Wilmington, DE, Nov. 16, 2023 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global brain-computer interface market is anticipated to reach $5,463.00 million by 2030. The market generated $1,488.00 million in 2020 and will rise at a CAGR of 13.9% during the 2021-2030 period. The report offers a comprehensive study of the growth drivers and opportunities, the competitive landscape of the industry, and the latest market trends.
The growth in the global brain computer interface market is on account of extensive adoption of BCI technology by various gaming industries. On the contrary, cyber security threats and ethical issues with respect to BCI systems might create hurdles in the growth of the market. Nonetheless, extensive use of sensor technology in the healthcare sector is estimated to create new avenues for growth in the industry.
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The global brain computer interface market has been studied across various segments such as component, type, application, and region. By application, the healthcare segment accounted for the largest market share in 2020 with around half of the total market revenue. The smart home control segment, however, is anticipated to have the highest CAGR of 19.0% during the forecast period.
By type, the non-invasive segment held the highest market share in 2020 with around three-fourths of the total share. The invasive segment, on the other hand, is predicted to rise with the highest CAGR of 18.1% in the analysis timeframe.
By region, the North America brain computer interface market gathered the highest revenue in 2020 and is set to dominate the market by 2030. The market in Asia-Pacific, however, is expected to be the fastest growing with a CAGR of 16.1% during the 2021-2030 timeframe.
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The leading companies of the market include Nihon Kohden Corporation, Advanced Brain Monitoring, Inc., Emotiv, Inc., Cadwell Laboratories Inc., Cortech Solutions, Inc., Guger Technologies, Integra LifeSciences, NeuroSky, Inc., Natus Medical Incorporated., and OpenBCI. These companies have employed different strategies such as mergers, collaborations, acquisitions, etc. to gain an advantage over their peers in the industry.
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Key Industry Developments -
On November 2023: Neurolutions, Inc., the leader in the use of non-invasive brain computer interface (BCI) technology for post-stroke therapy partnered with Kandu™ Health, a tech enabled health care services company that is changing the course of stroke recovery and post-acute care. Through this partnership the companies intends to accelerate access to breakthrough brain computer interface (BCI) and remote support for stroke rehabilitation.
On October 2023: Butterfly Network, maker of a handheld, smartphone-connected ultrasound system partnered with Forest Neurotech, a tech-enabled research company building a device for stimulating and imaging the brain with ultrasound. Through this partnership the companies intends to develop a whole-brain neural interface utilizing Butterfly's Ultrasound-on-Chip technology.
On October 2023: WiMi Hologram Cloud Inc., a leading global Hologram Augmented Reality ("AR") Technology provider launched a hybrid bios-signal-based brain-computer interface (HBS-BCI) that is rapidly gaining prominence. HBS-BCI technology is designed to improve classification accuracy, increase the number of commands, and shorten the time it takes for brain commands to be detected by integrating multiple biological signals.
On January 2023: MicroCloud Hologram a Hologram Digital Twins Technology provider, launched its holographic BCI (Brain-Computer Interface) data acquisition system. Holographic technology can be used as an information feedback tool for BCI systems, providing more realistic, prosperous, and stimulating contextual feedback for a more immersive user experience. BCI can be used as an input device for the holographic system, providing more direct and faster input.
On May 2022: Blackrock Neurotech acquired spatial computing software firm MindX to bolster its development of technologically advanced brain-computer interface products. BCI use in clinical applications is supported by user-friendly software that decodes neural activity and translates brain signals into digital commands.
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