The Global Brain Computer Interface Market size is estimated to be USD 1.25 billion in 2019 and is predicted to reach USD 3.97 billion by 2030 with a CAGR of 11.1% from 2020-2030. Brain computer interface (BCI) also called as brain machine interface (BMI) is a device that acquire brain signals, analyzes them, and translates them into commands that are transmitted to output devices that carry out desired actions. Brain computer interface is used to restore useful function for people suffering with neuromuscular disorders.
Brain computer interfaces have applications in various fields such as medical, smart home control, communication and control, and entertainment and gaming. BCI technology helps physically-challenged individuals with their movement and communication skills. It enables the people suffering with neurological conditions such as epilepsy, Parkinson’s, Alzheimer’s, and paralysis to carry out day to day activities and actions such as operating wheelchairs and many other tools, independently. Many aspects of the BCI systems are currently being investigated by researchers. Some of the areas of study include evaluation of control signals, development of algorithms for translation of brain signals into computer commands, and the development of new BCI applications. These studies focus on developments and are expected to offer significant opportunities in the field of brain computer interface.
Market Dynamics and Trends:
Increasing prevalence of neurodegenerative disorders is the primary factor driving the demand for brain computer interface systems. As neurodegenerative diseases strike primarily in elderly patients, the incidence is expected to rise as the population ages. The prevalence of Alzheimer’s disease is roughly 30% among people 85 years and older. These incidence rates increase steeply from 0.5% per year for ages 65 to 75 to 6–8% per year for ages 85 and up. To provide appropriate treatments for such fatal conditions, continuous research and development and technological advancements, increasing government and private funding, and increasing demand for biocompatible materials are the additional factors contributing to the growth of this market. However, shortage of skilled technicians to handle these complex devices are expected to restrain the growth of brain computer interface market.
As the market is fueled by continuous innovations, product development and launches is the major growth strategy adopted by the players in this market. For instance, in July 2017 Neurable launched a non-invasive brain-computer interface for virtual reality. Also, CTRL-Labs is developing a counter-intuitive new approach for a brain-computer interface. Such new products are expected to enhance the exiting product line of the companies and help them compete in the market. In addition to this, companies such as Guger Technologies, InteraXon, and Neuroelectrics are strategically collaborating with large as well as small organizations to expand their market presence.
Market Segmentations and Scope of the Study:
The brain computer interface market share is analysed on the basis of type, application, end user and geography. The type segment covers the market for invasive BCI, partially invasive BCI, and non-invasive BCI. By application the market is divided into healthcare, smart home control, communication, and entertainment and gaming. On the basis of end user the market is divided into medical, military, manufacturing and other end users. The geographical segmentation covers North America, Europe, Asia Pacific, and Rest of the World.
Comprehensive competitive analysis and profiles of major market players such as Guger Technologies OG, iWinks, InteraXon, Mind Solutions Corp., Neuroelectrics, Compumedics Ltd., Interactive Productline, Emotiv Corp., NeuroSky, and ANT Neuro is also provided in this report.
KEY MARKET SEGMENTS:
- Global Brain Computer Interface Market, By Type
- Invasive BCI
- Partially BCI
- Non-invasive BCI
- Global Brain Computer Interface Market, By Application
- Restoration of disabilities
- Repair of brain function
- Smart Home Control
- Entertainment & Gaming
- Global Brain Computer Interface Market, By End User
- Global Brain Computer Interface Market – By Geography
- North America
- Rest of Europe
- Rest of APAC
- Latin America
- Middle East
- North America