Brain Computer Interface Market Size Worth USD 5691.49 Million Globally by 2030, Size, Share, Trends, Technological Advancements, Demand and Growth Outlook
DURBAN, South Africa, Feb. 3, 2023 /PRNewswire/ -- Data Bridge Market Research has recently published a Report, titled, "Brain Computer Interface Market" The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. Being a proficient and comprehensive, Brain Computer Interface market survey report puts a light on primary and secondary drivers, market share, leading segments, possible sales volume, and geographical analysis. This market research report contains thorough analysis of the market structure along with forecast of the various segments and sub-segments of the market. A numerous market, marketing strategies, trends, future products and rising opportunities are taken into consideration while studying market and preparing this report. The chief areas covered in the large scale Brain Computer Interface report include market definition, market segmentation, competitive analysis and research methodology.
To succeed in this swiftly changing market place, businesses must take up the universal Brain Computer Interface market analysis report solution. This market report looks over the market with respect to general market conditions, market improvement, market scenarios, development, cost and profit of the specified market regions, position and comparative pricing between major players. The data and information included in this business report not only aids business make data-driven decisions but also assures maximum return on investment (ROI). A range of steps are used while generating Brain Computer Interface market document by taking the inputs from a dedicated team of researchers, analysts and forecasters.
Data Bridge Market Research analyses that the brain computer interface market was valued at USD 1740.00 million in 2022 and is expected to reach the value of USD 5691.49 million by 2030, at a CAGR of 15.61% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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According to World Health Organization (WHO), 700 million neurological and mental disorders (MNDs) cases are reported yearly, accounting for 150 million people suffer from depression, 13% of the global illness burden. 25 million have schizophrenia, 90 million suffer from a substance misuse disorder and 38 million have epilepsy. The major goal of brain computer interface (BCI) is to replace or restore the several useful functions of people who are disabled by neuromuscular disorders such as amyotrophic lateral sclerosis, cerebral palsy, stroke, or spinal cord injury.
Brain computer interface (BCI) is also well known as neural-control interface (NCI), direct neural interface (DNI), mind-machine interface (MMI) or brain-machine interface (BMI). It is a direct communication pathway or interactive platform between brain and external device. Brain imaging technologies include magneto encephalography (MEG), electrocorticography (ECOG), functional magnetic resonance (fMRI) and electroencephalography (EEG). These are integrated with brain computer interface (BCI) systems to capture electrical signals sent by the human brain.
Recent Development
- In April 2022, NEURABLE launched brain computer interface headphone. These headphones give user insight into how their brain work. This device aids users to manage time by suggesting break time period to maximize focus throughout the day.
- In October, 2019, Naxon Labs introduced brain to computer interface solution. This is a useful and affordable tool for engineering and information technology, medicine and neuroscience professionals.
Some of the major players operating in the Brain Computer Interface market are:
- Cadwell Industries, Inc (U.S.)
- Cortech Solutions Inc, (U.S.)
- IncNIHON KOHDEN CORPORATION (Japan)
- CAS Medical Systems, Inc (U.S.)
- Natus Medical Incorporated (U.S.)
- g.tec medical engineering GmbH (Austria)
- Medtronic (U.S.)
- Compumedics Neuroscan (U.S.)
- Brain Products GmbH (Germany)
- Integra Lifesciences (U.S.)
- Advanced Brain Monitoring, Inc. (U.S.)
- EMOTIV (U.S.)
- NeuroSky (U.S.)
- Interaxon, Inc. (Canada)
- ANT Neuro (U.S.)
- Neuroelectrics (Spain)
- Ripple Neuro (U.S.)
- NIRx Medical Technologies, LLC (U.S.)
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Opportunities:
- Technological advancements
Increasing innovations in sensor and computational technology will likely to create immense opportunities for the growth of the brain computer interface market. Computational sensors are responsible for transforming physical world into signals. It also transforms the information to remove excessive data and extract basic features. Before the information enters the processor, this is normally done in in real-time and parallel. Chemical, magnetic, Visual, auditory, mechanical (tactile), and other sensing applications are all covered by computational sensors.
- Research and development activities
The surging research and development activities by market players further offer numerous growth opportunities within the market. For instance, Persistent research undertaken to create treatments for fatal conditions such as cerebrovascular diseases, sleep disorders, brain disorders, and injuries. This is the factor which is expected to augment and propel the market's growth.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Brain Computer Interface market
Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Brain Computer Interface Market
Market Dynamics: Brain Computer Interface Market
- Growing usage of electro-encephalography in the diagnosis of sleep disorders
Electro-Encephalography (EEG) has been used to investigate and diagnose brain disorders such as strokes, seizures, tumors and dementia. Electro-Encephalography (EEG) is extensively used to detect electrical activity of the brain or abnormalities in the brain waves. In recent years, Electro-Encephalography (EEG) is being used to diagnose sleep disorders such as insomnia and narcolepsy. Doctors also use EEG as a part of a polysomnography or sleep study. Thus, the growing usage of electro-encephalography in diagnosing sleep disorders is expected to drive the growth rate of the brain computer interface market.
- Increasing number of gaming industries
The rising number of gaming industries is anticipated to drive the market growth of the brain-computer interface devices market. In gaming industries, brain-computer interface devices are used for making video games more exciting and interactive. For instance, Emotiv Company has created a video game by using non-invasive brain-computer interface named neuro gaming. This video game analyses the mood of the users and then adjust the music and video graphics
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Segmentation: Brain Computer Interface Market
Component
- Hardware
- Software
Type
- Non-Invasive
- Invasive
- Partially Invasive
Application
- Medical
- Communication & Control
- Gaming & Virtual Reality
- Smart Home Control
Technology
- Electro-Encephalography (EEG)
- Magnetoencephalography (MEG)
- Electrocorticography (ECoG)
- Functional Magnetic Resonance Imaging (fMRI)
- Near-Infrared Spectroscopy (NIRS)
- Intracortical Neuro Recording
End-User
- Healthcare
- Education & Research
- Defense & Aerospace
Regional Analysis/Insights: Brain Computer Interface Market
The countries covered in the brain computer interface market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Global (MEA) as a part of Global (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the brain computer interface market in terms of revenue and market share. This is due to several clinical trials on brain devices and significant R&D investments undertaken in this area. Moreover, the constant rise in the prevalence of neurological diseases such as Huntington's disease and Parkinson's, Alzheimer's, and is likely to drive market growth.
Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to significant untapped prospects, rising healthcare expenditure and increased patient awareness. Foreign investors have been drawn to this profitable market by favorable taxation policies and low-cost production sites in this region.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Brain Computer Interface Market: Regulations
- Market Overview
- Global Brain Computer Interface Market, By Component
- Global Brain Computer Interface Market, By Type
- Global Brain Computer Interface Market, By Application
- Global Brain Computer Interface Market, By Technology
- Global Brain Computer Interface Market, By End User
- Global Brain Computer Interface Market, By Region
- Global Brain Computer Interface Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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