Fort Collins, Colorado, Oct. 11, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the brain-computer interface network market size was valued at USD 2 Billion in 2022 and is expected to reach USD 10.4 Billion by 2032 at a CAGR of 17.8%.
The report comprehensively analyzes the global market scenarios with key takeaways. The report also highlights the present and future trends in the industry, followed by actionable market insights. The potential of brain-computer interface devices for treating neurological illnesses is growing exponentially, especially in the healthcare sector. Patients can now benefit from a combination of gaming and neurology to aid their treatment.
The Brain-Computer Interface Network enables the brain to control external actions via a direct communication channel with a computing device. This technology primarily benefits geriatric patients with chronic disorders like Alzheimer's and Parkinson's. The market for brain-computer interfaces is driven by the increasing geriatric population worldwide, neurodevelopmental issues, and consumer desires for improved health.
The development of neuroscience is leading to advancements in real-time interaction with the brain's neural functions through microelectronic improvements. Wearable technology and computational intelligence have improved EEG-based BCIs, now used to help those with brain illnesses that impair mobility. BCI technology is proliferating due to component miniaturization and increased gaming businesses. Emotiv developed a neuro-gaming video game that uses a non-invasive brain-computer interface to enhance the user's experience.
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Segmentation Overview:
The Brain-computer interface network has been segmented based on product, application, component, and end-user. Based on product, the non-invasive category leads the market. EEG is widely used because of its low cost, high resolution, and mobility. Based on the application, the healthcare segment leads the market. Advancements in BCI aid in predicting disorders like epilepsy, brain tumors, and brain swelling for better patient management.
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Brain-computer Interface Network Market Report Highlights:
- The brain-computer interface network market is expected to reach USD 10.4 Billion by 2032.
- With the rapid progress in neuroscience, research on microelectronic enhancements is rapidly advancing the real-time interaction with the brain's neural functions.
- North America dominates the global market due to high investment in R&D activities and increased clinical trials.
- Some of the prominent players in the global brain-computer interface network market report include Openbci, Nihon Kohden Corporation, Neuroky, Natus Medical Incorporated, Integra Lifesciences, G.Tec Medical Engineering, Emotiv, Cortech Solutions, Caldwell Industries, Advanced Brain Monitoring Inc, Mind Technologies Inc, Medtronic, Compumedics Ltd, and Cas Medical Systems.
Industry Trends and Insights:
- Nita Farahany, a futurist and legal ethicist, claims that neurotechnologies have progressed from research labs to real-world applications. Brain-monitoring technologies are being used in schools, police investigations, and workplaces. Protecting our brain data is crucial.
- Nihon Kohden America, Inc. introduced CoMET (Continuous Monitoring of Event Trajectories), a machine learning tool that predicts future risk of catastrophic clinical events using patient data.
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Brain-computer Interface Network Market Report Segmentation:
- By Product: Invasive Brain-computer Interface, Partially Invasive Brain-computer Interface, Non Invasive Brain-computer Interface
- By Application: Healthcare, Entertainment & Gaming, Communication & Control, Smart Home Control, Brain Function Repair, Disabilities Restoration
- By Component: Hardware, Software
- By End-use: Military, Medical, Research, Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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