New York, U.S., May 02, 2022 (GLOBE NEWSWIRE) — Brain Computer Interface Market Overview:
According to comprehensive research report by Market Research Future (MRFR), information on “Computer Brain Interface Market” by Type, by Components, by End User and Region – Forecast to 2030 Market Size will 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. The rapid adoption of these systems in communication and control applications is a major driver. Originally developed to improve the quality of life of physically disabled and elderly patients, brain-computer interface technology is now used as a neurofeedback training tool to improve cognitive performance.
Brain-computer interface (BCI) technology is slowly moving towards the mass market, finding applications in measuring central nervous system (CNS) activities in the human body. BCI systems can also convert central nervous system activities into electrical signals, used as artificial outputs to restore, enhance, replace, supplement or enhance the natural output of the CNS, altering the interactions between the CNS and its external/internal environment.
The Dominant Key Players in Brain Computer Interface Market Covered Are:
- NeuroSky Inc
- Natus Medical Incorporated
- Compumedics Limited
- Nihon Kohden Corporation
- Advanced Brain Monitoring Inc
- BrainCo Inc.
- Brain Products GmbH
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Brain Computer Interface Market Drivers
Early adoption of BCI technology in various industries and large investments by governments to promote the applications of BCI technology in military and aerospace sectors are the major market trends. Additionally, investments by industry leading vendors in the development of advanced BCI systems are positively impacting the growth of the market. BCI devices are increasingly being used to treat many patients with cognitive or physical impairments.
This technology promises greater improvements in the quality of life of people with physical disabilities, improving their independence and mobility. High investments in technological upgrades and funding to implement BCI devices in healthcare sectors are increasing the market size. On the other hand, ethical challenges in connecting brains to computers are hampering the growth of the market.
Currently, implantable BCIs are widely used to restore function in people with paralysis and neurological disorders. BCI hardware and technology are used by patients using neurotechnology to restore movement, communication and touch to increase independence and quality of life.
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Market Segmentation Covered by Research:
The BCI Market report is segmented into Components, Types, Applications, Technologies, End Users, and Regions. The type segment includes non-invasive, invasive, and partially invasive. The component segment includes hardware and software. The application segment includes medical, communication and control, games and virtual reality, smart home control and others.
The technology segment includes Electroencephalography (EEG), Magnetoencephalography (MEG), Electrocorticography (ECoG), Functional Magnetic Resonance Imaging (fMRI), Near Infrared Spectroscopy (NIRS), Intracortical Neuro Recording, etc. .
The end-user segment includes healthcare, education and research, defense and aerospace, and others. The regional segment includes Middle East and Africa, Americas, Asia-Pacific, Europe and Rest of the World.
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North America dominates the global market for brain-computer interfaces. Rising demand for advanced BCI technologies in healthcare, education and research, defense and aerospace sectors is driving the growth of the market. In addition, the strong presence of technology vendors and manufacturers of medical and non-medical devices in this region enhances the size of the BCI market.
Among other North American countries, the United States accounts for the largest regional market share, leading the vast pool of market players and investors in BCI technology.
Europe grabs the second largest share of the global brain-computer interface market. Factors such as growing adoption of BCI devices and increasing applications of BCI software in various hospitals, universities and research institutes are justifying the market share in the region.
With the growing adoption of BCIs, Germany dominates the regional market, followed by the UK. Additionally, France, Russia, Spain, Italy, Bulgaria, Netherlands, and Sweden are also expected to drive the market growth in Europe.
The Asia-Pacific region holds a considerable market share, emerging as an important market for brain-computer interfaces globally. Increasing adoption of BCI technologies by small and medium enterprises and rapid economic growth in this region are driving the growth of the market.
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The brain-computer interface market appears extremely fragmented given the presence of established manufacturers. Prominent players are looking for integration opportunities across the extended value chain while focusing on expanding production capacities, R&D investments, and M&A activities to gain additional momentum. They strive to provide reliable and state-of-the-art brain-computer interface technologies for various applications, investing heavily in the development of suitable technologies and products.
For example, on April 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 provide a high-precision system for realistic control of robotic orthopedic technologies.
Blackrock will become a research and development partner for Phantom Neuro’s patent-pending Phantom X system, which provides highly precise, near real-time control of current and next-generation assistive devices, including prostheses and exoskeletons . The partnership would help accelerate Phantom X’s research and development path to clinical trials.
On April 22, 2022, Blackrock Neurotech announced the acquisition of MindX, a spatial computing software company, to commercialize its brain-computer interface product. The company plans to integrate MindX’s augmented reality (AR) and artificial intelligence (AI) technology into its BCI hardware. The acquisition would strengthen Blackrock’s existing software portfolio and enable it to deliver comprehensive, integrated BCI products with innovative capabilities.
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