Brain computer interface is technological advancement approach to communicate between the human brain and computer system. It is extensively used to restore simple communication to people those are physically disabled and other severe movement disorders. The BCI market is majorly driving on the account of growing R&D activities for the treatment of major brain injuries & disorders, cerebrovascular diseases, and sleeping disorders.
As per the new market study added by Value Market Research, the Global Brain Computer Interface Market was valued at USD 944.5 MN (by revenue) in 2017 and is anticipated to reach USD 1,822.2 MN by 2024 with a CAGR of 9.9%.
NON-INVASIVE IS EMERGES AS THE LEADING PRODUCT SEGMENT
Non-invasive segment has dominated in 2017 and is expected to reach USD XX.X MN by the end of 2024. The rising demand for non-invasive technology in the products such as amplifiers, gaming sticks, and headsets is the key factor supporting the market to gain pace. Moreover, the increasing usage of non-invasive products for home control and communication is projected to boost the segment growth.
RESTORATION OF DISABILITIES IS PROJECTED TO GAIN HYPE
Mobility rehabilitation is a form of physical rehabilitation used for the patients who have mobility issues, to restore their lost functions and regain previous levels of mobility. The segment is estimated to gain strong growth owing to the growing adoption of advanced technology in assisting impaired people to carry out activities independently such as operating wheelchairs, prosthetics, and other instruments. As per the study, restoration of disabilities is expected to touch USD XX.X MN revenue by the end of 2024.
HEALTHCARE SECTOR EMERGES AS THE LEADING END-USER INDUSTRY
The healthcare sector was leading the segment in 2017 and projected to surpass USD XX.X MN by the end of 2024. Owing to rising usage for the treatment of neurological diseases, sleep disorders, paralytic patients and in studying neuroscience.
NORTH AMERICA HOLD THE HIGHEST SHARE IN GLOBAL BCI MARKET
North America is leading in the global market of brain computer interface. The increasing research and development activities along with the rising investment in the healthcare sectors are the key factors majorly driving the BCI market growth. Additionally, North America market is also growing on the account of rising prevalence of neurodegenerative disease along with the growing innovation in technology in terms of the BCI system. It has estimated that by the end of 2024, North America region will generate the USD XX.X MN revenue in the brain computer interface market.
KEY COMPETITORS DRIVE THE GLOBAL MARKET
The major players of the global brain computer interface market are Advanced Brain Monitoring, Inc., Cadwell Laboratories Inc., Cortech Solutions, Inc., Emotiv, Inc., Guger Technologies OEG, Mind Solutions Inc., Neurosky, Inc., Nihon Kohden Corporation, OpenBCI, Quantum Applied Science and Research, Inc.
As per this study, the Global Brain Computer Interface market was valued USD 2.85 MN (by revenue) in 2021 and is anticipated to reach USD 7.53 MN by 2028 with a CAGR of 14.9%.
A brain computer interface (BCI) develops a direct channel between the human brain and the computer. Brain computer interface technology represents a highly growing field of research with application systems. Brain computer interface technology is a powerful and rapidly developing form of technology which has a variety of potential applications. It offers applications in medical fields ranging from prevention to neuronal rehabilitation for serious injuries. BCI technology is also suitable for the military and gaming & communication sector.
Market Dynamics
Brain computer interface technology research studies are encouraged as they majorly benefit in improving the health of individuals. Growing research in the development of treatments for fatal conditions such as brain disorders and injuries, sleep disorders and cerebrovascular diseases is driving the growth of the market. Technological advancement in BCI technology is especially in the military, entertainment, gaming, communication, and control is further supporting the market growth. However, lack of expertise along with security & ethical issues related to BCI technologies, are expected to restrain the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of brain computer interface.
Market Segmentation
The broad brain computer interface market has been sub-grouped into type, application and end-user. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
- Invasive
- Non-Invasive
- Partially Invasive
By Application
- Restoration Of Disabilities
- Repair Of Brain Function
- Others
By End-User
- Healthcare
- Military
- Manufacturing
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for brain computer interface in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Brain Computer Interface Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the brain computer interface market includes Advanced Brain Monitoring, Inc., Cadwell Laboratories Inc., Cortech Solutions, Inc., Emotiv, Inc., Guger Technologies OEG, Mind Solutions Inc., Neurosky, Inc., Nihon Kohden Corporation, OpenBCI, Quantum Applied Science and Research, Inc. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.