Owing to benefits such as the provision of a high rate of functionality and the miniaturization of the devices as well as the usage of sophisticated applications, the global brain computer interface market is experiencing a surge in its demand lately. There has been a greater demand for these technologies in comparison to their other traditional alternatives.
With the need to restore and replace various useful functions of people who are disabled by various neuromuscular disorders such as cerebral palsy spinal cord injury stroke or amyotrophic lateral sclerosis, the demand for brain-computer interfaces has been on a rise. These factors have further propelled the demand for brain-computer interfaces thus, increasing the dependence on this market.
Rapid application of this market in home control systems, the medical industry, military communication, virtual gaming, and the like is fostering remarkable progress in the global brain computer interface market. The market consistently undergoes a series of developments in order to provide better services.
Advantages in the gaming industry such as the creation of videos games that is more exciting and interactive along with the rising popularity of neurogaming, a modern segment of video games that deploys non-invasive brain-computer interface technique and remove the traditional controller encourage further adoption of the brain-computer interface market in the long run.
Given these factors, it is reasonable to infer that the global market for brain-computer interfaces is growing at a decent compound annual growth rate (CAGR) of 15.4%. During the forecast period, which runs from 2021 to 2031, the market may grow to a size of USD 6.14 billion.
Without using the typical cerebral connections and muscles, a brain-computer interface is a sort of communication and control system that turns human mental processes into real-world interactions.
Significant rise in the global population that belongs to the geriatric category, technological advancements, communication, and movement in paralytic patients, and neuroprosthetic conditions are responsible for driving the demand for the brain-computer interface market. Such factors are responsible for the increase in demand for the global brain computer interface market.
However, there are certain factors that might hinder the growth of the global brain computer interface market in the long run. There is a shortage of skilled laborers and technicians that are required for the handling of these complex services. There is an ethical problem that many researchers face during the process of research. Cyber security is also one of the main restraints that let me have fun with the growth of the market in the long run. In spite of all these restraints, the market is expected to experience a considerable rate of growth with new additions and developments that might take place in the market during the forecast period, that is, 2021-31.
The key players in the global brain computer interface market are CGX, A Cognionics Company, Natus Medical Incorporated, OpenBCi, Medtronic, ANT Neuro, EMOTIV, Interaxon Inc., Integra Lifesciences Corporation, Ripple Neuro, and Compumedics Neuroscan among others. These players operate in the market and adopt a number of strategies to stay in the market and establish themselves at a higher position than their competitors.
Non-Invasive Type to Remain the Most Lucrative Segment
On the basis of type, the global brain computer interface market is categorized into non-invasive and invasive. Amongst the two, the invasive category is expected to acquire a higher rate of growth during the study period. This is major because it is directed towards implantation in the brain so as to achieve signals that are of the highest quality. They provide efficient functionality to paralyzed individuals. They are also helpful in the restoration of vision by connecting the brain with external cameras so as to restore the usage of lenses with their systems of brain control robotic arms and legs. Owing to these factors the invasive BCI segment is expected to grow at a higher rate than the non-invasive segment in the forthcoming years.
The Food and Beverages Segment to Remain Dominant During the Study Period
Based on application, the healthcare sector is expected to have the highest rate of compound annual growth in comparison to the other categories. Rigorous research was carried out in an attempt to develop a cure for fatal brain disorders and injuries. This is expected to fuel the growth of the market in this segment.
Software Component to Yield Maximum Revenue
On the basis of components, the global brain computer interface market is segmented into hardware and software. Among the two, the software segment is expected to hold a dominating share of the market during the forecast period. Though the hardware segment had the largest share in 2020 because of the increased usage of these services in relation to hardware and sensor in the digital industry, the software category is expected to witness a larger adoption of the brain-computer interface market because it ensures the effective functioning of this software as well as a platform.
The Asia-Pacific Region is Expected to Render Ample Investment Avenues
During the forecast period, the Asia Pacific region is expected to render the highest amount of opportunities in the market that by acquiring the largest share in the global brain computer interface market. The increased amount of expenditure on the healthcare industry along with the rising awareness among the masses is the factor for the rising demand for this market in this region. The manufacturing sides are available at a low cost supplemented by taxation policies that are favorable to people this has also made this reason and are you creative segment for the foreign players to invest in the market
Covid-19 Impact and Market Status
The crisis of the novel coronavirus was received by different industries in varying manners. The production process got adversely affected and the flow of raw materials was disturbed. The demand and supply chain was impacted negatively. Due to various regulatory measures imposed by the government, the manufacturers had to bear a number of challenges. The recession that was induced as a consequence of Covid-19 had a comparatively lesser impact on the technology sector than on the rest of the economy. The new age technology such as artificial intelligence and things pertaining to the internet has experienced a rise. The organizations that had deployed this technology were able to adjust to the new variant of the virus within a short span of time because of the lesser amount of contact between the machine used and the human. This assists the businesses to meet the requirement that was resulting because of the variety of advancements taking place in health care on the street. Despite these setbacks, the brain-computer interface market is all geared up to acquire a moderate rate of growth during the forecast period, that is, 2021-31 as the restrictions are gradually being relaxed.
Latest Innovations in the Global Brain Computer Interface Market: a Snapshot
• Chinese researchers introduce a platform for brain-computer interfaces that is interoperable with a wide range of existing technology.
• The plans for Elon Musk's Neuralink brain-computer interface are revealed. Human trials are the next step for Musk's neurotech company's brain-computer interface.
Brain Computer Interface Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 6.14 billion|
|Growth Rate||CAGR of 15.4% during 2021-2031|
|Segment Covered||by Type, By Application, By End-Use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||CGX, A Cognionics Company, Natus Medical Incorporated, OpenBCi, Medtronic, ANT Neuro, EMOTIV, Interaxon Inc., Integra Lifesciences Corporation, Ripple Neuro, and Compumedics Neuroscan among others|
Key Segments of the Global Brain Computer Interface (BCI) Market
By Type Overview, 2021-2031 (USD Billion)
• Invasive BCI,
• Non-Invasive BCI,
By Application Overview, 2021-2031 (USD Billion)
• Gaming and Entertainment,
By Component Overview, 2021-2031 (USD Billion)
By Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa