The development in cutting edge human technology is being pursued so as to optimize the quality of life that can be accomplished. The insights into the information and communication technology industry are advanced by Market Research Future, which concentrates on reports on industry verticals that review the market options for growth. An income level worth USD 2,564 Million is anticipated to be gained by 2024 while advancing at a CAGR of 15.1% in the upcoming period.
The development of technology that can be used to diagnose and possibly treat brain-related ailments is gaining significant impetus with the availability of funding. The diseases such as dementia, Alzheimer’s, paralysis are expected to motivate the development of the brain computer interface technologies. Moreover, brain computer interface applications are expected to become more proper, which can further induce the development of the global market for the brain computer interface market.
The global brain-computer interface market has been segmented on the basis of component, type, application, technology, end-user, and region. The market, by component, has been segmented into hardware, and software. By type, the global brain computer interface market has been segmented into non-invasive, invasive, and partially invasive. By application, the global brain computer interface market has been segmented into medical, communication & control, gaming & virtual reality, and smart home control. By technology, the market has been segmented into electroencephalography (EEG), magnetoencephalography (MEG), electrocorticography (ECoG), functional magnetic resonance imaging (fMRI), near-infrared spectroscopy (NIRS), and intracortical neuronal recording. By end-user the global brain-computer interface market is segmented into healthcare, education & research, and defense & aerospace.
The Global Brain-Computer Interface Market is spanned across North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to account for the largest share in the brain-computer interface market, with a significant growth rate during the forecast period. For the purpose of analysis, North America has been categorized into three regions—the US, Canada, and Mexico. During the forecast period, the US is expected to be the leading region in terms of market share, growing at a CAGR of 15.1%, followed by Canada with 13.6% and Mexico with 11.6%. The presence of major players such as Natus Medical Incorporated, EMOTIVE, Neurosky Inc., and Advanced Brain Monitoring Inc. operating and investing in BCI systems is driving market growth in the US. Moreover, factors such as early adoption of BCI technology by companies, high investments by government to incorporate BCI technology across military and aerospace sectors, and well-established infrastructure are expected to drive market growth in the country. Canada accounted for 28% of market share in the North American brain-computer interface market. High investments in the healthcare sector and high technical expertise are driving market growth in the country.
On the other hand, Asia-Pacific is expected to foresee the fastest growth in the brain-computer interface market owing to the growing applications of sensors in the healthcare sector, increasing the use of BCI in IoT applications along with high economic growth.
The Asia-Pacific brain-computer interfaces market acquired 17% market share in terms of revenue with China dominating the market with a 36% share, followed by Japan with a 27% market share. The market in India is expected to register the fastest growth due to rising applications of BCIs among the healthcare and education & research sectors in India. Other countries such as South Korea, Malaysia, Australia, New Zealand, Indonesia, Singapore, and the Philippines are experiencing considerable demand and adoption of BCI devices. Further, growing virtualization in the gaming industry is driving the adoption of BCIs for game control in the region, which is thereby expected to fuel the market growth for brain-computer interfaces in the region.
Europe accounts for the second-largest share in the global brain-computer interface market. Europe is witnessing a high adoption rate of brain-computer interfaces in the healthcare, and education & research sectors. The UK is projected to register the highest CAGR of 18.20% during the forecast period in the brain-computer interfaces market due to the increasing adoption of brain-computer interface devices among hospitals, universities and research institutes. Further, the growing adoption of BCIs in countries such as France, Russia, Italy, Spain, Bulgaria, Sweden, and the Netherlands is also expected to boost market growth in Europe.
The rest of the world’s regional segment is witnessing a moderate adoption of brain-computer interfaces among countries such as Brazil, Argentina, Peru, Colombia, Chile, the UAE, Saudi Arabia, Israel, and South Africa. Moreover, the growing healthcare sector in these countries presents a growth opportunity for the key market players operating in the market.
The Global Brain-Computer Interface Market is expected to reach USD 2,564 million at a CAGR of over 15.1% by the end of the forecast period 2019–2024.
Some of the Prominent Players in the global Brain-computer interface market are Natus Medical Incorporated, EMOTIV, NeuroSky, Inc, NIHON KOHDEN CORPORATION, Compumedics Limited, g.tec, Brain Products GmbH, Advanced Brain Monitoring, Inc, BrainCo, Inc., MindMaze, and Neuroelectrics.
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