Brain Computer Interface Market Observes Stupendous Growth in CAGR of 11.4% during the Forecast period 2021-2028

 

Brain Computer Interface Market

Brain Computer Interface (BCI) is a new technology that allows direct communication between the brain and an external device while bypassing normal neuromuscular pathways. It aids in the detection and diagnosis of various brain disorders such as epilepsy and brain tumours, as well as the restoration of impaired motor functions.

Over the forecast period, the increasing prevalence of brain disorders, brain tumours, and disabilities caused by stroke is expected to drive growth in the global brain computer interface market. According to Epilepsy Action Australia statistics from 2017, approximately 50 million people worldwide had epilepsy, with approximately 80% of those people living in emerging economies such as India, Brazil, and China.

Brain Computer Interface (BCI) technologies are allowing many businesses to meet the high capacity demands of touchless operations. People are devoting more time and money to personal technology such as smart speakers, smart watches, wearables, and virtual reality headsets. The Covid-19 pandemic has hastened the adoption of new technologies while increasing end users' reliance on social connection, entertainment, and educational experiences.

The global Brain Computer Interface Market is estimated to be valued at US$ 773.0 million in 2021 and is expected to exhibit a CAGR of 11.4% over the forecast period (2021-2028).

The technology of brain computer interfaces has proven to be useful in both medical and non-medical fields such as smart environments, games, safety, and others. However, there are several technological challenges that could stymie market growth in the near future. The difficulties are classified into the following categories: Neuropsychophysiological problems: The brain is the most complicated organ in the human body. As a result, the genetic complexity and diversity of the brain pose neurological challenges when using brain computer interface technology. Attention, fatigue, stress, and other emotions are examples of psychological challenges that vary according to individual personality.

A Brain Computer Interface (BCI), also known as a neural-control interface (NCI), mind-machine interface (MMI), direct neural interface (DNI), brain-machine interface (BMI), or brain-machine interface (BMI), and brain machine interface, is an interactive platform or direct communication pathway between the brain and an external device. Magnetoencephalography (MEG), functional Magnetic Resonance (fMRI), Electrocorticography (ECOG), and Electroencephalography (EEG) are brain imaging technologies that are integrated with brain machine interface systems to capture electrical signals sent by the human brain.

Major Companies involved are Neuralink Corporation, Neurable, Emotiv Inc., BitBrain, Alpha Omega, Blackrock Microsystems, LLC, Femtonics Ltd, NeuroNexus, Opto Circuits (India) Limited, BIOTRONIK, Plexon Inc., Noldus Information Technology, NextMind, Nectome, and Paradromics

 

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