According to a recent report published by Allied Market Research, titled, “Brain Computer Interface Market by Type, Application and Region: Global Opportunity Analysis and Industry Forecast, 2020-2027,”the global market was valued at $1.36 billion in 2019, and is projected to reach $3.85 billion by 2027, growing at a CAGR of 14.3% from 2020 to 2027.
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), is an interactive platform or direct communication pathway between a wired 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 BCI systems to capture electrical signals sent by the human brain. Brain computer interface systems make use of neurophysiological signals, generated by the human brain to operate external devices such as smartphones and tablets. These signals need to be accurately analyzed and then translated into commands for performing the desired actions. BCI systems alone cannot extract information from the brain; therefore, need to be integrated with brain imaging technologies such as EEG, fMRI, NIRS, MEG and ECOG.
Emerging opportunities in healthcare industry including treating neural disorders, rise in research on utilizing BCI for defense sector, increasing use of BCI integrated with video gaming gadgets is driving the demand of global brain computer interface market.
The non-invasive brain computer interface segment held the majority of the global brain computer interface market share in 2019, and is projected to maintain its dominance during the forecast period. The invasive brain computer interface segment is expected to witness highest growth rate of 18.4% from 2020 to 2027.
The healthcare segment accounted for the major share among brain computer interfaceapplication, owing to its prime goal to offer basic communication capabilities to paralyzed patients. In additon, neuro feedback for stroke rehabilitation and epileptic seizures are the other healthcare applications of BCI technology, which are driving the brain computer interface market growth.
As per region, the global brain computer interface market was dominated by North America in 2019 and is expected to maintain this trend during the forecast period. Factors such as presence of leading companies developing brain computer interface in North America and majority of R&D efforts regarding BCI in this region to recapture the audience are the major drivers for the market growth in this region. In addition, the large presence of small and mid-sized brain computer interface industry players in the U.S. offers customized BCI solutions. These players focus on consistent innovations in the field of BCI to sustain competitiveness in the market. Emotiv, is another prominent player in the gaming industry that has partnered with Haier for the purpose of developing smart TV’s. In order to avoid the possibility of products becoming obsolete or uneconomical within a short period of time, these players consistently focus on innovations in existing products or developing entirely newer products.
Key Findings Of The Study
By type, the non-invasive brain computer interface segment led the brain computer interface market size in terms of revenue in 2019.
By brain computer interfaceapplication, the halthcare segment accounted for the highest market share in 2019.
By industry BCI application, the smart home control segment is anticipated to exhibit highest growth during the forecast period.
Region wise, North America accounted for the highest revenue in 2019; however, Asia-Pacific is anticipated to exhibit highest growth during the brain computer interface market forecast period.
The global brain computer interface market analysis includes some of the key market players such as Advanced Brain Monitoring, Inc., Cadwell Industries, Inc., OpenBCI, Cortech Solutions, Inc., NeuroSky, Emotiv, G.tec medical engineering GmbH, Natus Medical Incorporated, NIHON KOHDEN CORPORATION, and Integra LifeSciences.