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 :
Global Brain Computer Interface Market - Overview
The demand for high end brain computer interfaces is projected to rise up to a great extent in the coming years of the forecast period ranging from 2016 to 2024. This growth of the global market is being led by the applications of brain computer interface in the fields of medicine and healthcare. Since several years, researchers and scientists have been trying to optimize the neuromodulation research. The ability of human brain to send neural signals down to other body parts has been at the center of this research. In addition to this, the research on bidirectional flow of information through body nerves also demands the use of brain computer interface. The cognitive ability of human brain is mainly responsible for the sensory motor functions of the body. Moreover, augmenting, assisting, and mapping cognitive brain behavior also utilizes the new age computer brain technology. Thus, the overall revenue generation in the global brain computer interface market is expected to be on the rise in the coming years of the forecast period.
Rising Prevalence of Neurological Disorders is Key for Development of Global Market
Increasing prevalence of neural disorder has played a crucial role in pushing up the popularity of the global brain computer interface market. The neurological field of science and medicine has witnessed massive changes in recent years and these developments have also helped in shaping the overall growth of the global market. Moreover, integrating the brain computer interface technologies and artificial intelligence, deep learning, and machine learning has led to new levels of innovations and technological developments. In the past ten years, there have been several new applications of brain computer interface that have gained prominence. It is worthy of acknowledgement that the interface finds great relevance in electronencephalography, spectroscopy, and dry active electrode arrays.
This report preview offered by Transparency Market Research tries to shed light on the prominent segments of the global brain computer interface market. It highlights the key factors that are driving the growth of the global market in recent years. Developments in the field of neural science has been the major driving factor for the development of the global market in recent years. In addition to this, several new and emerging research methodologies and techniques for accurately gauging the brain functioning have also been key for driving the growth of the global brain computer interface. Funding and investments in this domain have also increased, which will further help in fueling the overall development of the global market. Emergence of motor imagery is expected to be key for the future of the global brain computer interface market.
Increasing Range of Applications will Offer Promising Growth Opportunities
The global market for brain computer interface has a wide range of applications such as in gaming, research, medicine, and healthcare among others. In terms of application, the global market can be segmented into defense & aerospace, home automation, communication, healthcare, and entertainment & gaming. The utilization of such new age interfaces in the development of neuro-gaming technologies is projected to act as a key driving factor for the overall growth of the global market. Besides this, in recent years, there have been substantial amount of investments and funding allocated for the development of the global market. In the segment of communication, introduction of synthetic telepathy is expected to emerge as a key application of these interfaces.
North America to Remain Dominant Regional Segment Over Forecast Period
In terms of regional segmentation, the global market for brain computer interface is segmented in to five key regions. These regions are North America, Latin America, Middle East and Africa, Europe and Asia Pacific. Of these, the regional segment of North America has been the most dominant one in recent years. Substantial allotment of funding and investments for technological across the US has played a key role in the driving the growth of the market in the region. The US healthcare sector is well known for adopting new techniques, technologies, devices, and models pretty quickly. The industry is constantly in quest to improve and upgrade their treatment methods and practices. Such approach has played a key role in driving the growth of the brain computer interface market in North America.
On the other hand, the regional segment of Asia Pacific is expected to witness a highly promising demand for the brain computer interface market. One of the key driving factor the development of the Asia Pacific market has been the increasing levels of investment and funding allocated for the development of neurological and medical researches. In addition to this, with emerging economies such as India and China spending heavily for the development and overhauling of their domestic medical infrastructure, it is projected that it will present highly lucrative opportunities for development of the market in the region.
The competitive landscape of the global brain computer interface market is quite fragmented in nature. This fragmentation of the global market is due to the presence of several notable brands operating in the market space. The companies in the global market are adopting aggressive growth strategies such as mergers, acquisitions, strategic alliances, and partnerships among others in order to stay ahead of the competitive curve. Some of the notable brands operating in the global brain computer interface market include names such as Artinis Medical Systems B.V., Nihon Kohden Corporation, ANT Neuro B.V., and Blackrock Microsystems LLC.
Growing Applications across Diverse End-users to Sow the Seeds of Growth across the Brain Computer Interface Market
The brain computer interface market is expected to gain good growth prospects across the forecast period of 2016-2024 on the back of the rising applications in various end-users such as communications, defense, aerospace, healthcare, gaming, entertainment, home automation, and others. The increasing influence of brain computer interface across these end-users will attract considerable growth opportunities between 2016 and 2024.
- A brain computer interface is a system that enables direct communication between the brain and electronic devices used for movement calibration in physically challenged individuals. The interface is utilized for transforming the intentions of a human brain into a control signal. The functionality of the interface attracts extensive growth for various end-users, thus increasing the revenues.
- The players in the brain computer interface market are always involved in intense competition. They strive to launch novel upgrades and interface systems for accelerating their sales across the large consumer base. This aspect bodes well for the growth of the brain computer interface market. The players focus heavily on research and development activities to create new formulations and develop novel systems.
- Strategic collaborations also form a crucial part of the brain computer interface market and are the foundation of growth. The players indulge in these collaborations. The collaborations help in building a strong base for the players, eventually attracting good growth for the brain computer interface market.
- The novel coronavirus pandemic has changed the growth projections of almost all sectors and businesses around the world. The brain computer interface market is no stranger. The strict lockdown impositions by several countries to control the spread and the border restrictions around the world negatively affected the growth prospects across the brain computer interface market. However, the relaxations in lockdown restrictions will help in the growth-revival of the players in the brain computer interface market.
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