ALBANY, New York, May 4, 2016 /PRNewswire/ --

According to a new market report published by Transparency Market Research entitled "Brain Computer Interface Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024," the global brain computer interface (BCI) market is expected to reach a value of US$1.23 bn by 2024. The market is estimated to expand at a CAGR of 14.9 % during the forecast period from 2016 to 2024.

A BCI device provides collaboration between the brain and an external device by interpreting electrical signals received from the brain. The BCI market is expected to witness growing demand in both developed and developing countries owing to its increasing application in the health care and entertainment industries. BCI manufacturers are continuously innovating their product portfolio in order to fulfil end-user requirements. Furthermore, industry-academia-government collaboration is expected to increase R&D activities in North America and Europe. Significant technological advancements in the area of brain computing devices have dramatically changed the way physicians treat their patients, leading to improved outcomes. Due to the trendy nature of wearable and noninvasive BCI devices, most end-users who buy this technology are innovators and early adopters. Furthermore, BCI technology is backed by various government organizations in developed countries as part of support to brain/neurological studies for the betterment of humanity.

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In 2015, North America was the largest market for BCI systems, accounting for a share of about 43.3%. North America has high adoption rates for BCI devices due to the continual rise of technological investments and R&D expenditures in the region.

On the basis of solutions categorized by technology, electroencephalography (EEG) held the largest share of around 39.6% in 2015. Noninvasive BCI devices are expected to contribute the largest market share among all the other types in the coming years. However, the partially invasive BCI devices segment is expected to expand at the highest CAGR during the forecast period from 2016 to 2024. EEG is expected to witness significantly high adoption in media and entertainment applications in the coming years. The demand for noninvasive BCI devices is expected to increase in the coming years due to its ease of use, which involves the elimination of surgery. The demand for BCI technology is increasing in the health care industry as a part of efforts to provide better medical facilities to patients. On the basis of different applications covered, health care was the largest segment of the BCI market, accounting for over one third of the total market in 2015.

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Emotiv Systems, Inc., Cadwell Industries, Inc., Nerusky, Inc., OpenBCI, Advanced Brain Monitoring, Inc., Artinis Medical Systems B.V., ANT Neuro B.V., Nihon Kohden Corporation, Blackrock Microsystems LLC, Elekta AB, NeuroPace Inc., and Mindmaze SA are major players profiled in the brain computer interface market report.

The brain computer interface market is segmented as below:

Brain Computer Interface Market

By Type

Invasive BCI

Partially Invasive BCI

Noninvasive BCI

By Technology

Electroencephalography (EEG)

Electrocorticography (ECOG)

Near Infrared Spectroscopy (NIRS)

Functional Magnetic Resonance Imaging (fMRI)

Magnetoencephalography (MEG)

By Application

Health Care

Gaming and Entertainment

Communication

Others (Defense and Aerospace and Home Automation)

By Geography

North America

Europe

Asia Pacific

Middle East and Africa

and Latin America

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