Brain computer interface (BCI), also referred to as neural-control interface (NCI), direct neural interface (DNI), mind-machine interface (MMI), or brain-machine interface (BMI), serves as a direct communication pathway or interactive platform connecting the brain with external devices. Brain imaging technologies, such as magnetoencephalography (MEG), electrocorticography (ECOG), functional magnetic resonance imaging (fMRI), and electroencephalography (EEG), are integrated into BCI systems to capture electrical signals transmitted by the human brain.
According to Data Bridge Market Research, the Brain-Computer Interface Market accounted for USD 1,740.00 million in 2022, and is expected to reach USD 5,691.49 million by 2030. The market is expected to grow with a CAGR of 15.61% in the forecast period of 2023 to 2030.
“Growing usage of electro-encephalography in the diagnosis of sleep disorders”
The utilization of electro-encephalography (EEG) has expanded beyond investigating and diagnosing brain disorders like strokes, seizures, tumors, and dementia. It is now extensively employed to detect the brain's electrical activity and identify abnormalities in brain waves. Notably, EEG has found application in diagnosing sleep disorders such as insomnia and narcolepsy, often as part of a polysomnography or sleep study. This increasing adoption of EEG for diagnosing sleep disorders is projected to fuel the growth of the brain computer interface market.
What restraints the growth of brain computer interface market?
“Shortage of skilled labors”
One significant obstacle impeding the growth of this market is the shortage of proficient technicians capable of handling and operating these intricate devices. According to a report by Gartner Inc., approximately 64% of IT professionals consider skill shortages as a primary hindrance to the widespread adoption of various emerging technologies. The lack of skilled personnel poses a challenge in effectively utilizing and maximizing the potential of these devices, thereby impeding market growth.
Segmentation: Global Brain Computer Interface Market
The brain computer interface market is segmented on the basis of component, type, application, technology and end-user.
- On the basis of component, the brain computer interface market is segmented into hardware, software.
- On the basis of type, the brain computer interface market is segmented into non-invasive, invasive, and partially invasive.
- On the basis of application, the brain computer interface market is segmented into medical, communication and control, gaming and virtual reality, smart home control.
- On the basis of technology, the brain computer interface market is segmented into electro-encephalography (EEG), magnetoencephalography (MEG), electrocorticography (ECoG), functional magnetic resonance imaging (fMRI), near-infrared spectroscopy (NIRS), intracortical neuro recording.
- On the basis of end user, the brain computer interface market is segmented into healthcare, education and research, defense and aerospace.
Regional Insights: North America dominates the Brain Computer Interface Market
North America dominates the global brain computer interface market in terms of revenue and market share. This is due to several clinical trials on brain devices and significant R&D investments undertaken in this area. Moreover, the constant rise in the prevalence of neurological diseases such as Huntington’s disease and Parkinson's, Alzheimer's, and is likely to drive market growth.
Asia-Pacific is expected to grow during the forecast period of 2023 to 2030 due to significant untapped prospects, rising healthcare expenditure and increased patient awareness. Foreign investors have been drawn to this profitable market by favorable taxation policies and low-cost production sites in this region.
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Recent Developments in Brain Computer Interface Market
- In April 2022, NEURABLE launched brain computer interface headphone. These headphones give user insight into how their brain work. This device aids users to manage time by suggesting break time period to maximize focus throughout the day.
- In October, 2019, Naxon Labs introduced brain to computer interface solution. This is a useful and affordable tool for engineering and information technology, medicine and neuroscience professionals.
The Prominent Key Players Operating in the Brain Computer Interface Market Include:
- Cadwell Industries, Inc (U.S.)
- Cortech Solutions Inc, (U.S.)
- IncNIHON KOHDEN CORPORATION (Japan)
- CAS Medical Systems, Inc (U.S.)
- Natus Medical Incorporated (U.S.)
- g.tec medical engineering GmbH (Austria)
- Medtronic (U.S.)
- Compumedics Neuroscan (U.S.)
- Brain Products GmbH (Germany)
- Integra Lifesciences (U.S.)
- Advanced Brain Monitoring, Inc. (U.S.)
- EMOTIV (U.S.)
- NeuroSky (U.S.)
- Interaxon, Inc. (Canada)
- ANT Neuro (U.S.)
- Neuroelectrics (Spain)
- Ripple Neuro (U.S.)
- NIRx Medical Technologies, LLC (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of brain computer interface market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Brain Computer Interface Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
