Brain Computer Interface Market
Brain Computer Interface Market (Type - Invasive BCI, Partially Invasive BCI, and Noninvasive BCI; Technology - Electroencephalography (EEG), Electrocorticography (ECOG), Near Infrared Spectroscopy (NIRS), Functional Magnetic Resonance Imaging (fMRI), and Magnetoencephalography (MEG); Application - Health Care, Gaming and Entertainment, Communication, Defense and Aerospace, and Home Automation) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Press Release :
The demand within the global brain computer interface market is expected to ascend to unprecedented levels in the years to follow. Application of brain computer interface in healthcare and medicine is at the helm of market growth. The ability of the brain to send neural signals to other parts of the body has helped medical scientists in optimising neuromodulation research. Furthermore, study of bidirectional information flow through the nerves also necessitates the use of brain computer interface. The sensory-motor functions of the human body largely depend on the cognitive abilities of the brain. In addition to this, mapping, assisting, and augmenting cognitive brain behaviour also involves the use of brain computer interface technologies. Therefore, the total volume of revenues within the global brain computer interface market is set to reach new scales in the times to follow.
Rising incidence of neural disorders has played an integral role in driving sales across the brain computer interface market. The field of neurology has undergone rapid advancements over the past decade, and this is an important consideration for market growth. Furthermore, combining brain computer interface technologies with artificial intelligence, machine learning, and deep learning has helped in developing new technologies. The past decade has witnessed the emergence of several new applications for brain computer interface. It is worthwhile to acknowledge the relevance of such an interface in dry active electrode arrays, spectroscopy, and electroencephalography.
In this report preview, Transparency Market Research (TMR) looks into the key segments pertaining to market growth and maturity. Advancements in neural research have been at the forefront of market expansion, and this trend is expected to magnify over the years to follow. Moreover, several research methodologies for understanding the functioning of the brain have come to the fore. Investments in this area shall help in reconciling the growth dynamics of the brain computer interface market. Motor imagery has emerged as an important area within cognitive and neural studies.
Advancements in Gaming Technologies to Augment Market Growth
The applications of brain computer interface span into a multitude of industries such as healthcare, medicine, research, and gaming. On the basis of application, the global brain computer interface market can be segmented into gaming and entertainment, healthcare, communication, home automation, and defense and aerospace. The use of such an interface in developing neurogaming technologies has played an integral role in market growth. Besides, the humongous volume of investments made in defense technologies have trickled down to the global brain computer interface market. In the field of communication, synthetic telepathy is an important application of such interfaces. Researchers are making ardent efforts to understand the uses of this technology in environment control and prosthesis.
North America Market to Witness Paced Growth
On the basis of regions, the global brain computer interface market can be segmented into South America, Europe, Asia Pacific, the Middle East and Africa, and North America. Investments in technological innovation across the US have played a defining role in driving sales across the regional market. The US healthcare industry is characterised by rapid adoption of new models, techniques, and devices. The quest of this industry to foster improved treatment practices shall play a crucial role in popularising BCI. Moreover, presence of a robust defense industry in the US shall also be a prominent contributor to market growth. Several gaming technologies have birthed across the entertainment sector of the US and Canada. The North America market has earned the benefits of early adoption of new technologies.
Some of the leading players operating in the global brain computer interface market are Artinis Medical Systems B.V., Nihon Kohden Corporation, ANT Neuro B.V., and Blackrock Microsystems LLC.
Global Brain Computer Interface Market: Overview
The theoretical concept of a brain computer interface is to create an output function or task for a user using only the user’s brain and not the kinetic or ocular functions. A brain computer interface commonly performs this by reading the electrical signals it receives from a brain and converts it to appropriate electrical signals. These signals are then transmitted to the machine where the required task is performed. From an engineering perspective, the global brain computer interface market is developing solutions to figure out different ways that can be used. The simplest and the non-invasive method to achieve this is to use the electroencephalograph.
The report is a collective of facts and figures that are associated with the global brain computer interface market in a chronological order. Past data and current market events and trends allow research analysts to arrive to a satisfactory conclusion regarding the market’s future. The report’s users therefore receives a projection of the global brain computer interface market that can be used to devise a successful business strategy for the future. The report presents valuable market insights through the use of analytical tools such as Porter’s Five Forces analysis and a SWOT analysis based on the market’s competitive landscape.
Global Brain Computer Interface Market: Trends and Opportunities:
The top driver augmenting the global brain computer interface market is its introduction as a wearable device. The global market for wearable devices is witnessing a meteoric rise and BCI equipment and services are a highly sought-after part of this. The global brain computer interface market is also providing greater opportunities for end users from healthcare and entertainment sectors. These diverse set of market trends have allowed the player base to become just as diverse, thereby catering to a greater type of audiences and increasing scope of profiteering. The global brain computer interface market is expected to progress at a CAGR of 14.9% from 2016 to 2024. It was calculated at US$382.2 mn in 2015 and is expected to reach US$1.232 bn by the end of 2024.
Electroencephalography has been the leading technology within the global brain computer interface market in 2015 with a share close to 39.6%. It is the least invasive form of BCI while still providing a significant level of accuracy in output. Noninvasive devices are generally leading in preference in the global brain computer interface market due to the high level of discomfort and complications caused by other types. EEG, due to its painless usage, can easily find its way into commercial use in the entertainment industry. In 2015, healthcare was the greater end user for the global brain computer interface market owing to its massive scope of use in surgery.
Global Brain Computer Interface Market: Region-wise Outlook:
North America and Europe have been the leaders in the global brain computer interface market in terms of product development and demand. North America especially has shown a tremendous growth rate in research and development efforts in brain computer interfaces owing to several critical tie-ups between academic institutions and government bodies, thereby generating a smooth channel for investments and product developments. North America was the leading regional segment in the global brain computer interface market in 2015, owning up to 43.3% of the market at the time.
Companies Mentioned in the Research Report:
The key players operating within the global brain computer interface market currently, include Cadwell Industries, Inc., Nerusky, Inc., Advanced Brain Monitoring, Inc., ANT Neuro B.V., Nihon Kohden Corporation, Emotiv Systems, Inc., NeuroPace Inc., Blackrock Microsystems LLC, OpenBCI, Artinis Medical Systems B.V., Elekta AB, and Mindmaze SA.
Key segments of the Global Brain Computer Interface Market:
- Invasive BCI
- Partially Invasive BCI
- Non Invasive BCI
- Electroencephalography (EEG)
- Electrocorticography (ECOG)
- Near Infrared Spectroscopy (NIRS)
- Functional Magnetic Resonance Imaging (fMRI)
- Magnetoencephalography (MEG)
- Gaming and Entertainment
- Others (Defense and Aerospace and Home Automation)
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments