The growth in the global brain computer interface market is on account of extensive adoption of BCI technology by various gaming industries. On the contrary, cyber security threats and ethical issues with respect to BCI systems might create hurdles in the growth of the market. Nonetheless, extensive use of sensor technology in the healthcare sector is estimated to create new avenues for growth in the industry.
The global brain computer interface market is anticipated to reach $5,463.00 million by 2030. The market generated $1,488.00 million in 2020 and will rise at a CAGR of 13.9% during the 2021-2030 period. The report offers a comprehensive study of the growth drivers and opportunities, the competitive landscape of the industry, and the latest market trends.
The global brain computer interface market has been studied across various segments such as component, type, application, and region. By application, the healthcare segment accounted for the largest market share in 2020 with around half of the total market revenue. The smart home control segment, however, is anticipated to have the highest CAGR of 19.0% during the forecast period.
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Depending on the type, the non-invasive segment dominated the brain computer interface market share in 2020, and is expected to continue this trend during the forecast period. The growth of the segment is attributed to rise in adoption of Non- invasive brain computer interface system as this system is used to control robotic arm which is beneficial for paralyzed people in healthcare industry. However, the invasive segment is expected to witness highest growth in the upcoming years as it is directed implanted in the brain and have the highest quality signals. These devices are used to provide functionality to paralyzed people. Invasive BCIs are also used to restore vision by connectingthe brain with external cameras and to restore the use of limbs by using brain controlled robotic arms and legs. This benefits of invasive BCI will fuels the demand in upcoming years.
On the basis of Application, the healthcare segment dominated the market share globally in 2020, and is expected to continue the same during the forecast period. The growth is attributed to high adoption of emerging technologies such as IoT and AR/VR in healthcare industries, which increases adoption of BCI software among them. However, the smart home control segment is the growing at a high rate as home appliances are being develop on the basis of advanced technology such as artificial intelligence and IoT as this will more beneficial for physically disabled and blind people. This will create lucrative opportunity for the BCI market.
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On the basis of component, the hardware segment dominated the overall brain computer interface market in 2020, and is expected to continue this trend during the forecast period. This is attributed to increase in use of BCI related hardware and sensor among the digital industry. Most healthcare organizations have started adopting these technology to align all healthcare processes together such as patient examination and operation, which improves the overall productivity of medical staff. However, the software segment is expected to witness highest growth in the upcoming years as there has been an increase in adoption of BCI software among End User, as it ensures effective functioning of BCI software and platforms.
By region, the North America brain computer interface market gathered the highest revenue in 2020 and is set to dominate the market by 2030. The market in Asia-Pacific, however, is expected to be the fastest growing with a CAGR of 16.1% during the 2021-2030 timeframe.
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The leading companies of the market include Nihon Kohden Corporation, Advanced Brain Monitoring, Inc., Emotiv, Inc., Cadwell Laboratories Inc., Cortech Solutions, Inc., Guger Technologies, Integra LifeSciences, NeuroSky, Inc., Natus Medical Incorporated., and OpenBCI. These companies have employed different strategies such as mergers, collaborations, acquisitions, etc. to gain an advantage over their peers in the industry.
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