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Brain Computer Interface Market Overview
The global brain computer interface market is projected to witness robust growth during the forecast period. Major factors supporting the market growth include growing geriatric population particularly in China and Japan and increasing prevalence of brain disorders, strokes, and depression, coupled with rising awareness related to the treatment of brain disorders and growing research and development (R&D) activities related to the use of brain computer interface devices in different industries. Moreover, utilization of brain computer interface technology in home control system, virtual gaming, and military communication would also propel the market growth in the coming years.
On the basis of application, the brain computer interface market has been classified into healthcare, defense and aerospace, gaming, and others, wherein others include media & entertainment and smart home control. Among these, the healthcare category held the largest market share in 2018. This is primarily attributed to the increasing application of brain computer interface technology in the treatment of neurological diseases and sleep disorders, as it improves the communication capabilities of people suffering with disabilities.
Globally, North America held the largest share in the brain computer interface market in 2018. This is majorly due to increasing focus on technological advancements in the healthcare industry, rising R&D activities related to the application of brain computer interface technology in several fields such as virtual gaming and smart home control, and rising cases of brain related disorders among population across the world. Whereas, the market in APAC is expected to grow significantly over the forecast period, on account of factors including rising economic growth, adoption of advanced technologies in care of patients suffering from neurological diseases and sleep disorders. The adoption of brain computer interface technology is particularly high in China and Japan, due to growing old age population, increasing need for effective communication among patients going through neurological disorders, and rising cases of brain stroke.
Brain Computer Interface Market Dynamics
Increasing disability adjusted life years (DALYs) is one of the key drivers observed in the brain computer interface market. Neurological diseases are the world's largest cause of DALYs. There are many causes for neurological disorders, including genetic problems, illness, change in lifestyle, and environmental health problems such as malnutrition, and brain and nerve injuries. According to a report by the World Health Organization, neurological disorders are projected to increase 103 million DALYs by 2030, as compared to 94 million DALYs in 2015. Alzheimer and dementias disease category is projected to increase by 35% and Parkinson’s disease is expected to rise by 14% by 2030 from 2015.
In addition, growing geriatric population is more prone to neurological disorders, due to signs of aging. According to the World Population Prospects 2019, one in six people would be above 65 years by 2050, as compared to one in eleven in 2019. The number of people within the age group 80 years and above is projected to triple, from 143 million in 2019 to 426 million by 2050. The increasing geriatric population is expected to enhance the chances toward chronic conditions, including cardiovascular disease, sleep, and brain related disorders. According to a report, the number of people in age group of 65 years and above with Alzheimer’s dementia is projected to reach 13.8 million by 2050, as compared to 5.6 million affected in 2019. Most of the patients require continuous care and monitoring, which facilitates the need of brain computer interface devices, thereby resulting in the growth of the brain computer interface market.
Utilization of brain computer interface devices in augmented reality/virtual reality (AR/VR) applications is one of the major opportunities for market players in forthcoming years. Integration of AR/VR with brain computer interface devices provides additional communication channels by increasing the bandwidth of the interaction between human and AR/VR. This is done through active and passive brain computer interface. It also helps users in the creation of more natural experience in various fields, such as gaming and home control automation. Thus, fusion of brain computer interface devices with AR/VR is expected to offer lucrative opportunities in the brain computer interface market.
Brain Computer Interface Market Competitive Landscape
There is high competition among players operating in the brain computer interface market. They are focusing on strategies, such as product launches, merger & acquisitions, partnerships, and other developments, in order to retain their position in the market. The players are concentering on investment in new technologies that would enhance their product offerings. For instance, in February 2019, a U.S.-based medical technology company, NeuroPace Inc. has introduced a new category, Current Procedural Terminology (CPT) code for electrocorticography from an implanted brain neurostimulator issued by the American Medical Association (AMA). This new code would be used to perform with responsive neurostimulation device (RNS) system of the company for the treatment of patients suffering from refractory epilepsy.
Some of the major players operating in the global brain computer interface market are Blackrock Microsystems LLC, Nihon Kohden Corporation, Cadwell Industries Inc., Advanced Brain Monitoring Inc., NeuroSky Inc., Emotiv Inc., Artinis Medical Systems B.V., NeuroPace Inc., Elekta AB, and Integra LifeSciences Corporation.
The report covers country-wise brain computer interface market analysis. Some of the major countries covered in the report are the U.S., Canada, France, Germany, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Mexico, South Africa, Turkey, Saudi Arabia, and the U.A.E.
Brain Computer Interface (BCI) Market Segmentation
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Region