Rise in incidences of brain disorders affecting the movements of body, miniaturization of components, and increase in number of gaming industries implementing BCI technology fuel the growth of the global brain computer interface market.
PORTLAND, Oregon, July 1, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, Allied Market Research published a report, titled, "Brain computer interface Market by Type (Invasive BCI, Non-invasive BCI and Partially Invasive BCI), Application (Communication & Control, Healthcare, Smart Home Control, Entertainment & Gaming, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global brain computer interface market was estimated at $1.36 billion in 2019, and is expected to hit $3.85 billion by 2027, registering a CAGR of 14.3% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in incidences of brain disorders affecting the movements of body, miniaturization of components, and rise in number of gaming industries implementing BCI technology fuel the growth of the global brain computer interface market. On the other hand, lack of expertise in implementing BCI systems, cyber security threats arising with BCI systems, and ethical issues issuing out of the implementation of BCI technologies curtail down the growth to some extent. However, rise in adoption of sensor technologies and emerging opportunities on the healthcare sector are expected to create multiple opportunities in the industry.
COVID-19 scenario
- Intensive research activities conducted to develop a cure for fatal brain disorders and injuries have been slowed down due to lockdown.
- The governments that offer funding for R&D activities of BCI technology will put new investments on hold to fight the economic crisis.
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The non-invasive segment to dominate by 2027
Based on type, the non-invasive segment accounted for more than four-fifths of the global brain computer interface market share in 2019, and is expected to rule the roost by 2027. Non-invasive BCI systems are used as a tool for multiple applications ranging from communication, entertainment to rehabilitation, which drives the growth of the segment. At the same time, the invasive segment is expected to grow at the fastest CAGR of 18.4% throughout the forecast period. Invasive BCI devices mainly aim to provide functionality to paralyzed people. In addition, it can be used for restoring vision by connecting the brain with external cameras. These factors augment the growth of the segment.
The healthcare segment to lead the trail
Based on application, the healthcare segment contributed to nearly one-third of the global brain computer interface market revenue in 2019, and is anticipated to lead the trail till 2027. Utilization of BCI for paralyzed patients to effectively express their thoughts and to operate other output devices without any assistance is driving the demand of BCI Market for healthcare industry. However, the smart home control segment would register the fastest CAGR of 18.5% during the study period. Smart home vendors are utilizing BCI technology with AR/VR technology to present the attractive product offerings, which boosts the segment growth.
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North America garnered the highest revenue share in 2019
Based on geography, North America held the highest share in 2019, generating more than one-thirds of the global brain computer interface market. Rise in incidences of brain disorders and cerebrovascular diseases, large presence of small and mid-sized players and availability of healthcare sectors drive the growth of the market in this region. Simultaneously, the Asia-Pacific region would portray the fastest CAGR of 17.4% by the end of 2027. China presently leads the BCI algorithm research by offering affordable solutions in the BCI segment. Moreover, the gaming and entertainment applications and increase in demand for human-interface entertainment technologies drive the growth in this region.
Frontrunners in the industry
- Advanced Brain Monitoring, Inc.
- Cadwell Industries, Inc.
- OpenBCI
- Cortech Solutions, Inc.
- NeuroSky
- Emotiv
- G.tec medical engineering GmbH
- Natus Medical Incorporated
- NIHON KOHDEN CORPORATION
- Integra LifeSciences
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