Brain Computer Interface Market is Estimated to Witness High Growth Owing to Advancements in Neuroscience
BURLINGAME, WASHINGTON, UNITED STATES, November 23, 2023 /EINPresswire.com/ — Market Overview:
The global brain computer interface market is estimated to be valued at US$ 773.0 million in 2022 and is expected to exhibit a CAGR of 11.4% over the forecast period (2023-2030). Brain Computer Interface enables direct communication pathways between the brain and an external electronic device. It provides new ways for humans to interact with and control computers or electronic devices though brain signals alone.
Market Dynamics:
The brain computer interface market is driven by advancements in neuroscience and research on brain signals. The brain activity recorded by electroencephalography and other devices is being studied extensively to understand how the brain works during various activities. This basic research is helping develop user-friendly and clinically-viable BCI systems. Additionally, the rising applications of BCI in gaming and virtual/augmented reality is also fueling the market growth. By reading electrical signals produced by neurons, BCIs have the potential to replace unintuitive interfaces with more natural modes of interaction through thought alone.
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Major companies in Brain Computer Interface Market are:
✤ Neuralink Corporation
✤ Neurable
✤ Emotiv Inc.
✤ BitBrain
✤ Alpha Omega
✤ Blackrock Microsystems LLC
✤ Femtonics Ltd
✤ NeuroNexus
✤ Opto Circuits (India) Limited
✤ BIOTRONIK
✤ Plexon Inc.
✤ Noldus Information Technology
✤ NextMind
✤ Nectome
✤ Paradromics
Note: Major Players are sorted in no particular order.
Market Drivers for Brain Computer Interface Market
Growing demand for augmented reality and virtual reality applications
The augmented reality and virtual reality industries are experiencing rapid growth in recent years. Brain computer interface technology plays an important role in developing advanced AR and VR applications that allow for more intuitive human-computer interaction. By directly reading signals from the brain, BCIs can detect user intentions and enable control of virtual objects through thought alone. This opens up many possibilities for immersive AR/VR experiences and is driving increased investment in BCI research and development.
Increasing focus on assistive technologies for disability patients
Brain computer interfaces offer promise to help individuals with severe motor impairments regain functionalities. For example, BCIs can aid paralyzed patients to operate computers or robotic arms using only their mind. The technology allows locked-in syndrome patients to communicate. Many organizations are working on BCIs specifically designed for clinical applications that restore or augment lost sensory and motor abilities. The growing disabled population worldwide provides a strong market driver for assistive BCIs.
Market Restrain for Brain Computer Interface Market
High cost of development and equipment
Developing clinically viable and reliable BCIs requires massive investments in multidisciplinary research involving neuroscience, medicine, engineering and computer science. The equipment used in BCI systems like EEG caps, implantable chips and decoding algorithms also involve high manufacturing costs. Although costs are expected to decline with time, current expenses serve as a major barrier restricting wider adoption, especially in developing countries and for home users.
Market Opportunity for Brain Computer Interface Market
Growth of consumer applications
With advancements reducing system complexity and size, BCIs are gradually becoming suitable for consumer applications beyond clinical domains. Examples include lie detectors, augmented gaming interfaces that respond to brain activity, mental typing and control of smart home devices using thoughts. As technology improves further to attain robustness, affordable form factors and user-friendliness, vast opportunities will emerge in the consumer segment for both business-to-business and direct-to-consumer BCIs. This represents a significant growth avenue going forward.
Market Trends in Brain Computer Interface Market
Advent of non-invasive BCIs
While implantable neural interfaces currently provide the strongest signals, non-invasive systems based on electroencephalography (EEG) are gaining maturity. Key drivers include the avoidance of surgery risks and higher public acceptability of the non-invasive approach. With innovations advancing EEG technologies towards higher signal quality, speed and portability, non-invasive BCIs are fast becoming the preferred alternatives especially for consumer and home use cases. Their development reflects a major transition trend reshaping the BCI landscape.
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Highlights of the global Brain Computer Interface Market report:
→ This analysis provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2023-2030), using 2021 as the base year. It also covers the global Brain Computer Interface Market in-depth.
→ It offers enticing investment proposition matrices for this sector and explains the likely future growth of key revenue streams.
→ Additionally, this study offers crucial insights into market forces, limitations, opportunities, new product introductions or approvals, market trends, regional perspective, and competitive tactics used by top rivals.
→ Based on the following factors: company highlights, product portfolio, significant highlights, financial performance, and strategies, it covers key players in the global Brain Computer Interface Market.
→ Marketers and company leaders will be able to make wise decisions about next product launches, type updates, market expansion, and marketing strategies thanks to the insights from this research.
→ A wide spectrum of industry stakeholders are covered by the global Brain Computer Interface Market research, including investors, vendors, product producers, distributors, new entrants, and financial analysts.
→ The many strategy matrices used in researching the global Brain Computer Interface Market will aid stakeholders in making decisions.
The research was developed through the synthesis, analysis, and interpretation of data gathered from multiple sources on the parent market. Additionally, analysis has been done of the economic circumstances and other economic indicators and factors to evaluate their respective impact on the Brain Computer Interface Market, along with the present impact, so as to develop strategic and informed projections about the scenarios in the market. This is mostly due to the developing countries’ unmet potential in terms of product pricing and revenue collection.
Key Questions Answered In The Report:
• Which regional market will experience the greatest and most rapid growth?
• Who are the top five Brain Computer Interface Market players?
• How will the Brain Computer Interface Market evolve over the next six years?
• What application and product will dominate the Brain Computer Interface Market?
• What are the market drivers and constraints for Brain Computer Interface Market?
• What will be the Brain Computer Interface Market’s CAGR and size during the forecast period?
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