A brain computer interface (BCI) is a type of direct communication pathway between an external device and a wired brain. BCIs are majorly directed at mapping, augmenting, researching, repairing, or assisting sensory-motor or human cognitive functions. Thus, it is a collaboration between a device and a brain enabling signals from the brain for directing certain external activity such as the control of a prosthetic limb or a cursor. BCIs’ rising application within the entertainment and healthcare industries is predicted to boost the growth of the market for BCI.
In addition, the introduction of numerous technological developments within the area of brain computing devices have altogether changed the way the patients are being treated by physicians, thus boosting the growth of the market. Furthermore, the technology of BCI is supported by a number of government regulations within developed nations for supporting the studies focused on neurology. This will also have a positive impact on the growth of the market.
Noninvasive BCI Devices to Lead Market till 2024
In terms of type, the global BCI market is segmented into partially invasive BCI, invasive BCI, and non-invasive BCI. Amongst these, the segment of non-invasive BCI devices will lead the market till 2024. On the basis of technology, the market is segmented into electroencephalography (EEG), near infrared spectroscopy (NIRS), electrocorticography (ECOG), magnetoencephalography (MEG), and functional magnetic resonance imaging (fMRI).
Amongst these, the segment of EEF led the market in 2015, holding a share of approximately 39.6%. By application, the market is segmented into gaming and entertainment, healthcare, communication, and others including home automation, aerospace, and defense. Amongst these, the segment of communication will expand at the highest growth rate in the coming years. On the other hand, the utilization of BCI devices will be also be on the rise within the healthcare segment.
North America BCI Market held Largest Revenue Share in 2015
On the basis of geography, the BCI market is segmented into Europe, North America, the Middle East and Africa, Asia Pacific, and Latin America. Amongst these, in 2015, North America led the market on the basis of revenue. This is owing to the increasing investments within the healthcare sector that are predicted to support the research and development initiatives within the region of North America in the coming years. Within North America, the U.S. is predicted to emerge as a major contributor in the market. On the other hand, the region of Europe is also poised to have a healthy share in the market in the coming years and is predicted to expand at a 14.0% CAGR from 2016 to 2024. This is due to the presence of increasing technological investments and the swift adoption of BCI devices within this region. Asia Pacific is also anticipated to remain as a key market for BCI devices in the forthcoming years. South Korea, Japan, and China are poised to experience a major adoption of BCI devices in the coming years.
The players dominant in the market are Emotiv Systems, Inc., Nerusky, Inc., Advanced Brain Monitoring, Inc., ANT Neuro B.V., Blackrock Microsystems LLC, and NeuroPace Inc., among others.
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