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.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global brain computer interface market based on end user, technology, application, type, and component.
By component, the global brain computer interface market is segmented into software and hardware.
Based on type, the brain computer interface market is segmented into partially invasive, invasive, and non-invasive. Of these, the non-invasive segment will lead the market over the forecast period.
Based on application, the brain computer interface market is segmented into smart home control, gaming and virtual reality, communication, and control, and medical. Of these, the medical brain computer interface applications will dominate the market over the forecast period.
By technology, the brain computer interface market is segmented into intracortical neuronal recording, functional magnetic resonance imaging (fMRI),near-infrared spectroscopy (NIRS), electrocorticography (ECoG), magnetoencephalography (MEG), and electroencephalography (EEG).
By end user, the global brain computer interface market is segmented into defense and aerospace, education and research, and healthcare. Of these, the healthcare segment will have a major share in the market over the forecast period.
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