due to lesser contact between the human and machine that will help to achieve business requirements that were resulting due to advancement in healthcare industry. Brain computer interface help organizations to cope with the ongoing pandemic and maintain economically positive operations
Invasive segment is projected as one of the most lucrative segments
Top Impacting Factors
Numerous technological developments in the field human-machine sensing, application of BCI technology in entertainment, gaming and communication & control, rise in use of BCI technology in healthcare sector are some of the major factors that are driving the BCI market. Intensive research carried out to develop a cure for fatal brain disorders and injuries is expected to boost the market. However, the ethical problem faced during the research and cyber security threats are anticipated to restrict the market growth. On the contrary, integration of AI with BCI, and rise in demand of BCI by SMEs provide lucrative growth opportunities for the global BCI market during the analysis period.
Increasing Number of Gaming Industries Implementing BCI Technologies
For making the video games more interactive and exciting, an increasing number of gaming industries are making use of brain computer interface technologies. For instance, Emotiv, Inc. has developed video games using the non-invasive BCI technique, called Neurogaming that analyses the mood of the user and accordingly adjusts visual graphics and music. Neurogaming is a new segment of video games that makes use of non-invasive BCI techniques and eliminates the use of traditional controllers. Such BCI techniques enhance the overall gaming experience of the user and improve the revenue generation capabilities of the business organizations. Furthermore, BCI technology is increasingly being adopted in mobile and virtual gaming sectors by integrating BCI inside virtual reality (VR) headsets. It also offers multiple possibilities for mind controlled gadgets further propelling the growth of brain computer interface market in forecast period.
Asia-Pacific is projected as one of the most significant regions
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global BCI market along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the BCI market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global BCI market from 2020 to 2030 is provided to determine the market potential.
Brain Computer Interface Market Report Highlights
Key Market Players
NIHON KOHDEN CORPORATION, OPENBCI, EMOTIV, CORTECH SOLUTIONS, INC., NEUROSKY, NATUS MEDICAL INCORPORATED, CADWELL INDUSTRIES, INC., ADVANCED BRAIN MONITORING, INC., INTEGRA LIFESCIENCES, G.TEC MEDICAL ENGINEERING GmbH
According to CXOs of the leading companies, the BCI market is witnessing consistent growth considering the per year increase in implementation of the technology. Healthcare sector is the prime application of this technology, whereas, applications such as gaming and, market research among others are gradually gaining momentum. A rise in the cases of brain disorders, globally, supplements the developments and growth of the BCI market. U.S. holds a major market share in the BCI market, owing to the high concentration of key players in this region. The government is taking active initiatives for the welfare of the population and is largely contributing funds for R&D studies. Following the U.S., Asia-Pacific is the next major shareholder of the BCI technologies market. The improving health infrastructure in developing economies such as India and China foresee tremendous growth opportunities during the forecast period of 2021-2030.
Nihon Kohden Corporation, Integra LifeSciences, and Emotiv, Inc., are the key players in the BCI technology market. These companies are implementing effective strategies such as product development and expansion in offshore markets along with active participation in trade shows and exhibitions, amongst others. Some of the other prominent players in the market include Quantum Applied Science and Research, Inc., Cortech Solutions, Inc. and OpenBCI. Invasive and non-invasive are the two major methods of implementing BCI systems with restoration of disabilities being the prime application. At present, the shortage of trained professionals to handle BCI systems adversely affects the growth of this market. Since BCI is an emerging technology and yet to be fully commercialized and approved by the FDA for all the existing and upcoming products, effective training procedures and workshops should be conducted to overcome such barriers. For instance, In February 2021, OpenBCI which is leading brain computer interface provider company launch its virtual reality based product in association with Valve which is leading gaming company to provide better experience to its customers