Global Brain Computer Interface Market Research Report: Forecast to 2024
Global Brain Computer Interface Market Research Report: by Component (Hardware and Software), By Type (Non-invasive, Invasive and Partially Invasive), By Application (Medical, Communication & Control, Gaming & Virtual Reality and Smart Home Control), By Technology (Electro-Encephalography (EEG), Magnetoencephalography (MEG), Electrocorticography (ECoG), Functional Magnetic Resonance Imaging (fMRI), Near-Infrared Spectroscopy (NIRS) and Intracortical Neuro Recording), by End-User (Healthcare, Education & Research and Defense & Aerospace) and by Region (North America, Asia-Pacific, Europe and Rest of the World) - Forecast till 2024
Generally, as analyzed in the year 2018, the market was guided by Asia-Pacific supported by Americas and Europe, separately. Brain-computer interface (BCI), which is also known as brain-machine-interface, acts as a direct interaction interface between the human brain and any external device. The process takes place with the help of electrodes that detect the signals in the human brain. This is achieved through three types of brain computer interfaces - invasive type, somewhat invasive type, and non-invasive type, BCIs are useful at augmenting, assisting, or repairing sensory-motor or human cognitive capabilities. Research on BCIs has been going since the 1970s; however, 1998 marked a significant development in the field of brain mapping as researchers implanted the first brain computer interface in a human being. BCIs, along with imaging technology such as magnetic character imaging and electroencephalography, are widely used in various medical applications to monitor brain signals in order to diagnose and cure various disorders such as vision damage, hearing impairment, Alzheimer's, paralysis, dementia, and cerebral palsy.
The Global Brain Computer Interface Market is segmented based on type, application and region respectively. Based on the component, the global brain computer interface market has been segmented into hardware and software. BCI hardware devices are of sub-segmented into three types—invasive type, in which the device/electrodes are entrenched into the grey matter of the brain; partially invasive type, in which the devices are implanted inside the skull but outside the brain matter; and non-invasive type, in which the devices are placed outside the skull on the scalp. The devices consist of various sensors and electrodes for detecting electronic signals in the brain and are programmed to interpret and carry out directions such as legalizing or moving a physical object. BCI devices are used in medical, gaming and device control, and commercial applications. The Global Brain Computer Interface Market generated a revenue of USD 1,129.9 million in 2018 and is expected to reach a market value of USD 2,564 Million by 2024, growing at a CAGR of 15.1%. An increasing prevalence of brain disorders across the globe and the use of EEG in the diagnosis of sleep disorders are the primary factors guiding the growth of the global brain computer interface market. Also, most of the software tools available are closed source and not available to the public, as they are mainly used for prototyping and in-house testing. On the other hand, some proposals are also released under open source licenses, which allows the user to review, modify, and reorganize the source code. Some of the frameworks available are cross-platform and can be deployed on several different operating systems, whereas others are limited to a specific operational system or require commercial software. BCI2000, OpenViBE, TOBI Common Implementation Platform (CIP), BCILAB, BCI++, xBCI, and BF++ are some of the platforms available for developing BCI systems.
Geographically the Global Brain Computer Interface Market is split in regions like North & South America, Europe, Asia-Pacific, Middle east and Africa and Rest of the world. The market in Asia-Pacific is expected to register the highest CAGR of 17.3%. The growing adoption of brain computer interfaces among the small- and medium-sized enterprises in North America is expected to drive the growth of the brain computer interfaces market during the forecast period. Among the North American countries, the US accounts for the larger market share owing to the presence of key market players and key investors in the brain computing interface technology, followed by Canada and Mexico. North America dropped for the major market share of 51.8% in 2017, with a market value of USD 525.3 million; the market is expected to disclose a CAGR of 14.3% during the forecast period. Europe was the second-largest market in 2017, valued at USD 265.4 million; the market is projected to exhibit a CAGR of 15.6%. Among the European countries, currently, Germany is dominating the market with a share of 26%, followed by the UK with a 22% market share. The UK is projected to register the record CAGR of 18.20% during the forecast period in the brain computer interface market due to the increasing adoption of brain computer interface devices among hospitals, universities, and research institutes. Further, the growing adoption of BCIs in countries such as France, Russia, Italy, Spain, Bulgaria, Sweden, and the Netherlands is also expected to boost market growth in Europe.
The proposed spectators in the Global brain computer interface market are manufacturers, Retailers, distributors, wholesalers, Investors and trade experts, Governments, associations, industrial bodies, etc. The major companies functioning in the Global brain computer interface market are concentrating on firming their global ways by entering untouched markets. The projected onlookers in the Global brain computer interface market are companies like Natus Medical Incorporated, NeuroSky, Inc, NIHON KOHDEN CORPORATION, Compumedics Limited, g.tec, Brain Products GmbH, Advanced Brain Monitoring, Inc, BrainCo, Inc., MindMaze, Neuroelectrics and EMOTIV.
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