Rockville , Sept. 21, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, The Brain-Computer Interface Market revenue was estimated at US$ 1.6 billion in 2022 and is anticipated to grow at a CAGR of 13.6% from 2023 to 2033. By the end of 2033, Brain-Computer Interface is expected to reach a valuation of US$ 6.5 billion. Brain-Computer Interface demand in healthcare is expected to account for significant growth with a projected CAGR of 13.1% from 2023 to 2033.
Brain-Computer Interface (BCI) has the potential to help in stroke recovery by providing real-time feedback and facilitating neurofeedback training. BCIs can identify patterns of brain activity related with motor function, allowing stroke patients to visualize and modify their brain signals during rehabilitation activities to improve recovery. Furthermore, BCIs show promise in the rehabilitation of those with spinal cord injury or paralysis. BCIs, which decode neural impulses from the brain, can allow users to operate external equipment such as robotic arms or assistive technologies in order to restore functional abilities and increase independence.
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BCIs can help people with illnesses like traumatic brain injury or cognitive deficits with their cognitive rehabilitation. Brain activity patterns connected with attention, memory, and cognitive processing may be monitored with BCIs. They can assist individuals improve their cognitive capacities through focused training sessions by delivering real-time feedback. By enabling direct contact between the brain and external equipment, BCIs also show promise in the treatment of neurological illnesses.
| Report Attributes | Details |
| Value Projection (2033) | US$ 6.5 billion |
| Growth Rate (2023-2033) | 13.6% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 32 Tables |
| No. of Figures | 160 Figures |
The Key Players in The Market Include The Key Players In The Market
- Natus Medical Incorporated,
- g.tec medical engineering GmbH,
- Medtronic,
- Compumedics Neuroscan,
- Brain Products GmbH,
- integra life sciences corporation,
- Advanced Brain Monitoring,
- EMOTIV,
- NeuroSky,
- Interaxon, Inc,
- ANT Neuro,
- Neuro electrics,
- Ripple Neuro,
- NIRX Medical Technologies, LLC,
- Open BCI,
- CGX.
Competitive Analysis:
The market players are investing heavily in expanding their presence in various segments around the world. The companies are also focusing on collaborations to augment their market positions.
A few of the recent developments in the Brain-Computer Interface Market are:
- In May 2021 – A study conducted by Willett, F.R., Avansino, D.T., Hochberg, L.R. et al. from Stanford University described a breakthrough BCI system that enabled a paralyzed individual to communicate by imagining writing letters using a hand-held robotic arm. The system relied on an array of electrodes implanted in the motor cortex.
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Analysis by country
The United States Brain-Computer Interface Market Analysis:
The market in the US is anticipated to increase by US$ 1 billion in absolute terms, reaching a value of US$ 1.4 billion. From 2018 to 2022, the market in the United States grew at a CAGR of 15.5%, and from 2023 to 2033, it is anticipated to grow at a CAGR of 13.7%.
In 2020, there were more than 1 million Americans with Parkinson's disease, and by 2030, that number is expected to reach over 1.2 million. By tracking and controlling brain activity, BCIs have the potential to treat Parkinson's disease. Parkinson's patients with BCIs have improved motor control and quality of life by reducing symptoms including tremors and rigidity and delivering tailored electrical stimulation. As a result, it is anticipated that the demand for BCIs will grow along with the country's increase in Parkinson's patients during the evaluation period.
Market Research On Brain-Computer Interfaces In The UK
The market in the United Kingdom is anticipated to increase by US$ 181.7 million in absolute terms, reaching a value of US$ 254.8 million. From 2018 to 2022, the market in the United Kingdom grew at a CAGR of 15.2%, and from 2023 to 2033, it is anticipated to grow at a CAGR of 13.3%.
Parkinson's disease is expected to affect approximately 172,000 people in the United Kingdom by 2030, up from the estimated 145,000 cases in 2022. The demand for Brain-Computer Interfaces is anticipated to grow during the assessment period as a result of the country's increasing Parkinson's disease cases.
Segmentation of the Brain-Computer Interface Market
The Brain-Computer Interface (BCI) market can be segmented into three product categories: Invasive, Partially Invasive, and Non-invasive BCIs. Applications include Healthcare, Disabilities Restoration, Brain Function Repair, Smart Home Control, Communication & Control, and Entertainment & Gaming. End-use sectors encompass Medical and Military. Geographically, the market spans North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa, with each region contributing to the market's growth in unique ways.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Brain-Computer Interface market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals segments of the Brain-Computer Interface In terms of Components (Eye Attached Tracking, Optical Tracking, and Electrooculography), Application (Healthcare, Retail, Research, Automotive, and Consumer Electronics), and Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) from 2023 to 2033.
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Brain Monitoring Devices Market: The global brain monitoring devices market is currently valued at US$ 6.5 billion and is expected to increase at a noteworthy CAGR of 6% to reach US$ 8.7 billion by the end of 2027.
Neurology Devices Market: The market for neurology devices is expected to reach US$ 13 billion by 2027.
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