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Brain Machine Interfaces Market By Type (Invasive, Partially, Non-invasive), By Application (Healthcare, Communication And Control, Gaming And Entertainment, Smart Home Controls, Military And Defense, Other End Users) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

Increasing demand for advanced technologies in the fields of neuroscience and information and communication technology is likely to fuel the growth of the brain-machine interface market.

Globally, the brain-machine interfaces market is expected to grow with a CAGR of more than 10.1% during the forecast period from 2019 to 2027, starting from US$ 1.05 Bn in 2018. Factors attributed to the growth of the brain-machine interface market include increasing penetration of advanced technologies in the field of neuroscience, growing incidences and prevalence of brain disorders affecting the movements of the body, increasing government funding for research and development of brain-machine interface technologies, miniaturization of components, and an increasing number of gaming industries implementing brain-machine interface technologies. Brain-machine interfaces eliminate the lag inherent in the translation of a thought or physical action into a computer response.

There are numerous research and development activities conducted for the treatment of major brain injuries and disorders, cerebrovascular diseases, and sleeping disorders. Brain-computer interfaces are largely being used in research studies to prove useful in understanding the ailment and developing effective treatments for the condition. For such research studies, huge investments and funds are being raised in different forms, which makes the technology more advanced and user-friendly. Moreover, brain-computer interfaces also help people with special abilities communicate with other people as well as with external environments.

Such advantages of this technology are fueling the growth of the brain-machine interface market globally. However, being a highly technical tool, it can only be handled by a skilled technician, and the lack of skilled manpower is one of the major restraints on market growth. In addition to this, there are some ethical issues related to the brain-machine interface system, which lower the rate of adoption and thus affect the growth of the market during the forecast period.

The healthcare application segment is expected to dominate the brain-machine interfaces market.

Based on the application, the brain-machine interface market is segmented into healthcare, communication and control, gaming and entertainment, smart home controls, military and defense, and other end users. The healthcare market segment is likely to hold the largest market share in the global brain-machine interface market. The increasing prevalence of neurological disorders and growing research and development activities focusing on brain-machine interfaces for numerous neurological conditions are primary factors attributed to the growth of brain-machine interfaces in the healthcare industry.

As brain-machine interface technology can help in improving communication capabilities, restoring disabilities, and repairing brain functions, its application in the healthcare industry is growing at a rapid pace. The brain-machine interface also helps disabled individuals improve their muscle control and be more independent in conducting their day-to-day chores. However, the major limitations of brain-machine interfaces in healthcare applications are that sometimes the signals received from the brain can experience interference, which can affect the results obtained. This is likely to hamper the market's growth.

North America to dominate the brain-machine interfaces market.

North America dominates the brain-machine interfaces market, holding the largest market share of around 40% of the total revenue generated worldwide. Major factors attributed to this huge market share are the increasing occurrence of neurodegenerative diseases combined with the growing popularity of virtual gaming. According to an article published by the Harvard NeuroDiscovery Center, within 30 years, more than 12 million Americans will suffer from neurodegenerative diseases if left unchecked. Additionally, a large number of brain-machine interface providers are based in this region. This gives them access to advanced technology and a large customer base. Moreover, increasing government and private investment in research and development of brain-machine interfaces in the US is also driving the growth of this market.

However, Asia-Pacific is expected to witness the fastest growth in the global brain-machine interface market. High growth is largely anticipated in China and Japan, based on their abilities to adopt advanced technologies in various end-use industries. In addition to this, increasing economic growth and the increasing need for efficient diagnostic and therapeutic alternatives for neurological disorders are largely contributing to this high growth. Based on such factors, major players operating in the brain-machine interface market are expanding their presence in the Asia-Pacific region. These strategic activities are likely to fuel the growth of the brain-machine interface market in this region during the forecast period.

Some of the prominent players operating in the brain-machine interfaces market include Guger Technologies OG, Mind Solutions Corp., InteraXon, twinks, Neuroelectrics, Emotiv Corp., NeuroSky, Interactive Productline, ANT Neuro, Ripple, Puzzlebox, Compumedics Ltd., Natus Medical, and Brain Products GmbH, among others.

Historical and Forecast Period

This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The brain-machine interfaces market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global market for brain-machine interfaces based on type, application, and geography. Key segments covered in the report are as follows:

Key questions are answered in this report.

  • What was the market size of brain-machine interfaces in 2018, and what is the forecast up to 2027?
  • Which is the largest regional market for the healthcare segment?
  • What are the major trends followed in the brain-machine interface market across different regions?
  • Who are the key brain-machine interface companies leading the market?
  • What are the key strategies adopted by the leading brain-machine interface companies in the market?

Unique data points of this report

  • Statistics on brain-machine interface penetration and spending worldwide
  • Recent trends across different regions in terms of the adoption of brain-machine interfaces for various applications in various industries
  • Notable developments are going on in the brain-machine interface industry.
  • Attractive investment propositions for segments as well as geography
  • Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)

Frequently Asked Questions:

The market for Brain Machine Interfaces Market is expected to reach US$ 1.05 Bn By 2027

The Brain Machine Interfaces Market is expected to see significant CAGR growth over the coming years, at 10.1%.

The report is forecasted from 2019 To 2027.

The base year of this report is 2018

Guger Technologies OG, Mind Solutions Corp., InteraXon, twinks, Neuroelectrics, Emotiv Corp., NeuroSky, Interactive Productline, ANT Neuro, Ripple, Puzzlebox, Compumedics Ltd., Natus Medical, and Brain Products GmbH are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Jul 2019
Category:  Technology & Media
Report ID:   59761
Report Format:   PDF
Pages:   120
Rating:    4.2 (60)
Delivery Time: 24 Hours to 48 Hours   
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