US: 1.646.568.9797 (24x5)
UK: 44.330.808.0580 (24x5)
Worldwide: 91.703.051.960 (24x7)
Industry Insights, Market Size, CAGR, High-Level Analysis: Brain Computer Interface MarketThe global brain computer interface market size was valued at USD 1.2 billion in 2019 and is anticipated to register a CAGR of 15.5% over the forecast period. Key drivers of the market for brain computer interface (BCI) technology include increasing prevalence of neuroprosthetic conditions, growing geriatric population, and rising technological developments facilitating communication and movement in paralytic patients. Furthermore, the use of BCI technology in virtual gaming, home control systems, and military communication enhances the applicability of brain computer interface systems, thereby fueling its growth. Increasing prevalence of neurodegenerative disorders such as Alzheimers and Parkinsons disease and epilepsy are expected to drive the demand for brain computer interface over the forecast period. According to a WHO report, around 82 million people will be affected by dementia by 2030 and this would reach 152 by 2050. This indicates the potential demand for BCI in the coming years. Brain computer interface technology is increasingly used in mobile and virtual gaming industries by integrating BCI within virtual reality (VR) headsets. Virtual gaming has opened a plethora of new opportunities for mind-controlled headsets and gadgets, which is further driving the adoption of brain controlled interface technology. Manufacturers are focusing on the development of BCI-enabled video games. For instance, in March 2019, Valve planned to launch games using BCI technology. Innovations such as these are anticipated to drive the market for brain-controlled computer interface technology over the forecast period. Brain computer interface systems are optimally suited for the control of smart home applications with its high accuracy and reliability. Home control systems include an application of P300-based technology-an event-related potential component which helps in decision making-for the purpose of carrying out various activities such as opening and closing doors and windows, switching the lights on and off, controlling the TV set and music system, and operating security video cameras. The aforementioned factors are expected to increase the demand for brain computer interface systems in the coming years. Increasing global geriatric population is another factor driving the BCI market. According to the U.S. Census Bureau, there were more than 52 million people aged 65 and above in U.S. alone in 2018, which is anticipated to double by 2060. The rising geriatric population is expected to increase the susceptibility of chronic conditions such as diabetes, cardiovascular disorders, and sleep disorders, thereby driving the demand for BCI technology in the coming years.
Product Insights of Brain Computer Interface MarketOn the basis of product, the BCI market has been segmented into invasive, partially invasive, and non-invasive BCI. Non-invasive BCI held the largest share in 2019 owing to the high applicability of this technology for products such as headsets, amplifiers, and gaming sticks. Non-invasive brain computer interface system is considered to be the safest as the approach is less intrusive, which is further fueling the segment growth. In addition, numerous research projects are being conducted in this field. For instance, in June 2019, Carnegie Mellon University, in collaboration with the University of Minnesota, developed the first mind-controlled robotic arm using BCI technology which can track and follow a computer cursor. Invasive BCI is expected to witness lucrative growth over the forecast period owing to the ability of this BCI technology in providing functionality to paralyzed people through brain-controlled robotic legs and arms. Partially invasive BCI is also expected to register a significant growth rate over the forecast period owing to its tremendous technological advancement and easy adaptability. For instance, in September 2019 Synchron Inc. launched the trial of Stentrode, a partially invasive neural brain-to-computer interface technology to wirelessly record brain activities.
Application Insights of Brain Computer Interface MarketHealthcare dominated the brain computer interface market in 2019 owing to the high applicability of brain computer interface technology for the treatment of sleep disorders and neurological diseases. Moreover, BCI technology is increasingly used while treating paralytic patients and for the study of neuroscience. Moreover, technological advancements and increasing initiatives by key industry players are driving the market for brain computer interface systems. For instance, in June 2018, Medtronic launched a new clinician programmer for deep brain stimulation therapy with Activa neurostimulator. Moreover, in October 2018, Advanced Brain Monitoring Inc. received a grant from the National Institute on Aging to use brain activity biomarkers to prevent cognitive decline associated with aging and dementia. Initiatives such as these are contributing toward the wide application of brain computer interface systems in healthcare applications. BCI technology in smart home control is projected to witness lucrative growth over the forecast period due to the rapid development of improved lifestyles. BCI technology in smart home controls provides consumers with added convenience and better control of security monitoring and operating entertainment systems and appliances. Associated benefits of brain computer interface technology for smart home control systems, especially for people with special needs, is expected to drive the segment growth over the forecast period.
End-use InsightsOn basis of end use, the market for BCI has been segmented into medical, military, and others. The medical segment dominated the market in 2019 owing to the significant role BCI technology plays in assisting disabled patients. BCI assists in the movement of patients suffering from diseases such as Parkinsonism, epilepsy, paralysis, and Alzheimers disease to independently carry out activities such as operating wheelchairs and prosthetics. The military segment is expected to witness lucrative growth over the forecast period owing to the increased use of brain computer interface during war activities. Development of mobile robots that can function as weapon-equipped drones in war zones and advanced communication systems such as Defense Advanced Research Projects Agencys (DARPA) Silent Talk, which would enable soldiers and military personnel to give commands via telepathic communication, are anticipated to contribute to growth of this segment.
Regional Insights of Brain Computer Interface MarketNorth America dominated the market for brain computer interface in 2019, primarily due to high R&D investments and a large number of clinical trials being conducted on brain devices in the region. In addition, rising incidences of neurodegenerative conditions such as Parkinsons, Alzheimers, and Huntingtons disease are expected to propel the regional market growth. Rising demand for immersive gaming is expected to lead to the development of technologies such as augmented brain computer interface, which would further boost the adoption of BCI technology in the region. Asia Pacific is expected to exhibit the highest growth rate over the forecast period. Significant untapped opportunities, increasing healthcare expenditure, and growing awareness amongst patients are expected to drive the demand for brain computer interface in this region. Moreover, low cost manufacturing sites and favorable taxation policies in this region have attracted foreign players to invest in this lucrative market. Intensive R&D for BCI systems led to the launch of several innovative products. For instance, in May 2018, Compumedics collaborated with a China-based organization, Health 100, in order to improve its product portfolio in sleep technology.In March 2019, Integra received approval for DuraGen Dural Regeneration Matrix in Japan, which helped the company expand its presence.
Market Share Insights of Brain Computer Interface MarketKey market players include Natus Medical, Mind Solutions, Compudemics, Emotiv Incorporation, and Neurosky. The various small and large manufacturers present in the market result in an intense competition among manufacturers. Major players are focusing on strategies such as mergers, acquisitions, new product launches, partnerships, and collaborations to increase their market share. In September 2018, Medtronic acquired Mazor Robotics to improve its robotic surgery portfolio. In October 2017, Natus Medical acquired the neurosurgery business assets of Integra Lifesciences in order to gain a market share in the neurosurgery space.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Brain Computer Interface Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends and opportunities in each of the sub-segments from 2019 to 2030. this market research report has segmented the global brain computer interface market report on the basis of product, application, end use, and region:
Product Outlook (Revenue, USD Million, 2019 - 2030)
- Invasive BCI
- Partially invasive BCI
- Non-invasive BCI
Application Outlook (Revenue, USD Million, 2019 - 2030)
- Disabilities Restoration
- Brain Function Repair
- Smart Home Control
- Communication and Control
- Entertainment and Gaming
End-use Outlook (Revenue, USD Million, 2019 - 2030)
Table of Contents Chapter 1 Research Methodology & Scope 1.1 Market Segmentation & Scope 1.1.1 Estimates And Forecast Timeline 1.2 Research Methodology 1.3 Information Procurement 1.3.1 Purchased Database: 1.3.2 GVR’s Internal Database 1.3.3 Secondary Sources 1.3.4 Primary Research 1.3.5 Details of Primary Research 220.127.116.11 Data for primary interviews in North America 18.104.22.168 Data f | read more...