The Brain-computer interface market is expected to reach USD 25.69 Billion by 2028, according to a new report by Reports and Data. Research and development in the brain-computer interface systems are developing rapidly and is focused mainly on neuroprosthetic applications. Any modification of thought process leads to the shift in electrophysiological signals, which gets recognized by the BCI system. These electrophysiological signals are converted into command signals by the BCI system which can be used for several applications such as the development of video games.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Research Methodology:
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Brain-Computer Interface Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Further key findings from the report suggest
- The Brain-computer interface market is estimated to reach USD 25.69 Billion by 2028, at a CAGR of 11.1% during the forecast period.
- Organizations dealing with BCI are adopting various strategies and developments to make their products compatible, enhanced, and innovative at the same time, involving in comprehensive research and development activities.
- BCI demand is projected to gain a substantial boost soon because of the rising prevalence of stroke, depression, and Parkinson’s disease among the population.
- The growing population could be exposed to brain-related disorders that lead to critical disabilities.
- The Invasive product is anticipated to grow at the highest rate of 11.6% during the forecast period.
- The medical end user segment accounts for the largest share of 37.8% of the market in 2020.
- Application in smart home control is anticipated to witness the highest CAGR of 11.5% during the forecast period.
- APAC is forecasted to grow at the highest CAGR of 11.6% during the forecast period.
- Various projects are being developed that operates by transforming the brain of a user into a link for the internet of things (IoT), which acts as a “plugged-in” brain to connect to the internet.
- Notable research efforts on a global scale have presented common platforms for technology regularity and help undertake highly complex and nonlinear brain dynamics and associated characteristic extraction and classification difficulties.
- In January 2015, Natus medical acquired Global Neuro-Diagnostics (GND).
- GND offers neuro-diagnostic services like complete video EEG testing used in the detection of cognitive impairments and neurological application.
- The Key players in the Brain Computer Interface Market include Cadwell Industries, Inc, Nerusky, Inc, Integra Life Sciences Corporation , Advanced Brain Monitoring, Mind Technologies Inc, ANT Neuro B.V, Nihon Kohden Corporation, Emotiv Systems, Inc, NeuroPace Inc, Blackrock Microsystems LLC, OpenBCI, Artinis Medical Systems B.V, Elekta AB, Mindmaze SA
For the purpose of this study, Reports and Data have segmented the market on the basis of Product, End user, Application and region:
Product Outlook (Revenue, USD Million; 2020-2028)
- Non-invasive BCI
- Invasive BCI
- Partially BCI
- Others
End user Outlook (Revenue, USD Million; 2020-2028)
- Medical
- Military
- Others
Application Outlook (Revenue, USD Million; 2020-2028)
- Healthcare
- Smart home control
- Communication
- Entertainment & gaming
Regional Outlook (Revenue, USD Billion ; 2020-2028)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Brain-Computer Interface market over the forecast period?
- What are the major factors driving the growth of the Global Brain-Computer Interface Market?
- What are the key challenges impacting the global Brain-Computer Interface market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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