The global brain computer interface market size was valued at USD 806.8 million in 2015 and is expected to reach USD 1.72 billion in 2022, growing at a CAGR of 11.50% during the forecast period. Key drivers of the market include increasing prevalence of neuroprosthetic conditions, rising global geriatric population base, and the rising technological development facilitating communication and movement in paralytic patients. Furthermore, use of this technology in virtual gaming, home control systems and military communication enhances the applicability of the market, fueling its growth.
Increasing prevalence of neurodegenerative disorders is the foremost factor attributing for the growth of brain computer interface market over the forecast period. Alzheimer, Parkinson’s and epilepsy are expected to witness highest occurrence over the forecast period.
Increasing global geriatric population base in both the developed and developing nation is expected to propel the brain computer interface market. Presently, there are more than 40 million people in the U.S. alone having age 65 and above and are anticipated to become more than double in 2050. The rising geriatric population is expected to heighten the susceptibility towards chronic conditions such as diabetes, cardiovascular disorder and sleep disorder. WHO’s National Institute on Aging states that prevalence of dementia and neurodegenerative disorders are expected to rise sharply (25-30%) with growing age. Most of these patients eventually require continuous care and monitoring or help which can be facilitated by the use of brain computer interface devices.
Mobile and virtual gaming is expected to target the use of BCI technology in their VR (Virtual Reality) headsets and gaming contents. According to studies conducted there are about 1.2 billion gamers worldwide with over 1 billion VR gamers. The rising population of these gamers is expecting to propel the revenue of the gaming industry to roughly USD 50 million by 2020, making this segment highly lucrative and one of the fastest growing during the forecast period.
Increasing R&D activities by various governments over BCI technology development and new applications is a chief factor promoting the growth of the market during the forecast period.
On the basis of product, brain computer interface market is segmented into invasive, partially invasive, and non-invasive. Non-invasive BCI dominated the overall market in 2014 in terms of revenue share owing to high applicability of this technology into current products such as headsets, amplifiers and gaming sticks contributes to the massive revenue generation by this market. Furthermore, increasing usage of the product for home control and communication are expected to boost segment growth.
Invasive BCI market is anticipated to witness substantial growth due to the ability to provide Applicationality to paralyzed people through brain controlled robotic legs and arms and ability to restore vision by connecting brain and an external camera. The invasive device is positioned in the grey matter and is prone to building up of scar-tissue. However, as the body starts reacting to the foreign object in the brain, the quality of signal deteriorates and eventually might even cease to deliver signals. This limits the use of invasive system and affects the result.
On the basis of application, brain computer interface market is segmented into healthcare, communication and control, smart home control, and entertainment & gaming. BCI products and technology is currently used to gratify the needs of the healthcare, entertainment & gaming, smart home control and communication & control markets. BCI based healthcare market dominated the overall market in 2014 in terms of revenue share owing to high applicability of this technology in treatment of sleep disorders, neurological diseases, paralytic patients and in studying neuroscience.
Special control masks for the BCI system enable to switch on/off the lights, to control the TV set, to use the phone, to open & close the doors & windows, to play music, to operate video camera at the entrance, to walk around in the house and to move a person to a specific location by executing necessary commands. Therefore, Smart home control is expected to be the fastest growing application segment and is expected to grow at a lucrative CAGR by 2022.
Medical segment dominated the overall market in 2014 in terms of revenue share owing to the increasing rising occurrence of target disorders and neurodegenerative conditions.
Military is expected to be the fastest growing end-use segment and is expected to grow at a lucrative CAGR by 2022. Medical end-use for BCI aims at providing handicapped patients with communication and movement skills. BCI assists in movement of patients with diseases such as Parkinsonism’s, epilepsy, paralysis and Alzheimer’s to carry out activities independently such operating wheelchairs, prosthetics and various other instruments.
The military market is driven by factors such as rising need for weapon equipped drones in war zone areas and advanced communication systems. These factors are expected to raise BCI demand in this particular segment over the forecast period.
North American Brain computer interface market was the largest one accounting for about 40.0% of the market share in 2014. The region is characterized by rising occurrence of neurodegenerative diseases coupled with rising popularity of virtual gaming. The aforementioned factor is anticipated to drive BCI market in the region over the forecast period.
In Europe, the industry is anticipated to grow substantially owing to active measures taken by The European Commission for the patients with motor disabilities. In 2012, the EC commissioned EUR 2.3 million in support of a three-year project for the well-being of patients having motor disabilities.
Asia Pacific brain computer interface industry is anticipated to grow significantly over the forecast period particularly in developing regions such as Japan and China. Japan BCI market is characterized by technological advancements occurring which are expected to result in the availability of better options for healthcare personnel and individuals. New technology encompasses a wide array of applications designed to revolutionize the security, automation, communication and entertainment experience. China BCI market is anticipated to witness fastest growth. Rising BCI demand in military end-use is anticipated to drive the growth over the forecast period. Growing gaming & entertainment industry in the region is anticipated to raise product demand over the forecast period.
The key players of this industry involve Guger Technologies OG, iWinks, InteraXon, Mind Solutions Corp., Neuroelectrics, Compumedics Ltd., Interactive Productline, Emotiv Corp., NeuroSky, ANT Neuro, Ripple, Natus Medical, Puzzlebox, Brain Products GmbH.
Companies adopt various strategies to retain their position. For instance, Natus medical announced the acquisition of Global Neuro-Diagnostics (GND). GND provides neuro-diagnostics services such as complete video EEG testing used in detection of neurological dysApplication and cognitive impairments.
Similarly, Covidien Plc was acquired by Medtronic Plc with the vision to accelerate innovation and medical technology.
|
Attribute |
Details |
|
Base year for estimation |
2014 |
|
Actual estimates/Historical data |
2012 - 2013 |
|
Forecast period |
2015 - 2022 |
|
Market representation |
Revenue in USD Million & CAGR from 2015 to 2022 |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, & MEA |
|
Country scope |
U.S., Canada, UK, Germany, France, Japan, China, Brazil, Mexico, and South Africa |
|
Report coverage |
Revenue, competitive landscape, growth factors, and trends |
|
15% free customization scope (equivalent to 5 analysts working days) |
If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2012 to 2022. For the purpose of this study, Grand View Research, Inc. has segmented the brain computer interface market report on the basis of product, application, end-use, and region:
Product Outlook (Revenue, USD Million, 2012 - 2022)
Invasive BCI
Partially BCI
Non-invasive BCI
Application Outlook (Revenue, USD Million, 2012 - 2022)
Healthcare
Smart home control
Communication
Entertainment & gaming
End-Use Outlook (Revenue, USD Million, 2012 - 2022)
Medical
Military
Others
Regional Outlook (Revenue, USD Million, 2012 - 2022)
North America
U.S.
Canada
Europe
Germany
UK
Asia Pacific
Japan
China
Latin America
Brazil
Mexico
Middle East and Africa (MEA)
South Africa
Saudi Arabia
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."
