Brain Computer Interface Market is Expected to Grow at a CAGR of 15.1% During the Forecast Period 2019–2024
Research Reports
Jan 06, 2021
Market Analysis
The global brain computer interface market is predicted to touch USD 2,564 million at a whopping 15.1% CAGR between 2019- 2024, states the recent Market Research Future (MRFR) analysis. Brain computer interface or BCI, also known as neural-control interface (NCI) or brain-machine interface (BMI), simply put, is a revolutionary system that allows a direct communication pathway between the peripheral electronic device and functional brain.
Various factors are propelling the global brain computer interface market share. According to the recent MRFR report, such factors include constant technological advances in neuroimaging techniques, bio-signal processing, nanotechnology, and bio-sensing, and growing investments in research and development to integrate technology that supports brain computer interface devices with real-life applications of brain computer interface. Additional factors adding market growth include increasing use of BCI technology in military communication, home control systems, and virtual gaming, growing technological development to facilitate movement and communication in paralytic patients, rising geriatric population, and growing prevalence of neuroprosthetic conditions.
On the contrary, technological challenges associated with brain-computer interface (BCI), lack of awareness, a poor information transfer rate of brain-computer interface, and the on-going COVID-19 pandemic are factors that may impede the global brain computer interface market growth over the forecast period.
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Regional Analysis
Based on the region, the global brain computer interface market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period. Expanding research laboratories focusing on BCI development, increasing research and development initiatives, growing investments to develop advanced healthcare solution, growing demand for immersive gaming that adopts the BCI technology, increasing cases of neurodegenerative conditions like Huntington’s disease, Alzheimer’s & Parkinson’s and presence of key investors and key market players in the US, Mexico, and Canada are adding to the global brain computer interface market growth in the region. It is likely to grow at a 14.3% CAGR by 2024.
The global brain computer interface market in Europe is predicted to have the second-largest share over the forecast. Increasing adoption in research institutes, universities, and hospitals, coupled with increasing demand in the Netherlands, Sweden, Bulgaria, Spain, Italy, Russia, and France, are adding to the global brain computer interface market growth in the region. It is likely to develop at a 15.6% CAGR by 2024. The UK holds the utmost share in the market.
In the APAC region, the brain computer interface market is predicted to grow at a healthy 17.3% CAGR over the forecast period. Growing adoption in SMEs, constant technological advances, availability of improved options for individuals and healthcare personnel, and growing demand in the military sector are adding to the global brain computer interface market growth in the region.
In the RoW, the global brain computer interface market is predicted to have sound growth over the forecast period. The booming healthcare sector, coupled with the increasing adoption of BCI in South Africa, Israel, Saudi Arabia, the UAE, Chile, Colombia, Peru, Argentina, and Brazil, is adding to the global brain computer interface market growth in the region.
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