According to the latest report by IMARC Group, titled "Brain Computer Interface Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global brain computer interface market reached a value of US$ 1.7 Billion in 2022. Brain computer interference (BCI) refers to a computer-based system that allows a direct communication link between a computer and the brain. It is generally equipped with electrodes that create electrical signals. This aids in measuring brain activity for restoring and enhancing the function of individuals suffering from neuromuscular disorders, such as amyotrophic lateral sclerosis, cerebral palsy or spinal cord injury. It obtains brain signals, analyzes them, and translates the same into various instructions in order to carry out desired actions. It functions by substituting or strengthening the human peripheral working capacity that can be used for affective computing, rehabilitation, gaming, neuroscience and robotics.
Global Brain Computer Interface Market Trends:
The global market is primarily driven by the rising prevalence of neurodegenerative disorders among the masses. In line with this, the growing need for optimizing care and treatment strategies to reduce the burden on caregivers and ease the economic burden on the healthcare system is creating a positive market outlook. Moreover, extensive research and development (R&D) activities conducted by key players, along with the increasing spending by public and private firms on continuous product innovations, are providing an impetus to the market growth. Additionally, continual technological advancements and the integration of artificial intelligence (AI), virtual reality (VR) and neural chips with BCI systems are impacting the market favorably. In addition to this, the introduction of BCI-enabled video games and the rising adoption of mind-controlled headsets and gadgets for virtual gaming among individuals are also acting as major growth-inducing factors. Other factors, including rapid urbanization, continual developments in the healthcare infrastructure and the growing geriatric population, are further positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 3.7 Billion by 2028, exhibiting a CAGR of 13.7% during 2023-2028.
- On the basis of product, the market has been bifurcated into invasive, partially invasive and non-invasive BCI. Currently, non-invasive BCI represents the dominating market segment.
- Based on the application, the market has been segmented into healthcare, smart home control, communication and control, and entertainment and gaming. Presently, healthcare represents the largest application segment.
- On the basis the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa. Among these, North America holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Advanced Brain Monitoring Inc., ANT Neuro, Compumedics Limited, EMOTIV, Medtronic plc, Natus Medical Incorporated, NeuroSky Inc., Nihon Kohden Corporation and NIRx Medical Technologies LLC.
|Base Year of the Analysis
||Product, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Advanced Brain Monitoring Inc., ANT Neuro, Compumedics Limited, EMOTIV, Medtronic plc, Natus Medical Incorporated, NeuroSky Inc., Nihon Kohden Corporation and NIRx Medical Technologies LLC
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