Brain-Computer Interface Market 2020: Size, Share, Top Companies Profile of EMOTIV, NeuroSky, g.tec, MindMaze, Neuroelectrics, BrainCo and Others till 2024
The global brain computer interface market is spanned across North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to account for the largest share in the brain computer interface market, with a significant growth rate during the forecast period. For the purpose of analysis, North America has been categorized into three regions--the US, Canada, and Mexico. During the forecast period, the US is expected to be the leading region in terms of market share, growing at a CAGR of 15.1%, followed by Canada with 13.6% and Mexico with 11.6%.
Some of the prominent players in the global Brain computer interface market are Natus Medical Incorporated, EMOTIV, NeuroSky, Inc, NIHON KOHDEN CORPORATION, Compumedics Limited, g.tec, Brain Products GmbH, Advanced Brain Monitoring, Inc, BrainCo, Inc., MindMaze, and Neuroelectrics.
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Global Brain Computer Interface Market Segmented by Components, Types, Application (Medical, Communication & Control, Gaming & Virtual Reality, and Smart Home Control), Technology (Electro-Encephalography, Magnetoencephalography, Electrocorticography, Functional Magnetic Resonance Imaging, Near-Infrared Spectroscopy and Intracortical Neuro Recording), End-User, Region and Forecast, Direct Neural Interface Market expected to grow at a CAGR of 15.1% till 2024
The presence of major players such as Natus Medical Incorporated, EMOTIVE, Neurosky Inc., and Advanced Brain Monitoring Inc. operating and investing in BCI systems is driving market growth in the US. Moreover, factors such as early adoption of BCI technology by companies, high investments by government to incorporate BCI technology across military and aerospace sectors, and well-established infrastructure are expected to drive market growth in the country. Canada accounted for 28% of market share in the North American brain computer interface market. High investments in the healthcare sector and high technical expertise are driving market growth in the country.
On the other hand, Asia-Pacific is expected to foresee the fastest growth in the brain computer interface market owing to the growing applications of sensors in the healthcare sector, increasing use of BCI in IoT applications along with high economic growth.
The Asia-Pacific brain computer interfaces market acquired 17% market share in terms of revenue with China dominating the market with a 36% share, followed by Japan with a 27% market share. The market in India is expected to register the fastest growth due to rising applications of BCIs among the healthcare and education & research sectors in India. Other countries such as South Korea, Malaysia, Australia, New Zealand, Indonesia, Singapore, and the Philippines are experiencing considerable demand and adoption of BCI devices. Further, growing virtualization in the gaming industry is driving the adoption of BCIs for game control in the region, which is thereby expected to fuel the market growth for brain computer interfaces in the region.
Europe accounts for the second-largest share in the global brain computer interface market. Europe is witnessing a high adoption rate of brain computer interfaces in the healthcare, and education & research sectors. The UK is projected to register the highest CAGR of 18.20% during the forecast period in the brain computer interfaces 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 the market growth in Europe.
The rest of the world's regional segment is witnessing a moderate adoption of brain computer interfaces among countries such as Brazil, Argentina, Peru, Colombia, Chile, the UAE, Saudi Arabia, Israel, and South Africa. Moreover, the growing healthcare sector in these countries presents a growth opportunity for the key market players operating in the market.
The global brain computer interface market is expected to reach USD 2,564 million at a CAGR of over 15.1% by the end of the forecast period 2019-2024.
The global brain computer interface market has been segmented on the basis of component, type, application, technology, end user, and region. The global brain computer interface market, by component, has been segmented into hardware and software.
The hardware segment accounted for the larger market share of 63.48% in 2017, with a market value of USD 643.83 million; it is expected to register a CAGR of 14.50% during the forecast period. The software segment was valued at USD 370.40 million in 2017; it is projected to exhibit a higher CAGR of 16.14%.
By type, the various techniques to measure the brain signals have been categorized into invasive, partially invasive, and non-invasive. The non-invasive method involves the procedures that do not require puncturing the skin. The diagnosis is carried out with the help of body surface sensors.
P300, mu rhythm control, slow cortical potential (SCP) and short-latency visual evoked potential (VEP) are the various protocols used in the non-invasive method. Invasive method involves the procedure that usually requires cutting/puncturing of the skin or inserting instruments into the body.
In this method, the micro-electrodes are placed directly into the cortex, to measure the activity of a single neuron. In the invasive type, the BCI systems are implanted directly into the brain during neurosurgery. The single unit BCI system detects the signal from a single area of brain cells, whereas, the multiunit BCI system detects signals from multiple areas. Partially invasive method refers to a procedure that limits the size of incisions needed.
In this method, the electrodes are placed on the exposed surface of the brain (electrocorticography technology), and the signals are taken from electrodes that are placed in the dura or arachnoid mater of the brain.
By application, the global brain computer interface market has been segmented into medical, smart home control, gaming and virtual reality, and communication and control. BCI systems have a wide range of applications in the field of medicine.
These systems are integrated with the controlled virtual environments for treating differently abled people. BCI systems help in treating several neurological disorders such as ALS, brainstem stroke, spinal cord injuries, cerebral palsy, muscular dystrophies, or chronic peripheral neuropathies; communication and control external devices, wheelchair assistance; motor restoration for restoring the sense of touch; and speech recognition, which has enhanced the patient care.
BCIs provide a direct communication channel between the brain and external devices and do not depend upon neuromuscular control; due to this, the BCI systems are used for communication and control applications by people with neuromuscular disorders such as amyotrophic lateral sclerosis (ALS), brainstem stroke, cerebral palsy, and spinal cord injury. However, communication and control applications are interactive processes, which require the BCI systems to run in real time and provide real-time feedback to the user.
By end-user, the global brain computer interface market has been segmented into healthcare, educational & research, and defense & aerospace. The healthcare segment accounted for the largest market share in the end-user segment. BCI offers innovation in the neuro-rehabilitation techniques which enhances the patient's quality of life through achieving enhanced cognition and perception. The promising characteristics offered by BCI such as high accuracy, rapid response time, and multi-functionality has made it a significant breakthrough in various smart medical applications. With rapid advances in neural networks, BCI systems are increasingly being integrated with controlled virtual environments for treating differently-abled people.
In the near future, BCI systems are expected to gain the capability to restore and enhance the neural features by connecting with a computer system.
Wheelchair assistance, motor restoration for treating several neurological disorders, restoring the sense of touch, and speech recognition from neural networks are some of the major applications of BCI in healthcare.
By technology, the global brain computer interface market has been segmented into electroencephalography (EEG), magnetoencephalography (MEG), electrocorticography (ECoG), functional magnetic resonance imaging (fMRI), near-infrared spectroscopy, and intracortical recording. Electroencephalography (EEG) is an electrophysiological monitoring method that uses an electroencephalogram to evaluate the brain's spontaneous electrical activity over a period through electrodes placed on the scalp. The technology is generally noninvasive, with small, flat metal electrodes placed along the scalp; however, invasive electrodes are sometimes used in specific procedures.
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