What? When? Why?

Latest Happenings in Business World

Share on

12

May-2022

Global Brain Computer Interface Market Size Is Estimated To Grow At 16.01% CAGR From 2022 to 2027

Geographically, the North American regional market dominated the brain-computer interface market in 2021.

As per our research report, the global brain-computer interface market is estimated to be rising at a CAGR of 16.01% from 2022 to 2027.

Browse details of the report @ https://www.marketdataforecast.com/market-reports/global-brain-computer-interface-market

A brain-computer interface (BCI) is an interactive platform or direct communication pathway between the brain and an external device, also known as the neural-control interface (NCI), a brain-machine interface. Magnetoencephalography (MEG), functional Magnetic Resonance, Electrocorticography (ECOG), and Electroencephalography (EEG) are examples of brain imaging technologies that have related to brain-machine interface systems to collect electrical signals sent by the human brain. A brain-computer interface (BCI) is a system that uses an artificial output device to acquire, analyze, and translate brain impulses into commands. This device aids in the replacement, restoration, enhancement, supplementation, and improvement of central nervous system activities.

The global brain-computer interface market is gaining traction and attracting the attention of researchers in both industry and academia to reduce the human touch between devices while also generating revenue streams for service providers due to technological advancements. During the COVID-19 pandemic, organizations that had previously deployed brain-computer interfaces quickly adapted to the new virus variant due to less human-machine contact, allowing them to meet business requirements because of advancements in the healthcare industry. Brain-computer interfaces assist organizations in dealing with the ongoing pandemic while maintaining profitable operations. In addition, COVID-19 has paved the way for developing and implementing novel equipment such as brain-computer interfaces (BCIs), biomedical solutions, and assistive technologies (AT) to help persons with severe disabilities participate more fully in daily life.

MARKET DYNAMICS:

The increased rising R&D activities by the companies and rapid technology advancements aiding communication and movement in paralyzed patients are key drivers of the global brain-computer interface (BIC) market. In addition, the application of this technology in virtual gaming, home control systems, and military communication broadens the market's applicability, boosting its growth. BCI technology is also used to handle intelligent home applications and activities, such as opening and closing doors and windows and managing the television or music system, due to its high accuracy and reliability and better security monitoring. One of the other primary factors driving the market expansion is the growing elderly population, accompanied by an increase in the prevalence of neurological illnesses such as epilepsy, Alzheimer's, and Parkinson's diseases. In addition, BCI technologies are increasingly being integrated with various healthcare applications.

Combining brain-computer interface technologies with artificial intelligence, deep learning, and machine learning has resulted in new technological advancements. There have been various novel applications of the brain-computer interface that have gained prominence in the last ten years. The growing interest in using a brain-computer interface to operate the internet of things (IoT) devices and various virtual reality applications is propelling the global brain-computer interface (BCI) market. The market players are focusing on various growth strategies such as investments and funding to accelerate research in the field of brain-computer interface, which is projected to accelerate the market growth over the forecast period.

The coronavirus pandemic has impeded the development, manufacture, and supply of medications and other healthcare products and stifled the expansion of many healthcare enterprises around the world. In addition, a problem restricting the market's growth is a scarcity of experienced technicians to handle these complicated devices. Lack of awareness, the poor information transfer rate of brain-computer interface (BCI), and technological challenges related to integrating brain-computer interface (BCI) technology with other devices are the key factors identified as restraints likely to hamper the global brain-computer interface (BCI) market's growth.

Avail sample market brochure of the report to evaluate its usefulness; get a copy @ https://www.marketdataforecast.com/market-reports/global-brain-computer-interface-market/request-sample

KEY MARKET INSIGHTS:

The non-invasive brain-computer interface market is predicted to expand rapidly based on the product. Due to the significant application of technology and the rise in neurological illnesses, the non-invasive brain-computer interface segment dominates the total market. The development of non-invasive EEG-based brain-computer interface devices is projected to make BCI technology more widely accessible. Furthermore, an increase in approvals is predicted to complement market growth. The market is growing due to increased research & development activity and product introductions in the non-invasive brain-computer interface segment.

Based on the application, due to the significant application of this technology in the treatment of sleep disorders, neurological diseases, paralytic patients, and neuroscience research, the healthcare segment will capture the most significant share of the global brain-computer interface market in 2021. Furthermore, technical advancements and an increase in the number of activities by important market participants are supporting market expansion.

Based on the end-user, because of its applicability in supporting impaired patients, the medical end-user segment dominated the market in 2021. Patients with disorders including Parkinsonism, epilepsy, paralysis, and Alzheimer's can use BCI technology to help them move around and do activities independently, such as using an operating wheelchair, prostheses, and other devices.

Geographically, North America had the highest share of the global brain-computer interface market in 2021, owing to substantial R&D investments and many clinical trials on brain devices undertaken in this area. Furthermore, the increased prevalence of neurological diseases in this region, such as Parkinson's, Alzheimer's, and Huntington's disease, is likely to drive market growth. Furthermore, the growing demand for immersive gaming is projected to spur the development of technologies such as augmented brain-computer interfaces, which will help to accelerate BCI adoption in this region.

The Asia Pacific market is predicted to grow the fastest throughout the forecast period. The market for BCIs in this region is likely to be driven by significant untapped prospects, rising healthcare spending, and increased patient awareness. Foreign investors have been drawn to this profitable market by low-cost production sites and favorable taxation policies. Many unique goods have been launched because of extensive R&D. Furthermore, growing economies such as India and China are expected to spend extensively on the construction and revamp of their domestic medical infrastructure, presenting a very profitable potential for market development in the region.

Mind Solutions Inc., Neurosky, Inc., Cortech Solutions, Inc., Advanced Brain Monitoring, Inc., Emotiv, Inc., Nihon Kohden Corporation, Guger Technologies OEG, Cadwell Laboratories Inc., OpenBCI, Quantum Applied Science and Research, Inc. are playing a key role in the global brain-computer interface market profiled in this report.

This report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/global-brain-computer-interface-market/customization

SEGMENTS ANALYZED UNDER THIS REPORT:

By Product:

  • Invasive BCI
  • Partially invasive BCI
  • Non-invasive BCI

By Application:

  • Healthcare
    • Disabilities Restoration
    • Brain Function Repair
  • Smart Home Control
  • Communication and Control
  • Entertainment and Gaming

By End-Use:

  • Medical
  • Military
  • Others

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
Automotive

WRITTEN BY: Market Data Forecast

Market Data Forecast