Global Brain Computer Interface market overview 2024, Forecast To 2033
25 Jan, 2024
The brain computer interface market has witnessed rapid growth, increasing from $1.76 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period is attributed to increased demand for assistive technologies for individuals with disabilities, the growth in applications of BCIs in healthcare and rehabilitation, increased interest in gaming and entertainment using BCIs, government funding and support for BCI research and development, and improved signal processing and machine learning algorithms. Looking ahead to 2028, the market is projected to reach $3.56 billion at a CAGR of 15.0%. The anticipated growth is attributed to increasing investment in BCI startups and innovation, adoption of BCIs in education and skill enhancement, enhancing data privacy and security measures for BCIs, regulatory developments to facilitate BCI market growth, and growing interest in brain-computer interfaces for human augmentation and augmentation of AI. Major trends in the forecast period include BCIs and artificial intelligence, miniaturization and wearable BCIs, brain-to-cloud connectivity, neuroethics and data privacy, and brain-computer interface in education.
Global Brain Computer Interface Market Key Driver
The brain-computer interfaces market is expected to grow due to the increase in the global geriatric population. WHO estimates that the global population aged 60 and over reached 1 billion in 2021 and is expected to reach 1.4 billion by 2030. Brain-computer interfaces are utilized in training elderly individuals for motor/cognitive abilities, enhancing daily tasks, and preventing aging effects. The market's expansion is closely tied to the rising demand for neurotechnological solutions among the growing geriatric demographic.
Get A Free Sample Of The Global Brain Computer Interface Market ReportGlobal Brain Computer Interface Market Segments
The global brain computer interface market covered in this report is segmented –
1) By Type: Invasive Brain Computer Interface, Partially Invasive Brain Computer Interface, Non Invasive Brain Computer Interface, Other Types
2) By Component: Hardware, Software
3) By Application: Healthcare, Disabilities Restoration, Brain Function Repair, Smart Home Control, Communication and Control, Entertainment and Gaming
4) By End-User: Medical, Military, Other End-Users
Major Brain Computer Interface Industry Players
Natus Medical Incorporated, NextMind SAS, Compumedics Neuroscan, Brain Products GmbH, Integra LifeSciences Corporation, Emotiv Inc., NeuroSky Inc., ANT Neuro GmbH, Neuroelectrics, Nihon Kohden Corporation, Blackrock Neurotech, Cadwell Industries Inc., Advanced Brain Monitoring Inc., NIRx Medical Technologies LLC, g.tec medical engineering GmbH, Medtronic plc, MindMaze, CGX A Cognionics Company, Mind Technologies Inc., CorTec GmbH, Neuralink Corp., ClearPoint Neuro Co., Paradromics Inc., Higgs Boson Health, BrainScope Co. Inc., Neuromatters LLC, InteraXon Inc., Syncron International AB, Wispr AI, Inner Cosmos Inc., Neurolutions Inc.
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Brain Computer Interface Market Overview
Brain-computer interface (BCI) refers to a computer-based system that collects brain signals, analyses them, and converts them into commands that are sent to an output device to perform a desired activity. The interface enables a direct communication pathway between the brain and the object to be controlled. The main goal of BCI is to replace or restore useful function to people disabled by neuromuscular disorders such as amyotrophic lateral sclerosis, cerebral palsy, stroke, or spinal cord injury.
Brain Computer Interface Global Market Report 2023 provides data on the global brain computer interface market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The brain computer interface market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.