According to a new market report published by Transparency Market Research (www.transparencymarketresearch.com) entitled “Brain Computer Interface Market (By Type – Invasive BCI, Partially Invasive BCI, and Noninvasive BCI; By Technology – Electroencephalography (EEG), Electrocorticography (ECOG), Near Infrared Spectroscopy (NIRS), Functional Magnetic Resonance Imaging (fMRI) and Magnetoencephalography (MEG); By Application – Healthcare, Gaming and Entertainment, Communication and Others (Defense and Aerospace and Home Automation)) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024,” the global brain computer interface (BCI) market is expected to reach a value of US$1.23 bn by 2024. The market is estimated to expand at a CAGR of 14.9 % during the forecast period from 2016 to 2024.

A BCI device provides collaboration between the brain and an external device by interpreting electrical signals received from the former. The BCI market is expected to witness growing demand in both developed and developing countries around the world owing to the technology’s increasing application in the health care and entertainment industries. BCI manufacturers are continuously innovating their product portfolio in order to fulfil end-user requirements. Furthermore, industry–academia–government collaboration is expected to increase R&D activities in North America and Europe. Significant technological advancements in the area of brain computing has dramatically changed the way physicians treat their patients, leading to improved outcomes. Due to the trendy nature of the wearable and noninvasive BCI devices, most end-users that buy the technology are innovators and early adopters. Furthermore, BCI is backed by various government organizations in developed countries in support of brain/neurological studies related to the betterment of humanity.

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High disposable income, enhanced health care facilities, and a growing elderly population are the key factors expected to increase the adoption of BCI devices in North America. In 2015, North America was the largest market for brain computer interface devices, accounting for a share of around 43.3%.

In 2015, the health care sector held the largest share of the market among all applications in Europe. However, in the coming years, the adoption of brain computer interface devices is expected to increase in gaming and entertainment, propelling revenue growth for BCI in Europe. China would play a major role for brain computer interface adoption in Asia Pacific, as most BCI manufacturers have set up their offices in the region to market their products. In Middle East and Africa, noninvasive BCI devices contributed 88% of revenue in 2015.

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Emotiv Systems, Inc., Cadwell Industries, Inc., Nerusky, Inc., OpenBCI, Advanced Brain Monitoring, Inc., Artinis Medical Systems B.V., ANT Neuro B.V., Nihon Kohden Corporation, Blackrock Microsystems LLC, Elekta AB, NeuroPace Inc., and Mindmaze SA are the key players profiled in the brain computer interface market report.

The brain computer interface market is segmented as below:

Brain Computer Interface Market

By Type

Invasive BCI
Partially Invasive BCI
Noninvasive BCI

By Technology

Electroencephalography (EEG)
Electrocorticography (ECOG)
Near Infrared Spectroscopy (NIRS)
Functional Magnetic Resonance Imaging (fMRI)
Magnetoencephalography (MEG)

By Application

Health Care
Gaming and Entertainment
Communication
Others (Defense and Aerospace and Home Automation)

By Geography

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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