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The Brain-computer interface is the advanced technology that detects neuronal signals, analyses them, and performs actions through external devices. The Brain-Computer interface allows humans to control machines directly by the brain. It is the combination of software and hardware that facilitates communication between machines and humans. It has wide applications in the medical field, such as electroencephalography, magnetoencephalography, functional magnetic resonance imaging that commonly uses brain-computer interfaces. Brain-computer interface (BCI) is mostly used in neurogenerative disorders. It is gaining popularity in communication and movement disorders. Additionally, due to the increasing geriatric population, BCI is used to treat several age-related disorders such as movement disorders. In the diagnostics industry, BCI is gaining a wide range of applications. Thus, it is used for prevention purposes. In many post-accident conditions, BCI becomes an important tool in rehabilitation and restoration. These all applications of BCI are leading to increasing its demand. Hence, these factors are responsible for the growth of the brain-computer interface market. However, several restraints for the brain-computer interface market are risks associated with the procedure, ethical issues, uncertainty in results, and lack of trained professionals. Additionally, the high cost of these devices also limits the growth of this market.
Key Market Driver -
Increasing prevalence of neurodegenerative disorders. Increasing geriatric population globally
Key Market Restraint -
Risk associated with the procedure, ethical issues, uncertainty in results. High cost of brain-computer interface devices. Lack of expertise in implementing the system.
Globally brain-computer interface market can be segmented on the basis of type, application, end user and geography. On the basis of type, it can be segmented as invasive and non-invasive. Based on application it can be segmented as prevention, detection & diagnosis, rehabilitation & restoration. On the basis of end user, it can be segmented as hospitals, research center and rehabilitation center. Geographically, the brain computer interface market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies in brain-computer interface market are NEURALINK, NEURABLE, EMOTIV, Paradromics , mindmaze , Bitbrain Technologies, Pison, NextMind , NIHON KOHDEN CORPORATION , NeuroSky and other prominent players.
Geographically, the brain-computer interface market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominates the market due to the rising incidence of brain disorders and the presence of key players such as NEURALINK, EMOTIV, and Neurosky. Europe is anticipated to hold a second prominent share in this market after North America due to rising in the adoption of these devices in universities, hospitals, and research centers and taking major initiatives such as the launching of the human brain project. Asia-Pacific countries will show a high growth rate for this market because these countries have high scope for this technology. Furthermore, the adoption of this technology and investment in research is also increasing. The Middle East and Latin America have substantial growth in this market because countries in this region started investing in it. Still, infrastructure and funding are less as compared to countries in other regions. Ethical issues are also prominent factors in the Middle East and South Africa that limit the growth of the brain-computer interface market
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