The worldwide Brain Computer Interface market was valued at USD 1.71 billion in 2019 and is anticipated to grow at a CAGR of 14.7% over the forecast period. Because of the rising frequency of neurodegenerative diseases, increased government R&D initiatives to enhance brain-computer interface technology, and other technical breakthroughs such as device downsizing, the brain-computer interface market is expected to rise rapidly.The worldwide Brain Computer Interface market was valued at USD 1.71 billion in 2019 and is anticipated to grow at a CAGR of 14.7% over the forecast period. Because of the rising frequency of neurodegenerative diseases, increased government R&D initiatives to enhance brain-computer interface technology, and other technical breakthroughs such as device downsizing, the brain-computer interface market is expected to rise rapidly.
The key trait predicted to boost the brain-computer interface market during the forecast period is an increased incidence of neurological disorders. According to the Parkinson's Foundation, more than 940,000 people in the U.S. are predicted to have Parkinson's disease by 2020. Furthermore, according to the foundation's research, the number of individuals living with Parkinson's disease is anticipated to increase to 1.2 million by 2030. Since 2010, the prevalence of Parkinson's disease is expected to have increased by roughly 1.8 times, underlining the need for improved care and treatment options for this patient group to reduce caregiver stress and reduce healthcare costs. As a result, the majority of these patients will eventually require ongoing care, monitoring, or assistance, which can be made easier with the use of brain-computer interface equipment.
Through signaling devices implanted within the brain or sensors placed over the scalp, a brain-computer interface system records the brain signal from the surface of the cortex. These signals are subsequently sent to the linked peripheral device, allowing the user to do a variety of activities.
On the basis of type, the global brain computer interface industry is segmented into Invasive BCI, Non-invasive BCI and Partially Invasive BCI. On the basis of Application the market is divided into Communication & Control, Healthcare, Smart Home Control, Entertainment & Gaming, and Others.
Prominent players operating in the global Brain Computer Interface market are Nihon Kohden Corporation, Compumedics Ltd., Emotive Incorporation, g.tec medical engineering GmbH, Medtronic Plc.
Key Segments of the Global Brain Computer Interface Market
Application Overview, 2019-2028 (USD Million)
- Communication & Control
- Smart Home Control
- Entertainment & Gaming
Type Overview, 2019-2028 (USD Million)
- Partially invasive
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Brain Computer Interface market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Brain Computer Interface market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Brain Computer Interface industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on component, application, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Brain Computer Interface market. The report will benefit Every stakeholder involved in the Brain Computer Interface market.
- Managers within the Brain Computer Interface industry looking to publish recent and forecasted statistics about the global Brain Computer Interface market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global Brain Computer Interface market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Several technical advancements in the realm of human-machine sensing, use of BCI technology in entertainment, gaming, and communication and control, as well as an increase in the usage of BCI technology in the healthcare sector, are some of the key drivers driving the BCI market. The market is projected to grow as a result of extensive research being conducted to find a treatment for deadly brain diseases and injuries. However, ethical issues encountered during research as well as cyber security concerns are expected to limit the growth of the brain computer interface industry.
Continuous advances in computational and sensor technologies are expected to boost the industry. Continuous research to find therapies for deadly ailments such as brain disorders and traumas, sleep problems, and cerebrovascular diseases is another driver that is expected to fuel market growth. Furthermore, clinical trials, research institutions, and government organizations have offered assistance in the form of investments, finances, and grants, which have sparked research into the usage of brain computer interfaces. The need for biocompatible materials is projected to increase as the usage of brain computer interfaces becomes more common.
The non-invasive brain-computer interface sector is discovered to dominate the entire market, owing to the technology's broad application and the rise in neurological diseases, both of which contribute to the industry's enormous revenue creation. According to the Federal Interagency Forum on Aging-Related Statistics, 35.8% of people aged 85 and up suffer from moderate or severe memory loss.
Because of the growing rates of brain illnesses and cerebrovascular diseases, North America held the largest share of the brain computer interface market in 2019. This makes it easier for the North American area to build technologically superior BCI systems. As a result, there is fierce rivalry among companies to create novel products at reasonable costs that also comply with FDA requirements, which drives the entire BCI technologies market and the BCI industry's growth in this area.