Brain Computer Interface Market Overview:
Brain Computer Interface Market is expected to garner $1.46 billion by 2020, registering a CAGR of 11.5% during the forecast period 2014 - 2020. A brain computer interface (BCI) is a revolutionary system that facilitates a direct communication pathway between a functional brain and peripheral electronic devices that are used to calibrate the movement in physically challenged individuals. A brain computer interface system records the brain signal from the surface of the cortex, through signaling devices implanted within the brain or from the sensors placed over the scalp.
These signals are then transmitted to the connected peripheral device that enables the operator to perform numerous tasks. With the help of a brain computer interface system, the paralyzed and handicapped individuals can overcome their physical challenges and perform various day-to-day tasks. The primary function of a brain computer interface device is to intercept the electrical signals that pass between the neurons and transmit them to an external device. Brain computer interface (BCI) is also referred to as a brain machine interface (BMI), direct neural interface (DNI), or mind machine interface (MMI).
Numerous technological developments in the field of computation, human sensing, along with the application of brain computer interface technology for entertainment, gaming, communication, and control, are some of the major factors that drive the growth of the brain computer interface market size. Intensive research carried out to develop a cure for paralyzing brain disorders and injuries is likely to boost the brain computer interface market. However, the ethical problem faced during the research, i.e. use of brain computer interface on patients whose informed consent cannot be obtained, can act as a restraint for the brain computer interface industry.
Brain Computer Interface Market Segmentation
Based on applications, the global brain computer interface market is segmented into smart-homes control, healthcare, entertainment, and gaming purposes. Healthcare applications hold a major chunk of the global brain computer interface market share, and include the restoration of disabilities and repair of the brain functions. Based on type, the brain computer interface market is segmented into invasive, non-invasive, and partially invasive brain computer interface. The value chain analysis provides a systematic study of the key intermediaries involved in the development of brain computer interface systems. The value chain analysis helps the stakeholders to devise appropriate strategies and develop their businesses.
Based on geography, the brain computer interface industry is segmented into four major regions namely, North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). Among these four regions, the North American region majorly contributes to the brain computer interface technology market, followed by Asia-Pacific, Europe, and LAMEA. The BCI providers are highly concentrated in the North American region. In addition, the government funding further adds to the growth of brain computer interface technology market in the region.
Top Factors Impacting Brain Computer Interface Market
The brain computer interface technology market is forecast to show a promising growth during the forecast period 2014-2020. The rising incidences of brain disorders that affect the movement of body parts, increased government funding in the developed economies to carry out research studies, and the increased use of brain computer interface technologies by the gaming enterprises, are the prime factors that fuel the growth of the brain computer interface technologies market. However, the lack of professionals possessing experience in handling brain computer interface systems, cyber security issues, and ethical considerations adversely impact the growth of this market. However, experts predict that these issues will eventually get resolved along with further commercialization of the technology. The increasing use of sensor technologies and improving healthcare infrastructure in developing economies, such as India and China, foresee tremendous growth for the brain computer interface technology market.
Rising Incidences of Brain Disorders
As the global economy is slowly improving, the lifestyles of population across the globe is also improving. Such modern lifestyles have given rise to several health issues, neurophysiological disorders being a prominent one of them. These brain disorders are further expected to increase during the forecast period 20142020, hence creating demand opportunities to support the growth of the brain computer interface technology market in future.
Governments in various nations across the globe are taking necessary steps by implementing measures to improve the basic infrastructure of the nation. In the due course of implementing these action plans, healthcare has emerged as a primary concern. In regions across U.S. and Europe, regular funds are being allotted for conducting research studies. Brain computer interface technology research studies are encouraged as they majorly benefit the population of the nation in improving the health of individuals. Such funding sources from the government, especially in developing economies, such as India and China, are further expected to positively impact the brain computer interface systems market, thereby driving the growth of brain computer interface market.
- The study provides an in-depth brain computer interface market analysis, including the current and future trends to elucidate the imminent investment pockets in the market
- Current and future trends are outlined to determine the overall attractiveness of the market and to single out profitable trends to help companies gain a stronger foothold in the brain computer interface market industry
- The report provides information regarding key drivers, restraints, and opportunities with their impact analysis throughout the forecast period
- Quantitative analysis of the current market and estimations through 2013-2020 are presented to highlight the financial caliber of the market
- Porter’s Five Forces model illustrates the potency of the buyers and suppliers participating in the market
- Value chain analysis in the report provides a systematic study of the key intermediaries involved in the development of brain computer interface systems
Brain Computer Interface Market Key Segmentation
- Partially invasive
- Communication and control
- Entertainment and gaming
- Smart home control
- North America
- Asia Pacific
- Nihon Kohden Corporation
- Mind Solutions Inc.
- Advanced Brain Monitoring, Inc.
- Quantum Applied Science and Research, Inc.
- Cadwell Laboratories Inc.
- Cortech Solutions, Inc.
- NeuroSky, Inc.
- Emotiv, Inc.
- Guger Technologies OEG