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The global brain-computer interface market size is expected to reach USD 5,070.7 Million in 2030 and register a revenue CAGR of 12.3% over the forecast period, according to the latest analysis by Emergen Research. The Brain-Computer Interface (BCI) Market is a quickly expanding sector that is revolutionising how we use technology. In order to establish a direct line of communication between the brain and an outside device—such as a computer, smartphone, or prosthetic limb—BCI technology is used. The way we engage with technology could be completely changed by this innovation, which would also benefit people with disabilities.
The increasing desire for better human-computer connection is one of the key factors driving the BCI industry. BCI technology enables users to operate objects with their thoughts, which can be especially useful for people with physical limitations or limited mobility. The BCI market is expanding as a result of improvements in machine learning and artificial intelligence that make it simpler to analyse and interpret brain signals.
The rising prevalence of neurological illnesses is another element fueling the expansion of the BCI market. The World Health Organisation estimates that up to one billion individuals worldwide suffer from neurological illnesses, and that figure is only anticipated to grow over the next several years. By enabling more effective communication and interaction with their environment, BCI technology has the potential to improve the lives of people with neurological illnesses.
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Despite the BCI market's optimistic development prospects, there are still some substantial entry-level obstacles. The intricacy of the human brain is one of the biggest issues BCI technology is now confronting. In order to create effective BCI systems, one must have cutting-edge technology and experience to interpret brain signals, which is a complex and difficult undertaking.
Additionally, a significant barrier to entry for many potential users is the expensive expense of BCI technology. Although the price of BCI technology has dropped recently, many people and organisations still find it to be unaffordable. As a result, BCI technology has not been widely used in many fields, such as healthcare, education, and gaming.
Despite these difficulties, the BCI market is expanding due to a number of causes. The growing number of research studies and clinical trials focusing on BCI technology is one of the main factors driving growth. The National Institutes of Health reported that there have been a lot more BCI-related research investigations in recent years, and this trend is anticipated to continue.
Brain Computer Interface Market Segmentation:
The Brain-Computer Interface (BCI) market can be segmented based on component type, product type, application, and end-use, and region. The component type segment is further divided into hardware and software, with hardware being the dominant segment in terms of revenue. According to statistics, the hardware segment accounted for the largest revenue share in 2019, and it is expected to maintain its dominance throughout the forecast period of 2019-2030.
The product type segment is categorized into invasive BCI, partially invasive BCI, and non-invasive BCI. Non-invasive BCI is expected to witness the highest growth rate during the forecast period, owing to its non-intrusive nature and ease of use. Partially invasive BCI is also gaining popularity due to its ability to offer more precise control compared to non-invasive BCI.
In terms of applications, the BCI market is segmented into healthcare, smart home control, communication & control, and entertainment & gaming. Healthcare is expected to be the largest application segment in the BCI market, owing to the increasing prevalence of neurological disorders and the growing demand for improved patient care. Additionally, BCI technology is being used in smart home control applications to improve the quality of life for individuals with disabilities.
The end-use segment of the BCI market includes medical, military, manufacturing, education & research, and others. The medical sector is expected to be the largest end-use segment, owing to the increasing adoption of BCI technology in healthcare applications. The military sector is also witnessing significant growth, due to the potential use of BCI technology in military applications, such as controlling unmanned vehicles and improving soldiers' cognitive abilities.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights From the Report
- Hardware segment accounted for the largest revenue share in 2021 due to the hardware components of BCI systems are essential for capturing brain signals and translating them into computer-readable data. Therefore, without robust and reliable hardware components, the entire BCI system cannot function effectively. Technological advancements in hardware components have improved the accuracy and speed of BCI systems, making them more efficient and reliable. For instance, the development of high-density electroencephalography (EEG) systems has allowed for the capture of brain signals with greater precision and detail.
- Non-invasive BCI segment is expected to register the fastest revenue CAGR during the forecast period due to the primary drivers of growth in the non-invasive BCI segment is the increasing demand for non-intrusive and user-friendly BCI systems. Non-invasive BCI technology uses external sensors, such as EEG, functional near-infrared spectroscopy (fNIRS), and magnetoencephalography (MEG), to detect brain signals without the need for invasive procedures. This makes non-invasive BCI systems more comfortable and less risky for users, thereby increasing their adoption.
- Healthcare segment revenue is expected to grow at fastest rate during the forecast period due to increasing adoption of BCI technology in the diagnosis and treatment of various neurological disorders. BCI systems can help in the early detection of neurological conditions, such as Alzheimer's disease, Parkinson's disease, and epilepsy, which can lead to better patient outcomes.
- The medical segment is expected to grow at a faster rate in terms of revenue share in the global Brain-Computer Interface (BCI) market over the forecast period due to increasing adoption of BCI technology in the diagnosis and treatment of various neurological disorders. BCI systems can help in the early detection of neurological conditions, such as Alzheimer's disease, Parkinson's disease, and epilepsy, which can lead to better patient outcomes.
- The North American market for brain-computer interfaces is anticipated to have the biggest revenue share over the forecast period. The global brain-computer interface market is being driven by increasing demand for cutting-edge BCI technologies from end-use sectors like the military, education & research, and healthcare, as well as a large pool of medical and non-medical device manufacturers and technology providers, growing adoption in the U.S. for the presence of several key market players as well as investors in BCI technology, followed by Mexico and Canada, and high R&D investments.
- Some companies in the global market report include Mind Technologies, Inc., Medtronic, Nihon Kohden Corporation, CAS Medical Systems, Inc., Advanced Brain Monitoring, Inc., EMOTIV, NeuroSky, G.Tec Medical Engineering GmbH, Integra LifeSciences, and Cortech Solutions, Inc.
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