The global brain computer interface market will observe a growth at 14.0% CAGR, reaching a projected valuation of USD 5.46bn by 2028, while it valued at USD 1.48bn in 2021.
The Healthcare sector is ever growing and with the digitalization and onset of covid 19 pandemic, the demand for telehealth services is surging, which would expand the brain computer interface market during the forecast period.
ResearchMoz in its report elucidates the global brain computer interface market in-depth, which includes the size, growth drivers, opportunities, restraints, challenges, regional growth along with competitive edge.
Integration of Artificial Intelligence to Drive the Brain Computer Interface Market
Artificial Intelligence and Machine Learning is proving to be quite an influential technology for the health care sector. The AI helps in introducing non-invasive modalities in the health infrastructure for devices such as EEG, MRI, and FMRI. Further, the precision provided by AI is not only making the surgeries less invasive but also safe and effective. This efficaciousness offered by AI will drive the Brain Computer Market during the forecast period. increasing demand from the healthcare sector for diagnosis and treatment of various diseases are also boosting the growth opportunities for this market.
Healthcare Sector Bolsters the Demand
The applications of brain-computer interfaces such as controlling prosthetic limbs, assisting people with disabilities, and treating conditions like epilepsy and Parkinson’s disease will boost the demand in the coming years. Further, the high applicability of this device in treatments such as neurological diseases and sleep disorders will bolster the growth opportunities for the brain computer interface market over the forecast period.
Rising research and development activities and support from governments will boost the market in the coming years. The report by ResearchMoz cites increasing demand for BCI devices from the healthcare and defence sectors as the main driver of growth in the BCI market.
Rising awareness about the benefits of BCIs among consumers will fuel the growth of this market in the forecast period.
Treatment of various neurological disorders, such as epilepsy, Parkinson’s disease, chronic pain, and multiple sclerosis will be benefitted by BCIs, thus paving the way for this market to expand.
North America will lead the global brain computer interface market during the forecast period. The growth can be attributed to rising investment for research and development activities.
The Asia Pacific will grow significantly over the forecast period, owing to rising purchasing power and increased spending for healthcare.
The detailed report on many strategies undertaken by the major players is available with ResearchMoz, which would help new entrants to make informed and smart decision to thrive in the market.
The key players are investing heavily on research and development and product innovation to capture the untapped markets and position themselves in the global brain computer interface market.
The current key players of the brain computer interface market are –
- Brain Products GmbH
- Integra Lifesciences Corporation
- Advanced Brain Monitoring, Inc.
- Compumedics Neuroscan
- NIRx Medical Technologies, LLC
- CGX, A Cognionics Company
- Natus Medical Incorporated
- tec medical engineering GmbH
- Interaxon, Inc.
- ANT Neuro
- ANT Neuro
ResearchMoz analyses the brain-computer interface market thoroughly and shares a comprehensive report that includes all the aspects of the market such as size, opportunities, threats, drivers, etc. The report is based on factual information and projections, which will enable stakeholders to stay updated to succeed in this area.
Some of the key takeaways from the report are as follows-
- The global brain-computer interface market is projected to grow at a CAGR of 14.0% between 2021 to 2028
- An increasing number of initiatives undertaken by governments and private organizations to promote the use of BCIs in various medical applications such as neurodegenerative diseases, epilepsy, paralysis, and traumatic brain injury.
- The increasing adoption of BCI-enabled devices for gaming and entertainment applications is driving the growth of this market in the coming years.
- The rising number of research and development activities are expected to drive the growth of the BCI market during the forecast period.
Product Outlook (Revenue, USD Billion)
- Invasive BCI
- Non-invasive BCI
- Partially Invasive BCI
Application Outlook (Revenue, USD Billion)
- Smart Home Control
- Communication & Control
- Entertainment & Gaming
- Disabilities Restoration
- Brain Function Repair
End-use Outlook (Revenue, USD Billion)
- The Netherlands
Middle East & Africa
- South Africa
- Saudi Arabia