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Brain Computer Interface Market Seeking Excellent Growth | Nihon Kohden Corporation, Compumedics Ltd., Emotive Incorporation, g.tec medical engineering GmbH, Medtronic Plc.

08-05-2021 06:34 AM CET | IT, New Media & Software

Press release from: Adroit Market Research

Brain Computer Interface Market

Brain Computer Interface Market

The global brain computer interface market size is likely to attain over USD 5.81 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 14.7% during the forecast years 2021-2028. A brain-computer interface (BCI) is a technology that allows for direct connection between a functional brain and peripheral electronic devices used to calibrate movement in physically challenged people. A brain-computer interface system uses signaling devices implanted within the brain or sensors placed on the scalp to capture brain impulses from the cortex's surface. These signals are subsequently sent to the linked peripheral device, allowing the user to execute a variety of activities.

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In addition to technological advancements that allow paralyzed people to communicate and move, the growing prevalence of neuroprosthetic diseases and an aging population are significant drivers of the brain-computer interface industry. Furthermore, the home management system, application of BCI technology in virtual gaming, and military communication expand the applicability of brain-computer interface systems, fuelling the market growth.

The increasing frequency of neurodegenerative diseases such as Parkinson's and Alzheimer's disease, as well as epilepsy, is estimated to boost demand for brain-computer interfaces during the estimation period. Brain-computer interface (BCI) technology is rapidly being employed in the mobile and virtual gaming sectors, with BCI being integrated into virtual reality (VR) headsets. Virtual gaming has opened up a host of new opportunities for mind-controlled headsets and gadgets, accelerating the development of brain-controlled interface technologies. Manufacturers are concentrating on the creation of BCI-enabled video games. For example, Valve intended to release games with BCI technology in March 2019. These kinds of breakthroughs are likely to drive the market for brain-controlled computer interface technologies in the future years.

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Because of their great precision and dependability, brain-computer interface devices are ideal for controlling smart home applications. In the next years, the aforementioned reasons are likely to enhance demand for brain-computer interface systems.

There are three distinct segments of the brain-computer interface industry: application, type, and geographic location. Depending on product type, this industry is divided into non-invasive, invasive, and partially invasive products. According to the market share forecasts, the non-invasive category will continue to dominate the market in 2020. The surge in acceptance of non-invasive brain-computer interface systems, which are used to operate robotic arms that benefit paralyzed persons in the healthcare business, is linked to the segment's growth. In terms of application, this market is fragmented into communication & control, smart home control, healthcare, entertainment & games, and others.

North American market dominated the market in 2019 as a result of increased research & development venture and high clinical trials on brain devices. Furthermore, growing rates of neurological diseases such as Parkinson's, Alzheimer's, and Huntington's disease are projected to drive regional market expansion. Increasing demand for immersive gaming is expected to fuel the development of technologies such as improved brain-computer interface, accelerating the region's adoption of BCI technology.

Prominent players operating in the global Brain Computer Interface market are Nihon Kohden Corporation, Compumedics Ltd., Emotive Incorporation, g.tec medical engineering GmbH, Medtronic Plc.

Segment Overview of Global Brain Computer Interface  Market

Application Overview, 2019-2028 (USD Million)

Communication & Control

Healthcare

Smart Home Control

Entertainment & Gaming

Others

Type Overview, 2019-2028 (USD Million)

Invasive

Non-invasive

Partially invasive

Regional Overview, 2019-2028 (USD Million)

North America

U.S.

Canada

Europe

UK

Germany

France

Rest of Europe

Asia Pacific

China

Japan

India

Rest of Asia-Pacific

Middle East and Africa

UAE

South Africa

Rest of Middle East and Africa

South America

Brazil

Rest of South America

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About Us :

Adroit Market Research is an India-based business analytics and consulting company. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market's size, key trends, participants and future outlook of an industry. We intend to become our clients' knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

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