ID: MRFR/ICT/6940-CR | February 2020 | Region: Global | 126 pages
Global Brain-Computer Interface Market valuation is projected to reach USD 2,564 MN by 2024, registering a 15.1% CAGR during the forecast period (2019-2024). In 2018, the global BCI was valued at USD 1,129.9 Million.
Brain computer interface (BCI) technology is used for measuring the activity of the central nervous system (CNS) in the human body. BCI systems also convert activities of the central nervous system into electrical signals, which can be used as artificial outputs to replace, restore, enhance, supplement, or improve natural CNS output, thereby changing the interactions between the CNS and its external/ internal environment.
These systems are generally being adopted to enable communication and control applications for individuals who have impaired function. Non-invasive technologies such as fMRI and EEG are widely used in the healthcare sector to treat brain-related disorders.
The COVID 19 has hastened digitization and given a much-needed push to technology adoption around the world. The coronavirus-driven lockdowns made people look for new solutions for everyday needs, from food deliveries to medical requirements and education.
Crises can sometimes be the key to developing new technologies, and the current coronavirus outbreak has proven to be a springboard for the popularization of brain computer interface technology. These technologies come in handy in multiple sectors, such as healthcare, education, defense & aerospace, and others. People prefer non-invasive BCI for their cost-efficiencies and safety.
This rise of non-invasive brain-computer interfaces would impact the development of deep learning solutions to improve BCIs accuracy and lowering costs of EEG headsets. Besides, BCI technology helps in developing new forms of communication and business applications. Therefore, growing numbers of technology providers are looking for new ways to generate revenue from brain data.
Brain Computer Interface Market Revenue to Bolster Exponentially
Brain computer interface market trends impacting the market growth include the early adoption of BCI technology by companies, high investments by governments to promote BCI technology uses across military & aerospace sectors. Besides, investments by major players in developing advanced BCI systems boost the brain computer interface market size. Additionally, high investments in the healthcare sector and technology upgrades increase the Brain computer interface market shares.
Restraints & Challenges
Prohibitive Costs to Restrain Market Growth
Despite the significant growth opportunities, the BCI market still witnesses significant challenges. Companies, policymakers, and consumers must use the brain computer interface technology in neurotechnology responsibly and ethically. The ethical challenges of connecting brains to computers are a major setback technology providers are facing today.
Global BCI Market is segmented into Components, Type, Application, Technology, End-User, and Region. The components segment is sub-segmented into hardware and software. The type segment is sub-segmented into non-invasive, invasive, and partially invasive. The application segment is sub-segmented into medical, communication & control, gaming & virtual reality, smart home control, and others.
The technology segment is sub-segmented into electro-encephalography (EEG), magnetoencephalography (MEG), electrocorticography (ECoG), functional magnetic resonance imaging (fMRI), near-infrared spectroscopy (NIRS), intracortical neuro recording, and others. The end-user segment is sub-segmented into healthcare, education & research, defense and aerospace, and others.
BCI hardware devices are sub-segmented into invasive type, in which the devices/electrodes are installed into the grey matter of the brain, partially invasive type, in which the BCI devices are installed inside the skull but outside the brain, and non-invasive type, in which the devices are installed outside the skull on the scalp.
These devices comprise various sensors and electrodes for detecting electronic signals in the brain. BCI hardware devices are programmed to interpret and carry out commands such as controlling or moving a physical object. These devices are used in medical, gaming and device control, and commercial applications.
Software platforms are targeted towards developing BCI systems that are frequently used as building blocks in data acquisition, classification, feedback presentation modules, and feature extraction. Some frameworks are available cross-platform and can be deployed on several different operating systems.
On the other hand, some are restricted to a specific operating system or require commercial software. Platforms available for developing BCI systems include BCI2000, OpenViBE, BCILAB, TOBI Common Implementation Platform (CIP), BCI++, BF++, and xBCI.
North America Leads the Global BMI Market
North America has always been a market leader, in 2018, the region accounted for a 51.8% share of the global brain computer interface market, with a market value of USD 525.3 million. The North American brain computer interface market is expected to grow further at a 14.3% CAGR during the forecast period. The market is primarily led by the rising demand for advanced brain computer interface technologies from end-use industries, such as healthcare, education & research, and defense & aerospace.
Additionally, the extensive pool of technology providers and medical & non-medical device manufacturers in the region drives the brain computer interface market demand. Among other North American countries, the US accounts for the larger market share due to the presence of major market players and investors in the BCI technology, followed by Canada and Mexico.
Europe Seizes Second Highest Share in Global Market
Europe is another prominent market for brain computer interfaces globally. In 2018 the region garnered a market valuation of USD 265.4 million, which is projected to grow further at a 15.6% CAGR over the assessment period. Factors such as the increasing adoption of brain computer interface devices and rising BCI software applications in various hospitals, universities, and research institutes position Europe among the strongest contenders in the global market.
Germany, among other European countries, holds a dominating market share, followed by the UK. The brain computer interface market in the UK is projected to register an 18.20% CAGR during the forecast period. Furthermore, the growing uptake of BCIs in France, Russia, Spain, Italy, Bulgaria, the Netherlands, and Sweden, is also estimated to boost the market growth in Europe.
APAC Holds a Considerable Market Share
The Asia Pacific region is rapidly emerging as a significant market for brain computer interfaces globally. Factors such as the growing adoption of brain computer interfaces among small- and medium-sized enterprises and rapid economic growth drive the market growth. The brain computer interface market in the Asia Pacific is expected to register a 17.3% CAGR during the forecast period.
Rapid Product Development and Expansion Plans
The worldwide brain computer interface market appears extremely competitive due to the presence of many well-established players. Brain computer interface market players are increasingly facing fierce competition from each other and from local firms, growing aware of the industry's regulations and suppliers. They seek opportunities to integrate across the extended value chain while focusing on the expansion, R&D investments, and M&A activities.
EMOTIV, Natus Medical Incorporated, NeuroSky, Inc, Compumedics Limited, Nihon Kohden Corporation, G.Tec, Advanced Brain Monitoring, Inc, Brain Products GmbH, BrainCo, Inc., Neuroelectrics, and MindMaze are some of the affluent contenders holding sizeable brain computer interface market share.
International Business Machines Corporation (IBM – the US) is a leading global provider of information technology, innovation, and research & development, with its operations based in more than 175 countries. The company is continuously expanding its higher value segments of enterprise Information Technology worldwide. IBM operates through business segments, including cloud & cognitive software, global technology services & systems, global business services, and global financing.
The brain computer interface market analysis features unique and relevant factors expected to significantly impact the market growth during the forecast period. The detailed brain computer interface market forecast would help industry players to better understand the market. The MRFR forecast report elaborates on the historical and current brain computer interface market trends boosting the growth of the market.
Besides, the COVID-19 impact on the brain computer interface market is also included in the report. Region-wise assessment of brain computer interface market statistics unlocks a plethora of untapped opportunities in regional and domestic market spaces. Additionally, detailed company profiling enables users to evaluate company shares analysis, scope of existing and emerging product lines in new markets, pricing strategies, innovation possibilities, and much more.
Frequently Asked Questions (FAQ) :
The global brain-computer interface market is slated to expand at a substantial CAGR of 15.1% over the review period (2019 to 2024).
The global brain-computer interface market acquired a market value of about USD 1.130 Billion in 2018 and is slated to generate revenue of up to USD 2.564 billion by 2024.
Natus Medical Incorporated, NeuroSky, Inc, EMOTIV, NIHON KOHDEN CORPORATION, g.tec, Brain Products GmbH, BrainCo, Inc., Compumedics Limited, MindMaze, Advanced Brain Monitoring, Inc, and Neuroelectrics.
The regional analysis of the global brain-computer interface market has been conducted in five major regions, namely, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
The segmentation of the global brain-computer interface market is done on the basis of type, component, application, technology, and end-user.