Global Brain Computer Interface Market was valued at USD 1.6 Billion in 2019, and is set to grow at CAGR of 15.2% over forecast period 2020–2026. Rising prevalence of neurodegenerative disorders, growing geriatric population and rising application of brain computer interface (BCI) technology for entertainment, communication and gaming are the factors driving the market.
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Human brains are filled with numerous nerve cells connected to each another by axons and dendrites called neurons. Every time a person thinks, touches, tastes, or learns something, small electric signals are generated and sent from neuron to neuron at a speed of 400 kph. These signals are produced by variations in electric potential provided by ions on the membrane of every neuron. This electric potential is the working principle behind brain computer interface.
Market Trends, Drivers, Restraints and Opportunity:
- Rise in research activities carried out to produce a remedy for paralyzing brain diseases is expected to fuel the market.
- Use of BCI on subjects whose consent cannot be obtained is likely to hamper the growth of the market.
- Shortage of skilled professionals is another challenge inhibiting the growth of the market.
- Research institutes and government bodies are increasingly investing in research activities related to brain computer interface. This, in turn, is anticipated to fuel market growth.