New York US, May 02, 2022 (GLOBE NEWSWIRE) -- Brain Computer Interface Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Brain Computer Interface Market” information by Type, by Components, by End-User and Region – Forecast to 2030” market size to reach USD 5.48 billion, growing at a compound annual growth rate of 14.72% by 2030.
BCI Market Scope:
The global brain computer interface market is growing rapidly. Rapid adoption of these systems in communication and control applications is a major driving force. Initially developed for improving the quality of life of physically impaired and elderly patients, the brain-computer interface technology is now used as a neurofeedback training tool to improve cognitive performance.
Brain-computer interface (BCI) technology is slowly moving into the mass market, finding applications in measuring central nervous system (CNS) activities in the human body. BCI systems can also convert activities of the central nervous system into electrical signals, used as artificial outputs to restore, enhance, replace, supplement, or improve natural CNS output, changing the interactions between the CNS and its external/ internal environment.
Dominant Key Players on Brain Computer Interface Market Covered are:
- EMOTIV
- NeuroSky Inc
- Natus Medical Incorporated
- Compumedics Limited
- G.Tec
- Nihon Kohden Corporation
- Advanced Brain Monitoring Inc
- BrainCo Inc.
- Brain Products GmbH
- MindMaze
- Neuroelectrics
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Market USP Exclusively Encompassed:
Brain Computer Interface Market Drivers
The early adoption of BCI technology in various industries and high investments by governments to promote BCI technology applications across military & aerospace sectors are key market trends. Besides, investments by major industry providers in developing advanced BCI systems impact the market growth positively. BCI devices are increasingly used in treating many patients suffering from cognitive or physical impairments.
This technology promises greater improvements in the quality of life of physically impaired people, enhancing their autonomy and mobility. High investments in technology upgrades and funding to implement BCI devices in the healthcare sectors boost the market size. On the other hand, the ethical challenges of connecting brains to computers impede market growth.
Currently, implantable BCIs are extensively used to restore functions in people with paralysis and neurological disorders. BCI hardware and technology are used by patients using the neurotechnology to restore movement, communication, and touch to increase independence and quality of life.
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Segmentation of Market Covered in the Research:
The BCI market report is segmented into components, types, applications, technologies, end-users, and regions. The type segment comprises non-invasive, invasive, and partially invasive. The component segment comprises hardware and software. The application segment comprises medical, communication & control, gaming & virtual reality, smart home control, and others.
The technology segment comprises electroencephalography (EEG), magnetoencephalography (MEG), electrocorticography (ECoG), functional magnetic resonance imaging (fMRI), near-infrared spectroscopy (NIRS), intracortical neuro recording, and others.
The end-user segment comprises healthcare, education & research, defense and aerospace, and others. The region segment comprises the Middle East & Africa, Americas, Asia Pacific, Europe, and Rest-of-the-World.
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Regional Analysis
North America dominates the global brain computer interface market. The rising demand for advanced BCI technologies from healthcare, education & research, and defense & aerospace industries drives the market growth. Besides, the large presence of technology providers and medical & non-medical device manufacturers in this region boosts the BCI market size.
Among other North American countries, The US accounts for the largest share in the regional market, heading with the large pool of market players and investors in the BCI technology.
Europe seizes the second-largest share in the global brain computer interface market. Factors such as the increasing adoption of BCI devices and rising applications of BCI software in various hospitals, universities, and research institutes substantiate the region's market share.
With the growing uptake of BCIs, Germany dominates the regional market, followed by the UK. Furthermore, France, Russia, Spain, Italy, Bulgaria, the Netherlands, and Sweden are also estimated to boost the market growth in Europe.
The Asia Pacific region holds a considerable market share, emerging as a significant market for brain computer interfaces globally. The growing adoption of BCI technologies among small- and medium-sized enterprises and rapid economic growth in this region propels market growth.
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Competitive Landscape
The brain computer interface market appears extremely fragmented, considering the presence of established manufacturers. Eminent players seek opportunities to integrate across the extensive value chain while focusing on expanding production capacities, R&D investments, and M&A activities to gain additional impetus. They strive to deliver reliable, leading-edge brain computer interface technologies for various applications, substantially investing in developing adept technologies and products.
For instance, on Apr. 26, 2022, Blackrock Neurotech, a leading provider of brain-computer interface technology, announced a partnership with Phantom Neuro to enable prosthetics and exoskeletons that mimic human movement in real-time. Phantom Neuro is a neurotech startup recently launched by Blackrock Neurotech to deliver a high accuracy system for lifelike control of robotic orthopedic technologies.
Blackrock will become a research and development partner for Phantom Neuro's patent-pending Phantom X system, which offers highly accurate, nearly real-time control of current & next-generation assistive devices, including prosthetics and exoskeletons. The partnership would help accelerate Phantom X's research and development path to clinical trials.
On Apr. 22, 2022, Blackrock Neurotech announced the acquisition of MindX, a spatial computing software firm, to commercialize its brain-computer interface product. The company plans to integrate MindX's augmented reality (AR) and artificial intelligence (AI) technology with its BCI hardware. The acquisition would bolster Blackrock's existing software portfolio and enable it to deliver full-stack, integrated BCI products with innovative capabilities.
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