The global Brain-Computer Interface Market is exhibiting a huge growth with steady CAGR. Driving factors include cost-effectiveness, convenience and accessibility. Technology advancements and presence of government policies will further boost the global market
Pune, India, April 04, 2023 (GLOBE NEWSWIRE) -- The global Brain-Computer Interface Market size is projected to experience dynamic growth in the forthcoming years owing to the rising number of ageing population across the world, finds Fortune Business Insights™ in its report, titled “Brain-Computer Interface Market, 2023-2030”.
Notable Industry Development
Liminal Sciences and Hyperfine merged with HealthCor Catilo Acquisition Corp. The merger is valued at nearly USD 580 million. HealthCor Catilo shall be named Hyperfine and be listed under the ticker symbol HYPR at the NASDAQ stock exchange through this deal.
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Report Scope
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Report Coverage |
Details |
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Forecast Period |
2023 to 2030 |
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Base Year |
2022 |
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Historical Data |
2019 to 2021 |
Key Takeaways:
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Increasing prevalence of neurodegenerative disorders is anticipated to boost demand for effective brain diagnosis software.
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The growing popularity of brain-control interfaces for movement disorders and communication is expected to promote industry growth.
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Increasing demand for interface applications in the diagnostic sector may drive its growth.
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The brain-computer interface market share is expected to be dominated by North America.
Drivers & Restraints-
Rising Prevalence of Neurodegenerative Disorders to Foster Market Development
The rising prevalence of neurodegenerative disorders is expected to bolster the demand for effective brain diagnosis software. The rising popularity of brain-control interfaces for movement disorders and communication is likely to foster industry growth. Furthermore, the rising geriatric population is expected to bolster interface adoption. Also, the rising interface applications from the diagnostic sectors may increase its demand. In addition, the rising adoption of BCI from the restoration and rehabilitation sectors may drive the brain-computer interface market growth.
However, concerns regarding risks, uncertain results, and ethical issues may hinder the industry’s progress.
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Regional Analysis-
Presence of Key Players to Propel Market Development in North America
North America is expected to dominate the brain-computer interface market share because of several major players. Furthermore, the rising incidence of brain disorders is expected to bolster brain-computer interface adoption. These factors may foster industry growth.
In Europe, the rising adoption of BCI devices from research centers, hospitals, and universities is expected to boost sales. This factor may stoke market development in the region.
In Asia Pacific, strong investments in research and development are expected to boost the product’s adoption. In addition, the rising healthcare investments and medical expenditures are expected to bolster market growth.
Competitive Landscape-
Major Players Announce Innovative Products to Boost Brand Image
The prominent companies operating in the market announce innovative products to attract consumers and boost brand image. For example, NEURABLE announced its brain-computer interface headphones in 2021. The headphones offer consumers insights into brain functioning. This development may enable companies to attract consumer attention and boost brand position globally. Further, rising investments in the development of infrastructure may enable the company to attract several consumers and enhance market presence. Additionally, the adoption of research and development, partnerships, acquisitions, mergers, and expansions may enable companies to boost their market position.
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List of Key Players Covered in the Brain-Computer Interface Market Report:
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NEURALINK
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NEURABLE
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EMOTIV
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Paradromics
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mindmaze
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Bitbrain Technologies
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Pison
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NextMind
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NIHON KOHDEN CORPORATION
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NeuroSky
This Report Answers the Following Questions:
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How will the manufacturers cope up with the impacts COVID-19?
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Which company is expected to generate the highest revenue?
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What are the market growth drivers, hindrances, and dynamics?
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Which segment is set to dominate the market in terms of share?
Market Segmentation:
By Type
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Invasive
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Non-invasive
By Application
By End User
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Hospitals
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Research Centre
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Rehabilitation Centre
By Geography
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North America (USA and Canada)
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Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
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Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
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Latin America (Brazil, Mexico and Rest of Latin America)
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Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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