The increasing technological adoption of wearable medical devices is expected to positively support the market for brain computer interface (BCI) technology. The demand for BCI devices is expected to increase primarily in the health care and gaming and entertainment industries. Ageing induces brain-related disorders such as stroke, depression, and Parkinson’s disease. These disorders can be treated with the use of BCI devices. Therefore, the ageing population is one of the key drivers for the growth of the global BCI devices market. The revenue of the global BCI market stood at US$ 383.2 Mn in 2015; this is projected to expand at a CAGR of 14.9% during the forecast period (2016 to 2024) and reach a market size of US$ 1,232.6 Mn by 2024.
As per the report, North America was the largest market in terms of revenue in 2015. Rising investment in the health care sector is expected to support R&D initiatives in the North American BCI market in the coming years. The U.S. is expected to be a significant contributor to the BCI market in North America. Europe is expected to contribute a healthy market share during the forecast period owing to the existence of high technological investments and comparatively quicker adoption of BCI devices. The Europe BCI market is expected to expand at a CAGR of 14.0% over the forecast period from 2016 to 2024. Innovations in the BCI market are primarily introduced in North America and then in Rest of the World.
Due to rapid population growth and rising disposable incomes, Asia Pacific is expected to remain a significant market for BCI devices in the coming years. Countries such as Japan, China, and South Korea are expected to witness the significant adoption of BCI devices. Rest of MEA and GCC countries are expected to be major contributors to the MEA BCI market during the coming years. The demand for electroencephalography (EEG) based devices is expected to remain significant in North America, Europe, and Asia Pacific. The health care and gaming and entertainment industries are expected make a major contribution to the growth of the BCI market in Latin America.
Noninvasive BCI devices would account for a significant market share among all other types throughout the forecast period. The application of BCI technology would be greater in the health care context, as a part of the treatment of brain-related disorders and diseases. The communication segment would account for the highest CAGR growth over forecast period until 2024 among all applications.
BCI manufacturers are creating new technologies continuously in order to focus on user ergonomics and offer products that are highly compatible with different applications. In 2015, some of the key manufacturers of BCI technology were Emotiv Systems, Inc., Cadwell Industries, Inc., Nerusky, Inc., OpenBCI, Advanced Brain Monitoring, Inc., Artinis Medical Systems B.V., ANT Neuro B.V., Nihon Kohden Corporation, Blackrock Microsystems LLC, Elekta AB, NeuroPace Inc., and Mindmaze SA.
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