The majority of manufacturers in the global brain computer interface (BCI) market are continuously creating new technologies in order to offer products that have high compatibility with various applications, notes Transparency Market Research (TMR) in a new study. The leading players in the market are Advanced Brain Monitoring Inc., ANT Neuro B.V., Artinis Medical Systems B.V., Blackrock Microsystems LLC, Cadwell Industries Inc., Elekta AB, Mindmaze SA, NeuroPace Inc., and OpenBCI.
“Clinical trials, exhibitions, and conferences are sponsored and conducted across the globe by key players to increase awareness regarding their products among consumers,” says TMR’s lead analyst. Several companies in the market are increasingly focusing on ergonomics to improve the overall experience of users, which in turn will help in expanding their consumer base.
The valuation of the global BCI market was US$383.2 mn in 2015 and is poised to rise at a 14.9% CAGR between 2016 and 2024, reaching a market size of US$1,232.6 mn by the end of 2024. Based on type, the noninvasive BCI segment dominated the market in terms of revenue in 2015. Features such as ease of use, shorter recovery times, fewer post-surgery complications, and elimination of surgery offered by the noninvasive BCI devices are fuelling the growth of this segment. Owing to these factors, the segment likely to remain the leader throughout the forecast period, accounting for more than 68% of the overall market. The partially invasive BCI segment is estimated to expand at a significant CAGR over the forecast period.
North America to Hold Dominant Revenue Share Owing to Increasing Investments in Technological Innovation
Geographically, North America will continue to be the leading revenue contributor until 2024. The growth of this region can be attributed to increasing investments in technological innovation and the presence of an entrepreneurial ecosystem that offers tremendous growth opportunities to emerging BCI manufacturers. Furthermore, the presence of advanced healthcare infrastructure, growing geriatric population, and high disposable income are contributing to the growth of this region. The Latin America region is expected to rise at a noteworthy CAGR of 19.4% during the same period. The growth of the BCI market in Latin America is driven by end-user industries such as gaming and entertainment and healthcare.
High Susceptibility of Aging Population to Mental Disorders to Boost Adoption of BCI Devices
Aging induces brain-related diseases such as depression, stroke, and Parkinson’s disease. The increasing awareness of BCI among the general population is leading to an increased understanding of the functionality of brain computing wearable devices. Therefore, the growing geriatric population is boosting the demand for BCI devices, thereby fuelling the growth of the market.
“The development of BCI technology is backed by several government organizations in industrialized countries, as these organizations offer their support to brain/neurological studies for the betterment of humanity,” says a TMR analyst. Organizations such as the European Union (EU) are promoting various research projects and clinical trials related to BCI. The EU has also backed BCI implications under its program, Horizon 2020. Similarly, the U.S. Food and Drug Administration’s (FDA) Center for Devices and Radiological Health (CDRH) emphasizes on the implementation of BCI-related regulatory approvals and monitoring of clinical programs to promote BCI technology in the U.S. market. Such programs are, thus, driving the growth of the overall BCI market.
High Cost of BCI Devices to Dent Demand in Developing Countries
The cost of BCI devices such as functional magnetic resonance imaging (fMRI), electrocorticography (ECoG), Electroencephalography (EEG), and magnetoencephalography is high. These devices are unaffordable for most research organizations and are considered unnecessary luxuries in most developing regions worldwide. Some devices also require timely replacement of electrodes or end-plates that are very sophisticated and expensive. This factor is limiting the large-scale adoption of these devices, thereby hampering the growth of the BCI market.
The information presented in this review is based on a Transparency Market Research report, titled,
“Brain Computer Interface Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024”
Brain Computer Interface (BCI) Market, by Type
- Invasive BCI
- Partially Invasive BCI
- Non Invasive BCI
Brain Computer Interface (BCI) Market, by Technology
- Electroencephalography (EEG)
- Electrocorticography (ECOG)
- Near Infrared Spectroscopy (NIRS)
- Functional Magnetic Resonance Imaging (fMRI)
- Magnetoencephalography (MEG)
Brain Computer Interface (BCI) Market, by Application
- Gaming and Entertainment
- Others (Defense and Aerospace and Home Automation)
Brain Computer Interface (BCI) Market, by Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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