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Brain Computer Interface Market Growth Opportunities, Size, Share Analysis, Recent Developments And Forecast To 2032
Brain Computer Interface Market Analysis
The Business Research Company's Brain Computer Interface Global Market Report 2023 identifies increase in global geriatric population as the major driver for the brain computer interface market's growth in the forecast period. The geriatric population refers to the elderly population with people aged 65 and over. As populations are growing and aging, the prevalence of major disabling neurological disorders steeply increases with age which increases the demand for treatment, rehabilitation, and support services for neurological disorders such as brain-computer interfaces. In the geriatric population, brain-computer interfaces are used in training elderly people's motor/cognitive abilities for preventing the aging effects, controlling home appliances, communicating with others during daily activities, controlling an exoskeleton to enhance the strength of the body's joints, and other day-to-day tasks.
The global brain computer interface market size grew from $1.49 billion in 2022 to $1.72 billion in 2023 at a compound annual growth rate (CAGR) of 16.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The brain computer interface market size is expected to grow to $2.96 billion in 2027 at a CAGR of 14.4%.
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Major competitors in the brain computer interface market are Natus Medical Incorporated, NextMind SAS, CompumedicsNeuroscan, Brain Products GmbH, Integra LifeSciences Corporation, Emotiv Inc.
A key trend in the brain computer interface market includes technological advancement. Major companies operating in the market are focused on product innovations to reinforce their position. For instance, in March 2022, NexStem, a US-based company operating in mind-controlled brain-computer interface (BCI) solutions, introduced a non-invasive NexStem headset and NexStem Wisdom software kit that uses machine learning algorithms in real-time and enables the system to make fast computations and calculations of EEG data using GPUs in its algorithms for accurate data interpretation. Non-invasive NexStem headset consists of 15-pin dry Electroencefalography (EEG) electrodes and 16-channel EEG sensors which are capable of capturing and delivering accurate EEG signals and also offer 6 hours of battery life it is WiFiand luetooth enabled.
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The brain computer interface market is segmented -
1) By Type: Invasive Brain Computer Interface, Partially Invasive Brain Computer Interface, Non Invasive Brain Computer Interface, Other Types
2) By Component: Hardware, Software
3) By Application: Healthcare, Disabilities Restoration, Brain Function Repair, Smart Home Control, Communication and Control, Entertainment and Gaming
4) By End-User: Medical, Military, Other End-Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the brain computer interface market.
The Business Research Company's "Global Brain Computer Interface Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Brain Computer Interface Market Include:
1. Executive Summary
2. Brain Computer Interface Market Characteristics
3. Brain Computer Interface Market Trends And Strategies
4. Brain Computer Interface Market - Macro Economic Scenario
5. Brain Computer Interface Market Size And Growth
……..
26. Africa Brain Computer Interface Market
27. Brain Computer Interface Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Brain Computer Interface Market
29. Brain Computer Interface Market Future Outlook and Potential Analysis
30. Appendix
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