Global brain computer interface (BCI) market is expected to reach USD 1.7 billion by 2022, according to a new study by Grand View Research Inc. Increasing incidences of neurodegenerative conditions, advancements in neuroscience, rising geriatric population base and the growing demand for neuroprosthetics are some impact rendering drivers of the brain computer interface market. Furthermore, growing R&D investments and the presence of government projects such as DECODER (European project that used brain computer interface to detect consciousness in non responsive patients) coupled with rising focus of major market players on emerging economies such as Japan and China are also expected to propel market growth over the forecast period. Introduction of technological advancements occurring in the market is expected to result in the availability of better options for healthcare personnel and individuals. The technology encompasses a wide array of applications designed to revolutionize the communication, automation, security and entertainment experience. Brain computer interface is an emerging technology which is currently at a nascent stage; however, the increasing interest among researchers in collaboration with the government is expected to fuel the future growth of this market.
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Further key findings from the study suggest:
Non-invasive BCI is identified as the most lucrative product sub segment of the market and is expected to grow at a rate of over 10.0% over the forecast period majorly owing to, increasing prevalence of paralysis.
BCI based healthcare segment accounted for the largest market share in 2014. Rising incidences of brain related disorders, increasing R&D spending over medical applications and growing base of geriatric population are some driving factors for this segment.
North America was the largest regional market with a revenue share of over 40.0% in 2014 on account of the presence of an extensive number of ongoing BCI projects. Growing patient awareness level and accessible healthcare infrastructure is also expected to lead to an expedited market growth over the forecast period.
Asia Pacific is identified as the most lucrative regional market. Large presence of untapped opportunities coupled with rapidly improving economic conditions is expected to drive regional market growth over the forecast period. China is expected to witness the fastest growth over the forecast period.
Key players of the brain computer interface market include Emotiv System, Mind Solutions Corp., Puzzlebox, Natus Medical, Interactive Productline, Compumedics Ltd. and Neuroelectrics.
Grand View Research has segmented the global brain computer interface on the basis of product, application, end-use and region:
Global Brain Computer Interface Product Outlook (Revenue, USD Million, 2012 - 2022)
Partially Invasive BCI
Global Brain Computer Interface Application Outlook (Revenue, USD Million, 2012 - 2022)
Smart Home Control
Communication & Control
Entertainment & Gaming
Global Brain Computer Interface End-Use Outlook (Revenue, USD Million, 2012 - 2022)
Brain Computer Interface Regional Outlook (Revenue, USD Million, 2012 - 2022)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East and Africa (MEA)
Rest of Middle East and Africa
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