Brain Computer Interface Market 2020September 24, 2020
Pune, Maharashtra, India, September 23 2020 (Wiredrelease) Allied Analytics :Rise in incidences of brain disorders affecting the movements of the body, miniaturization of components, and increase in the number of gaming industries implementing BCI technology fuel the growth of the global brain-computer interface market.
Among various applications of BCI, smart home control is expected to witnessing significant growth, owing to usage of brain-computer interface with AR/VR technology by smart home vendors to produce attractive product offerings. Moreover, the BCI application in gaming entertainment is also anticipated to grow due to the rise in the popularity of virtual gaming apps.
The global brain-computer interface market was estimated at $1.36 billion in 2019 and is expected to hit $3.85 billion by 2027, registering a CAGR of 14.3% from 2020 to 2027.
Based on type, the non-invasive segment accounted for more than four-fifths of the global brain computer interface market share in 2019, and is expected to rule the roost by 2027. Non-invasive BCI systems are used as a tool for multiple applications ranging from communication, entertainment to rehabilitation, which drives the growth of the segment. At the same time, the invasive segment is expected to grow at the fastest CAGR of 18.4% throughout the forecast period. Invasive BCI devices mainly aim to provide functionality to paralyzed people. In addition, it can be used for restoring vision by connecting the brain with external cameras. These factors augment the growth of the segment.
Based on geography, North America held the highest share in 2019, generating more than one-thirds of the global brain-computer interface market. Rise in incidences of brain disorders and cerebrovascular diseases, large presence of small and mid-sized players and the availability of healthcare sectors drive the growth of the market in this region. Simultaneously, the Asia-Pacific region would portray the fastest CAGR of 17.4% by the end of 2027. China presently leads the BCI algorithm research by offering affordable solutions in the BCI segment. Moreover, the gaming and entertainment applications and an increase in demand for human-interface entertainment technologies drive the growth in this region.
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Based on application, the healthcare segment contributed to nearly one-third of the global brain computer interface market revenue in 2019, and is anticipated to lead the trail till 2027. Utilization of BCI for paralyzed patients to effectively express their thoughts and to operate other output devices without any assistance is driving the demand of BCI Market for healthcare industry. However, the smart home control segment would register the fastest CAGR of 18.5% during the study period. Smart home vendors are utilizing BCI technology with AR/VR technology to present the attractive product offerings, which boosts the segment growth.
The global brain computer interface market analysis includes some of the key market players such as Advanced Brain Monitoring, Inc., Cadwell Industries, Inc., OpenBCI, Cortech Solutions, Inc., NeuroSky, Emotiv, G.tec medical engineering GmbH, Natus Medical Incorporated, NIHON KOHDEN CORPORATION, and Integra LifeSciences.
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Intensive research activities conducted to develop a cure for fatal brain disorders and injuries have been slowed down due to lockdown.
The governments that offer funding for RD activities of BCI technology will put new investments on hold to fight the economic crisis.
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