Global Brain Computer Interface (BCI) Market - Statistics, Regional and Global Forecast to 2024

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Brain computer interface market 2020 is expected to gain a quick mileage. The communication pathway paved between a wired brain and an external device is referred to as brain computer interface. It is also commonly known as neural-control interface (NCI), direct neural interface (DNI), mind-machine interface (MMI), or brain-machine interface (BMI). The electrodes that help in reading the signals of a human brain are studied in this process. Well, the technology has been witnessing numerous research & development activities and has the potential to revolutionize the technology sector entirely. At present, there are three kinds of BCI – invasive type, partially invasive type, and non-invasive type. The developments in human machine interface technologies are supposed to experience a rise in applications over the next couple of years.

Applications of Brain Computer Interface

Brain computer interface technologies are gaining traction of the healthcare industry. Imaging technologies such as electroencephalography and NRI has been integrated with braincomputerinterface for diagnosing and curing disorders such as Alzheimer’s, paralysis, cerebral palsy, dementia, vision impairment, hearing impairment, etc. Brain computer interface application is not restricted to this one particular industry. It has already found applications in other industry domains such as defense & aerospace and education & research.

The devices used in the process are sensors and electrodes that are placed in the grey matter of the brain. Thus, the developments of the sensor technology are also supposed to play a crucial role in widening the application base of brain-machine interface. Also, the technological innovations in end-user industries are supposed to open avenues of BCI adoption in the years to come. Also, increasing prevalence of brain disorders is anticipated to catalyze the investments in research & development.

Future Prognosis of Brain Computer Interface Market

Global Brain Computer Interface (BCI) Market companies are – Emotiv, NeuroSky, Inc, MindMaze, Natus Medical Incorporated, Nihon Kohden Corporation, Brain Products GmbH, Advanced Brain Monitoring, Inc, Compumedics Limited, g.tec, BrainCo, Inc., and Neuroelectrics. With the development of the technology, which is inevitable, new players are supposed to enter the market. According to the brain computer interface report offered by Market Research Future (MRFR), the market is supposed to strike 15.1% CAGR over the forecast period 2019 to 2024.

Geographically, North America holds around 50% of the market share. The advancements in technology of the region have facilitated the growth of the market. The infrastructure of the end-user verticals in the region is quite developed to support the adoption of BCI and its developments. Thus, the region is expected to continue growing at a fast pace over the next couple of years.                Europe, in terms of technological infrastructure, exhibits developments too. It is also anticipated to experience considerable rate of growth in the coming years. According to MRFR’s observations, the Europe market was valued at USD 265.4 Mn in 2017. It is assessed to trail North America market closely. Asia Pacific, too, is expected to grow substantially. The regional market is observing a rise in inflow of investments.

Drawbacks

Cybersecurity remains a major concern. Imagine what would a rival nation pay to get the information about the information about a leader? Thus, advancements in data security are expected to pave the way for higher adoption of the technology. Till then, the road map is likely to remain untapped of its full potential.

About Market Research Future: 

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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