Brain Computer Interface Market Observes Tremendous Rise 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.

Market participants are focusing on various growth strategies such as investments and funding to accelerate research in the field of brain computer interface, which is expected to drive the global brain computer interface market over the forecast period. For example, in December 2020, researchers from the University of Cambridge's Bioelectronics Laboratory received funding from the European Innovation Council (EIC) for their project MITICS - Mixed Ionic and electronic transport in conjugated polymers for bioelectronics, which is being carried out to develop microelectronics in order to improve signal quality of a new generation of less invasive brain-computer interfaces (BCIs).

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 brain computer interface market is technology driven, with various technological advancements resulting in high functionality and device miniaturisation. The traditional use of EEG devices as a diagnostic tool has now expanded to a variety of applications (such as fatigue and stress monitoring) and as a means of communication for patients with 'locked-in syndrome' using a brain-computer interface (BCI). Furthermore, as computing power increases, more sophisticated applications for these devices are expected to hit the market in the coming years.

The global brain computer interface market is divided into three segments: type, application, and end-users. In terms of type, the market includes invasive, partially invasive, non-invasive, and others such as (EEG Based BCI, MEG, and MRI) brain computer interface. The market for brain computer interfaces by application is divided into three categories: disability restoration, brain function repair, and others. The market is divided geographically into North America, Europe, Asia, and the Rest of the World (RoW includes Latin America, Africa & Pacific countries).

Continuous advances in computational and sensor technology are expected to drive the market. Furthermore, ongoing research to develop treatments for fatal conditions such as brain disorders and injuries, sleep disorders, and cerebrovascular diseases is expected to drive market growth. Furthermore, clinical trials, research institutes, and government bodies have extended their assistance in the form of investments, funds, and grants, stimulating research activities to increase the use of brain computer interface. The use of brain computer interfaces is also expected to increase as demand for biocompatible materials rises. However, a lack of skilled technicians to handle these complex devices is a factor limiting the market's growth.

Top Companies Covered are- Mind Technologies Inc. (U.S.), Covidien, PLC (Ireland), Compumedics, Ltd.(Australia), Natus Medical, Inc. (U.S.), Nihon Kohden Corporation (Japan), Integra Life Sciences Corporation (U.S.), CAS Medical Systems (U.S.), and Advanced Brain Monitoring Inc. (U.S.)

For Press Release, visit- https://www.coherentmarketinsights.com/press-release/brain-computer-interface-market-3734

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