Brain Computer Interface Global Market Report 2023
Major players in the brain computer interface market are Natus Medical Incorporated, NextMind SAS, CompumedicsNeuroscan, Brain Products GmbH, Integra LifeSciences Corporation, Emotiv Inc., NeuroSky Inc.
New York, March 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Brain Computer Interface Global Market Report 2023" - https://www.reportlinker.com/p06433321/?utm_source=GNW
, ANT Neuro GmbH, Neuroelectrics, Nihon Kohden Corporation, Blackrock Neurotech, Cadwell Industries Inc., Advanced Brain Monitoring, NIRx Medical Technologies, OpenBCI, g.tec medical engineering GmbH, Medtronic plc, MindMaze, CGX A Cognionics Company, Mind Technologies Inc., and CorTec GmbH.
The global brain computer interface market grew from $1.49 billion in 2022 to $1.72 billion in 2023 at a compound annual growth rate (CAGR) of 16.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The brain computer interface market is expected to grow to $2.96 billion in 2027 at a CAGR of 14.4%.
The brain-computer interface (BCI) market consists of sales of electroencephalogram (EEG)-based BCI, BCI based on electrocorticography (ECoG), intracranial electroencephalography (Ieeg), magnetoencephalography (MEG)-based BCI, functional magnetic resonance imaging (Fmri), functional near-infrared spectroscopy (Fnirs), convolutional neural network (CNN), and magnetic resonance imaging-CBI.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Brain-computer interface (BCI) refers to a computer-based system that collects brain signals, analyses them, and converts them into commands that are sent to an output device to perform a desired activity.The interface enables a direct communication pathway between the brain and the object to be controlled.
The main goal of BCI is to replace or restore useful function to people disabled by neuromuscular disorders such as amyotrophic lateral sclerosis, cerebral palsy, stroke, or spinal cord injury.
North America was the largest region in the brain computer interface market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the brain computer interface market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of brain-computer interfaces are invasive brain-computer interface, partially invasive brain-computer interface, non-invasive brain-computer interface, and other types.Invasive brain-computer interface (BCI) refers to a computer-based system in which electrodes are implanted directly onto the brain of the patient via surgery to collect brain signals, analyze them, and convert them into commands to form a communication channel with external devices.
The components involved are hardware and software that are used for healthcare, disabilities restoration, brain function repair, smart home control, communication and control, entertainment, and gaming applications. The different end users include medical, military, and others.
The increasing global geriatric population is expected to propel the growth of brain-computer interfaces going forward.The geriatric population refers to the elderly population with people aged 65 and over.
As populations are growing and aging, the prevalence of major disabling neurological disorders steeply increases with age which increases the demand for treatment, rehabilitation, and support services for neurological disorders such as brain-computer interfaces.In the geriatric population, brain-computer interfaces are used in training elderly people’s motor/cognitive abilities for preventing the aging effects, controlling home appliances, communicating with others during daily activities, controlling an exoskeleton to enhance the strength of the body’s joints, and other day-to-day tasks.
For instance, according to the World Health Organization (WHO), a Switzerland-based agency of the United Nations responsible for international public health, approximately 1 billion population aged 60 years and over in the year 2021 and expected to reach 1.4 billion in the year 2030 that equals 1 in 6 people in the world will be aged 60 years or over. Therefore, the increasing global geriatric population driving the growth of the brain-computer interfaces market.
Technological advancements are the key trend that is gaining popularity in the brain-computer interfaces market going forward.Major companies operating in the market are focused on product innovations to reinforce their position.
For instance, in March 2022, NexStem, a US-based company operating in mind-controlled brain-computer interface (BCI) solutions, introduced a non-invasive NexStem headset and NexStem Wisdom software kit that uses machine learning algorithms in real-time and enables the system to make fast computations and calculations of EEG data using GPUs in its algorithms for accurate data interpretation. Non-invasive NexStem headset consists of 15-pin dry Electroencefalography (EEG) electrodes and 16-channel EEG sensors which are capable of capturing and delivering accurate EEG signals and also offer 6 hours of battery life it is WiFiand luetooth enabled.
In May 2022, Blackrock Neurotech, a US-based company operating in brain-computer interfaces acquired MindX for an undisclosed amount.Through this acquisition, Blackrock Neurotech aims to strengthen its product portfolio in neurocomputing technology to boost interaction between patients, their physical environments, and the digital world to offer increased quality of life and autonomy.
MindX is a US-based company that provides advanced brain-computer interface products.
The countries covered in the brain computer interface market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The brain-computer interface market research report is one of a series of new reports that provides brain computer interface market statistics, including brain-computer interface industry global market size, regional shares, competitors with brain-computer interface market share, detailed brain computer interface market segments, market trends, and opportunities, and any further data you may need to thrive in the brain-computer interface industry. This brain-computer interface market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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