Global Brain Computer Interface Market to be Driven by the Growing Problems of Neurological Diseases in the Forecast Period of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
Brain Computer Interface Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2021): USD 1.43 billion
Forecast CAGR (2023-2028): 16%
Forecast Market Size (2027): USD 3.39 billion
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The brain computer interface market is driven by the technological advancements in bio-sensing, nanotechnology, bio-signal processing, and neuro-imaging techniques, as well as increased R&D investments, are providing a bright outlook for the market. Furthermore, the increasing implementation of BCI in the defence and military sectors is projected to drive market growth.
Brain Computer Interface Industry Segments
Brain computer interface (BCI) technology helps people to connect with digital gadgets using their brain activity. BCI analyses and detects brain activity, or electrical impulses in the brain, using electrodes on the scalp, cortex, or cortical surface, to generate inputs, which are subsequently translated into commands and delivered to devices that carry out those commands.
This is a unique technique for persons with neuromuscular problems including cerebral palsy and any type of spinal cord injury, as well as patients who have had a stroke. BCI has a number of benefits, including the capacity to recover lost functions like movement and the ability to improve human performance, such as a sleepy driver being warned to stay awake while driving. BCI can also be used to improve the gaming experience by using VR (virtual reality) equipment.
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Based on type, the industry can be divided into:
On the basis of application, the industry can be classified into:
Communication and Control
Gaming and Entertainment
Smart Home Control
The regional markets include:
Middle East and Africa
Brain Computer Interface Market Trends
The brain computer interface industry is predicted to grow significantly due to increased investments in BCI technology research & development across several business verticals. Furthermore, the growing global problem of neurological illnesses is expected to provide a boost to the market's overall growth, as BCI technology offers potentially useful mechanisms that are expected to efficiently aid in the rehabilitation and improvement of patients suffering from neurological disorders.
According to the WHO's Neurological Illnesses Report issued in 2006, neurological disorders are expected to contribute a 12% rise in DALYs (disability-adjusted life years) globally by 2030. Alzheimer's and dementia cases are expected to grow by 66% between 2005 and 2030. DALYs are used to determine the overall disease burden by tallying the number of years a person lost due to early death or illness.
Key Market Players
The major players in the market are Advanced Brain Monitoring, Inc., CorTec GmbH, EMOTIV, Inc., Natus Medical Incorporated, g.tec medical engineering GmbH, and Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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