Brain Computer Interface Market Technological Advancements & Competitive Insights with COVID-19 Impact | Advanced Brain Monitoring, Inc., Cadwell Industries, Inc., OpenBCI, Cortech Solutions, Inc
Based on application, the healthcare segment contributed to nearly one-third of the global brain computer interface market revenue in 2019, and is anticipated to lead the trail till 2027. Utilization of BCI for paralyzed patients to effectively express their thoughts and to operate other output devices without any assistance is driving the demand of BCI Market for healthcare industry. However, the smart home control segment would register the fastest CAGR of 18.5% during the study period. Smart home vendors are utilizing BCI technology with AR/VR technology to present the attractive product offerings, which boosts the segment growth.
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The global brain computer interface market was estimated at $1.36 billion in 2019, and is expected to hit $3.85 billion by 2027, registering a CAGR of 14.3% from 2020 to 2027.
Based on type, the non-invasive segment accounted for more than four-fifths of the global brain computer interface market share in 2019, and is expected to rule the roost by 2027. Non-invasive BCI systems are used as a tool for multiple applications ranging from communication, entertainment to rehabilitation, which drives the growth of the segment. At the same time, the invasive segment is expected to grow at the fastest CAGR of 18.4% throughout the forecast period. Invasive BCI devices mainly aim to provide functionality to paralyzed people. In addition, it can be used for restoring vision by connecting the brain with external cameras. These factors augment the growth of the segment.
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Increase in incidences of brain disorders affecting the movements of body, miniaturization of components, and rise in number of gaming industries implementing BCI technology fuel the growth of the global brain computer interface market. On the other hand, lack of expertise in implementing BCI systems, cyber security threats arising with BCI systems, and ethical issues issuing out of the implementation of BCI technologies curtail down the growth to some extent. However, rise in adoption of sensor technologies and emerging opportunities on the healthcare sector are expected to create multiple opportunities in the industry.
The global brain computer interface market analysis includes some of the key market players such as Advanced Brain Monitoring, Inc., Cadwell Industries, Inc., OpenBCI, Cortech Solutions, Inc., NeuroSky, Emotiv, G.tec medical engineering GmbH, Natus Medical Incorporated, NIHON KOHDEN CORPORATION, and Integra LifeSciences.
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Brain Computer Interface Market https://www.alliedmarketresearch.com/request-for-customization/505
•Intensive research activities conducted to develop a cure for fatal brain disorders and injuries have been slowed down due to lockdown.
•The governments that offer funding for R&D activities of BCI technology will put new investments on hold to fight the economic crisis.
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