The global brain computer interface market size is likely to attain over USD 5.81 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 14.7% during the forecast years 2021-2028. The brain computer interface market is technology-driven, and it is always undergoing technical breakthroughs that have resulted in increased functionality and device downsizing. The conventional use of EEG devices as a diagnostic tool has now expanded to include a variety of applications (such as tiredness and stress monitoring), as well as a way of communication for patients with "locked-in syndrome" who utilize a brain-computer interface (BCI). In addition, as computer power improves, more complex uses for these devices are likely to emerge in the future years.
Continuous advances in computational and sensor technologies are expected to boost the industry. Continuous research to find therapies for deadly ailments such as brain disorders and traumas, sleep problems, and cerebrovascular diseases is another driver that is expected to fuel market growth. Furthermore, clinical trials, research institutions, and government organizations have offered assistance in the form of investments, finances, and grants, which have sparked research into the usage of brain computer interfaces. The need for biocompatible materials is projected to increase as the usage of brain computer interfaces becomes more common.
Because of the growing rates of brain illnesses and cerebrovascular diseases, North America held the largest share of the brain computer interface market in 2019. This makes it easier for the North American area to build technologically superior BCI systems. As a result, there is fierce rivalry among companies to create novel products at reasonable costs that also comply with FDA requirements, which drives the entire BCI technologies market and the BCI industry's growth in this area.
Prominent players operating in the global Brain Computer Interface market are Nihon Kohden Corporation, Compumedics Ltd., Emotive Incorporation, g.tec medical engineering GmbH, Medtronic Plc.
Segment Overview of Global Brain Computer Interface Market
Application Overview, 2019-2028 (USD Million)
- Communication & Control
- Smart Home Control
- Entertainment & Gaming
Type Overview, 2019-2028 (USD Million)
- Partially invasive
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America