New York, United States , June 14, 2024 (GLOBE NEWSWIRE) -- The Global Brain Computer Interface Market Size is Anticipated to Exceed USD 8.1 Billion by 2033, Growing at a CAGR of 13.92% from 2023 to 2033.
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The brain-computer interface (BCI) is a novel technology that enables a direct connection between the brain and an external device without the need for typical neuromuscular pathways. It aids in the detection and diagnosis of a wide range of brain illnesses, including epilepsy and brain tumors, as well as the recovery of compromised motor abilities. Brain imaging technologies include magnetoencephalography (MEG), electrocorticography (ECOG), functional magnetic resonance (fMRI), and electroencephalography (EEG). A brain-computer interface (BCI) is a system that uses an artificial output device to collect, analyze, and translate brain signals into instructions. The prevalence of various neurological disorders, such as stroke, Alzheimer's disease, Parkinson's disease, and amyotrophic lateral sclerosis (ALS). The rising prevalence of these neurological diseases highlights the critical need for BCI solutions. BCIs offer a novel approach to satisfying these demands. They can aid people with neurological difficulties in regaining control of their prosthetic limbs, using assistive devices, and communicating via brain signals. However, BCIs, primarily invasive, can be expensive since they require specialized instruments, surgery, and ongoing maintenance. The exorbitant expense of BCIs discourages a larger populace from using them. Furthermore, invasive BCIs, which involve introducing electrodes into the brain through surgery, have hazards such as infection, tissue damage, and long-term health issues.
Browse key industry insights spread across 266 pages with 110 Market data tables and figures & charts from the report on the “Global Brain Computer Interface Market Size, Share, Growth Analysis, By Product (Non-invasive, Invasive, Partial invasive), By Technology (Electroencephalography (EEG), Functional Magnetic Resonance Imaging (FMRI), Magnetoencephalography (MEG), Electrocorticography (ECoG), and Functional Near-Infrared Spectroscopy (fNIRS) ), By Application (Healthcare, Smart Home Control, Communication & Control, and Entertainment & Gaming) , and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The non-invasive segment is anticipated to hold the greatest share of the brain computer interface market during the projected timeframe.
On the basis of product, the global brain computer interface market is categorized into invasive, partially invasive, and non-invasive BCI. Among these, the non-invasive segment is anticipated to hold the greatest share of the brain-computer interface market during the projected timeframe. Non-invasive BCI is well-known because it can be applied to a wide range of products, such as headsets, amplifiers, and gaming controllers, generating substantial revenue. This technology is considered the safest because the method is less intrusive, which boosts segment growth.
The electroencephalography (EEG) segment is anticipated to grow at the fastest pace in the global brain computer interface market during the projected timeframe.
On the basis of technology, the global brain computer interface market is categorized into electroencephalography (EEG), functional magnetic resonance imaging (fMRI), magnetoencephalography (MEG), electrocorticography (ECoG), and functional near-infrared spectroscopy (fNIRS). Among these, the electroencephalography (EEG) segment is anticipated to grow at the fastest pace in the global brain computer interface market during the projected timeframe. Electroencephalography (EEG) is a common brain imaging modality for gathering brain activity among the several imaging techniques used in non-invasive BCI due to its simplicity, low cost, non-invasiveness, and high temporal resolution. The use of EEG technology in non-invasive BCI systems allows the induction of a variety of control signals, such as P300, MI, SSVEP, and others.
The healthcare segment is predicted to grow at the highest pace in the brain computer interface market during the estimated period.
On the basis of application, the global brain computer interface market is categorized into healthcare, smart home control, communication & control, and entertainment & gaming. Among these, the healthcare segment is predicted to grow at the highest pace in the brain-computer interface market during the estimated period. The healthcare segment is driven by the technology's broad variety of applications in the treatment of sleep disorders, neurological diseases, paralyzed patients, and neuroscience research.
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North America is expected to hold the largest share of the global brain computer interface market over the forecast period.
North America is expected to hold the largest share of the global brain computer interface market over the forecast period. This is mostly due to the region's high R&D spending and the large number of clinical trials on brain devices. In addition the rising frequency of neurological illnesses such as Parkinson's, Alzheimer's, and Huntington's disease in this region is likely to fuel market expansion. Also, the increased demand for immersive gaming is expected to drive the development of technologies such as augmented brain-computer interfaces, accelerating the adoption of BCI technology in this region. This is due to a rise in the incidence of neurological disorders, a growing number of clinical trials of BCI treatments, and rising government activities.
Asia Pacific is predicted to grow at the fastest pace in the global brain computer interface market during the projected timeframe. Significant undeveloped possibilities, rising healthcare spending, and increased patient awareness are expected to drive demand for BCIs in this region. India's applied neuroscience firm has entered into a Memorandum of Understanding with the Indian Institute of Technologies Palakkad to continue research into brain-computer interface (BCI) technologies for neuroenhancement and rehabilitation. Intensive research and development resulted in the release of numerous breakthrough products.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Brain Computer Interface Market are Natus Medical Incorporated, g.tec medical engineering GmbH, Medtronic, Compumedics Neuroscan, Brain Products GmbH, Integra Lifesciences Corporation, Advanced Brain Monitoring, Inc., EMOTIV, NeuroSky, Interaxon, Inc., ANT Neuro, Neuroelectrics, Ripple Neuro, NIRx Medical Technologies, LLC, OpenBCI, CGX, A Cognionics Company, and Others Key Players.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global brain computer interface market based on the below-mentioned segments:
Global Brain Computer Interface Market, By Product
- Non-invasive
- Invasive
- Partial invasive
Global Brain Computer Interface Market, By Technology
- Electroencephalography (EEG)
- Functional Magnetic Resonance Imaging (fMRI)
- Magnetoencephalography (MEG)
- Electrocorticography (ECoG)
- Functional Near-Infrared Spectroscopy (fNIRS
Global Brain Computer Interface Market, By Application
- Healthcare
- Smart Home Control
- Communication & Control
- Entertainment & Gaming
Global Psyllium Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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