The latest market report published by Credence Research, Inc. “Brain Computer Interface Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global brain computer interface market was valued at US$ 1,044.8 Mn in 2017 and expected to reach US$ 2,838.3 Mn by 2026, expanding at a CAGR of 11.6% from 2018 to 2026.
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A brain computer interface includes hardware and software based communications system enabling human interactions with spatial surroundings, without involvement of peripheral muscles and nerves. Therefore a brain computer interface enables creation of new non-muscular technique for relaying mental intentions to external devices such as assistive equipment, neural prostheses, speech synthesizers and so on. This makes brain computer interface as a vital tool for patients with severe motor disabilities, therefore improving the quality of life while reducing the cost of intensive care. Brain computer interface technology had remained unattractive for a considerable period for serious scientific investigation. The concept of deciphering brain signals has been rejected in the past as a remote idea. Therefore, the application of brain computer interface has been limited to analysis of neurological conditions and exploration of brain function.
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The design of brain computer interface has also been considered to be very complex due to its limited resolution and high variability. These solutions also require real-time signal processing, therefore until recently, the requisite technology was not widely available and was very expensive. Off late, this consideration has undergone radical change over the past, flourishing to reach to over to 100 active research areas. Introduction of more sophisticated hardware and software has also allowed more sophisticated real-time and online analysis. Correspondingly the prospect of using brain computer interface as an auxiliary technology that shall serve severely disabled, advance gaming programs, enhance environmental control has gained significant social acceptance. Therefore interest in this technology has surpassed laboratories and clinics.
Likewise, the chances of using BCIs as auxiliary technology that might serve severely disabled people has increased social acceptance in this field and the need to accelerate its progress. Interest in this technology is now found outside of the laboratory or clinic. Several companies have already developed solutions that are oriented towards the general public. Despite these advances, most applications of brain computer interface are limited to healthcare and entertainment. Improvements in ease of use, reduced time for preparation, and training will broaden the applicability of brain computer interface, surpassing rehabilitation, computer science, psychology and other technical disciplines. Therefore, emergence of common language of brain computer interface will enhance the comparison of evidences, thereby establishing strong market foothold.
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Key Market Movements:
- Growing adoption across healthcare and entertainment sectors
- Steadily increasing demand for invasive signal acquisition techniques
- Increasing standards of living in developed markets to facilitate demand in environment control segment
- Consistent research and development efforts attributing to rapid innovations and new product developments
- Stiff competition among major market players
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