Brain Computer Interface Market by Type and Application (Communication and control, Gaming and entertainment, Smart home control and Others) 2013 – 2020: Emotiv, Inc., Advanced Brain Monitoring Inc. and Nihon Kohden Corporation.

Brain Computer Interface Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $1.46 billion by 2020, registering a CAGR of 11.5% during the period 2014-2020. A global rise in the count of brain disorders along with the increasing government funding to improve healthcare systems, would supplement the growth of this market. The non-invasive BCI technology accounted for about 85% of the total BCI market revenue in 2013, and demonstrate a steady growth in future, thus, eliminating the need to perform surgeries and implant BCI devices.

Geo graphically, North America holds a major share in the BCI technology market due to high penetration of such technologies in this region. APAC is also a major contributor primarily to the vast computer gaming industry. The European region constitutes the third largest market and is expected to grow at a relatively higher CAGR during the forecast period. The European Commission is taking active measures for the population with motor disabilities. In 2012, the EC commissionedEUR 2.3 million in support of a three year project for the well-being of population suffering from motor disabilities. The technology enjoys highest adoption in the healthcare sector followed by the gaming industry. An increase in the number of game developing companies, implementing BCI technologies to improve the overall gaming experience, would further enhance the adoption of BCI technologies. The application of BCI technology is also underway in the smart homes control industry and would witness incremental growth during the forecast period of 2014-2020.

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The growth is also attributed to the stiff competition amongst the prominent market players leading to swift technological advances in the BCI systems. Players such as Emotiv, Inc., Advanced Brain Monitoring Inc. and Nihon Kohden Corporation are adopting a consistent development process of innovative products to penetrate the market and further enhance the overall revenues.

The brain computer interface technology market is forecast to show a promising growth during the forecast period 2014-2020. The rising incidences of brain disorders that affect the movement of body parts, increased government funding in the developed economies to carry out research studies, and the increased use of brain computer interface technologies by the gaming enterprises, are the prime factors that fuel the growth of the brain computer interface technologies market. However, the lack of professionals possessing experience in handling brain computer interface systems, cyber security issues, and ethical considerations adversely impact the growth of this market. However, experts predict that these issues will eventually get resolved along with further commercialization of the technology. The increasing use of sensor technologies and improving healthcare infrastructure in developing economies, such as India and China, foresee tremendous growth for the brain computer interface technology market.

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Rising Incidences of Brain Disorders

As the global economy is slowly improving, the lifestyles of population across the globe is also improving. Such modern lifestyles have given rise to several health issues, neurophysiological disorders being a prominent one of them. These brain disorders are further expected to increase during the forecast period 20142020, hence creating demand opportunities to support the growth of the brain computer interface technology market in future.

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