Interface Market CAGR Forecast at 14%
May 11, 2020
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.
Vishwa Gaul , Research Analysts, ICT
at Allied Market Research said, "Among various application of BCI, the
smart home control is expected to witnessing significant growth, owing
to usage of brain computer interface with AR/VR technology by smart home
vendors to produce the attractive product offerings. Moreover, the BCI
application in gaming & entertainment is also anticipated to grow due to
rise in popularity of virtual gaming apps."
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
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.