Market Analysis
The global brain computer interface market is predicted to touch USD 6,045.2 million at a whopping 15.5% CAGR between 2022- 2030, states the recent Market Research Future (MRFR) analysis. Brain-computer interface or BCI, also known as the neural-control interface (NCI) or brain-machine interface (BMI), simply put, is a revolutionary system that allows a direct communication pathway between the peripheral electronic device and the functional brain.
Various factors are propelling the global brain computer interface market share. According to the recent MRFR report, such factors include constant technological advances in neuroimaging techniques, bio-signal processing, nanotechnology, and bio-sensing, and growing investments in research and development to integrate technology that supports brain computer interface devices with real-life applications of brain-computer interface. Additional factors adding to market growth include increasing use of BCI technology in military communication, home control systems, and virtual gaming, growing technological development to facilitate movement and communication in paralytic patients, rising geriatric population, and growing prevalence of neuroprosthetic conditions.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global brain computer interface market based on end user, technology, application, type, and component.
By component, the global brain computer interface market is segmented into software and hardware.
Based on type, the brain computer interface market is segmented into partially invasive, invasive, and non-invasive. Of these, the non-invasive segment will lead the market over the forecast period.
Based on application, the brain computer interface market is segmented into smart home control, gaming and virtual reality, communication, and control, and medical. Of these, the medical brain computer interface applications will dominate the market over the forecast period.
By technology, the brain computer interface market is segmented into intracortical neuronal recording, functional magnetic resonance imaging (fMRI),near-infrared spectroscopy (NIRS), electrocorticography (ECoG), magnetoencephalography (MEG), and electroencephalography (EEG).
By end user, the global brain computer interface market is segmented into defense and aerospace, education and research, and healthcare. Of these, the healthcare segment will have a major share in the market over the forecast period.
Regional Analysis
Based on the region, the global brain computer interface market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, the Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period. Expanding research laboratories focusing on BCI development, increasing research and development initiatives, growing investments to develop advanced healthcare solution, growing demand for immersive gaming that adopts the BCI technology, increasing cases of neurodegenerative conditions like Huntington’s disease, Alzheimer’s Parkinson’s and presence of key investors and key market players in the US, Mexico, and Canada are adding to the global brain computer interface market growth in the region. It is likely to grow at a 14.3% CAGR by 2024.
The global brain computer interface market in Europe is predicted to have the second-largest share over the forecast. Increasing adoption in research institutes, universities, and hospitals, coupled with increasing demand in the Netherlands, Sweden, Bulgaria, Spain, Italy, Russia, and France, are adding to the global brain computer interface market growth in the region. It is likely to develop at a 15.6% CAGR by 2024. The UK holds the utmost share in the market.
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Key Players
Key brain computer interface companies profiled in the global brain computer interface market report include Neuroelectrics, MindMaze, BrainCo, Inc., Advanced Brain Monitoring, Inc, Brain Products GmbH, Compumedics Limited, G.tec, NIHON KOHDEN CORPORATION, NeuroSky, Inc, EMOTIV, and Natus Medical Incorporated.
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