The global brain computer interface market size is expected to reach USD 3.7 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 15.5% over the forecast period. Brain computer interface (BCI) is a revolutionary technology that facilitates direct contact between peripheral electronic devices calibrating the movement and a functional brain in physically challenged people. A BCI records the brain signal from the sensors that are placed on the scalp or devices implanted in brain.
The market growth is driven by continuous developments in medical sensors and computational biology. In addition, increasing R&D for advancements in treatment options for chronic conditions such as cerebrovascular diseases, sleep disorders, brain disorders, and fatal injuries contributes to the significant growth rate of the market. Rising number of government projects such as DECODER, a European project that uses brain computer interface to detect consciousness in non-responsive patients, is also expected to positively influence market growth. Moreover, several major market players focus on expanding their presence in emerging economies such as Japan and China, which would drive the overall market growth over the forecast period.
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Ongoing technological advancements in the field of virtual reality and increasing applications of BCI in the communications, gaming, and entertainment industries are some of the key contributors driving the market for brain computer interface technology. BCI technology encompasses a wide range of applications designed to revolutionize the communication, automation, security, and entertainment experience. BCI is an emerging technology which is currently at a nascent stage. However, increasing interest among researchers and their collaboration with governments is expected to drive the demand for BCI technology.
North America dominated the market in 2019 owing to a large number of clinical trials conducted in the region. In addition, rising incidences of neurodegenerative conditions such as Parkinson's, Alzheimer's, and Huntington's disease in this region are expected to drive the market growth. In addition, rising demand for immersive gaming, which adopts technologies such as BCI, is also expected to drive the regional market growth.
Brain Computer Interface Market Report Highlights
• The non-invasive segment dominated the BCI market in 2019. Technological advancements and increasing popularity of gaming and entertainment act as key growth contributors for this segment
• On the basis of application, healthcare was the largest revenue generating segment in 2019. Increasing application of BCI technology for the treatment of sleeping disorders, Alzheimer’s disease, and Parkinson’s disease is a key factor contributing to the growth of the segment
• The military segment is expected to show lucrative growth over the forecast period owing to the increased application of BCI technology in war zones
• Asia Pacific is expected to exhibit the highest growth rate over the forecast period. Increasing disposable income and low-cost manufacturing sites are expected to drive the market growth in the coming years
• Some of the key companies present in the brain computer interface market are Neurosky, Compudemics, Natus Medical, Mind Solutions, and Advanced Brain Monitoring.
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Brain Computer Interface Market Segmentation
Grand View Research has segmented the global brain computer interface market on the basis of product, application, end use, and region:
Brain Computer Interface Product Outlook (Revenue, USD Million, 2016 - 2027)
• Invasive BCI
• Partially invasive BCI
• Non-invasive BCI
Brain Computer Interface Application Outlook (Revenue, USD Million, 2016 - 2027)
• Healthcare
o Disabilities Restoration
o Brain Function Repair
• Smart Home Control
• Communication and Control
• Entertainment and Gaming
Brain Computer Interface End-use Outlook (Revenue, USD Million, 2016 - 2027)
• Medical
• Military
• Others
Brain Computer Interface Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
• Asia Pacific
o Japan
o China
o India
• Latin America
o Brazil
o Mexico
• Middle East & Africa
o South Africa
o Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.