Market Research Future (MRFR) shed light on governing causes of the global brain computer interface market 2020, in its latest report. The brain computer interface market is expected to rise at 15.1% CAGR in the forecast period, 2019–2024. A complete assessment of the brain-computer interface (BCI) market performance in COVID 19 outbreak is registered. The growing popularity of brain-machine-interface as a direct communication interface between any external device and human brain is observed as the important factor that can bolster the market. As per MRFR evaluation, the Brain Computer Interface Market value can rise from USD 1,129.9 million to USD 2,564 Million by 2018 to 2024. The global brain computer interface market can expand at 15.1% CAGR by 2024.
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The rising application of BCIs in assisting, augmenting, and repairing human cognitive capabilities is observed to add momentum to the expansion of the brain computer interface market across the analysis period. The significant development in BCIs for brain mapping solutions can prompt the rise of the market. The introduction of effective imaging technology, such as electroencephalography and magnetic resonance imaging can promote the market in the years to come. In addition, the growing medical applications of brain computer interface to diagnose and sometimes cure disorders, such as hearing impairment, vision impairment, cerebral palsy, Alzheimer's, paralysis, and dementia can impel the expansion of the market in the near future.
Based on the region, the global brain computer interface market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period. Expanding research laboratories focusing on BCI development, increasing research and development initiatives, growing investments to develop advanced healthcare solution, growing demand for immersive gaming that adopts the BCI technology, increasing cases of neurodegenerative conditions like Huntington’s disease, Alzheimer’s & Parkinson’s and presence of key investors and key market players in the US, Mexico, and Canada are adding to the global brain computer interface market growth in the region. It is likely to grow at a 14.3% CAGR by 2024.
The Brain Computer Interface Devices Market in Europe is predicted to have the second-largest share over the forecast. Increasing adoption in research institutes, universities, and hospitals, coupled with increasing demand in the Netherlands, Sweden, Bulgaria, Spain, Italy, Russia, and France, are adding to the global brain computer interface market growth in the region. It is likely to develop at a 15.6% CAGR by 2024. The UK holds the utmost share in the market.
In the APAC region, the brain computer interface market is predicted to grow at a healthy 17.3% CAGR over the forecast period. Growing adoption in SMEs, constant technological advances, availability of improved options for individuals and healthcare personnel, and growing demand in the military sector are adding to the global brain computer interface market growth in the region.
In the RoW, the global brain computer interface market is predicted to have sound growth over the forecast period. The booming healthcare sector, coupled with the increasing adoption of BCI in South Africa, Israel, Saudi Arabia, the UAE, Chile, Colombia, Peru, Argentina, and Brazil, is adding to the global brain computer interface market growth in the region.
The segment assessment of the brain-computer interface global market are type, component, end-user, application, and technology.
The component based segments of the brain computer interface market are software and hardware. The type based segment of the brain computer interface market are invasive, non-invasive, and partially invasive. The application based segment of the brain computer interface market are gaming & virtual reality, medical, communication & control, and smart home control. The technology based segment of the brain computer interface global market are magnetoencephalography (MEG), electroencephalography (EEG), functional magnetic resonance imaging (fMRI), electrocorticography (ECoG), intracortical neuronal recording, and near-infrared spectroscopy (NIRS). The end-user based segment of the brain-computer interface global market are defense & aerospace, healthcare, and education & research.
EMOTIV, Brain Products GmbH, NIHON KOHDEN CORPORATION, NeuroSky. Inc, Compumedics Limited, g.tec, BrainCo, Inc., Advanced Brain Monitoring, Inc, Natus Medical Incorporated, MindMaze, and Neuroelectrics are some reputed players in the worldwide market of Brain-computer interface market as listed by MRFR.
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