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Brain Computer Interface Market Technological Advancements & Competitive Insights with COVID-19 Impact | Advanced Brain Monitoring, Inc., Cadwell Industries, Inc., OpenBCI, Cortech Solutions, Inc

08-07-2020 09:29 AM CET | IT, New Media & Software

Press release from: Allied Market Research

Brain Computer Interface Market Technological Advancements &

Among various application of BCI, the smart home control is expected to witnessing significant growth, owing to usage of brain computer interface with AR/VR technology by smart home vendors to produce the attractive product offerings. Moreover, the BCI application in gaming & entertainment is also anticipated to grow due to rise in popularity of virtual gaming apps.

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

COVID-19 scenario

•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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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