Reports And Data
The growth of the market is governed by various factors such as increased incidences of mental disorders across various regions
NEW YORK, NY, UNITED STATES, December 8, 2021 /EINPresswire.com/ — The Brain-computer interface market is expected to reach USD 25.69 Billion by 2028, according to a new report by Reports and Data. Research and development in the brain-computer interface systems are developing rapidly and is focused mainly on neuroprosthetic applications. Any modification of thought process leads to the shift in electrophysiological signals, which gets recognized by the BCI system. These electrophysiological signals are converted into command signals by the BCI system which can be used for several applications such as the development of video games.
BCIs (Brain-computer interfaces) are a recovery device for tetraplegia patients that intend to enhance the quality of life by increasing communication, selfâ€care, and control of the environment. The neurobiology of both recovery and BCI command depends upon learning to transform the efficiency of spared neural groups that imitate sensation, movement, and thought through continuous practice with feedback and remuneration. BCI demand is projected to gain a substantial boost soon because of the rising prevalence of stroke, depression, and Parkinson’s disease among the population.
The market in the North America region accounts for the largest share of 42.3% of the market in 2020. The largest share is due to the growing population, rising occurrence of neurodegenerative disorders coupled with the increasing prevalence of virtual gaming. The growing population could be exposed to brain-related disorders that lead to critical disabilities.
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The report is formulated through exhaustive primary and secondary research which is verified and validated by industry experts, research analysts, and professionals. The report aims to help readers and users improve their business performances by providing insightful data about business sphere such as recent technological development, product advancements, and adoption of strategic business steps. The report also offers extensive analysis of the competitive landscape along with business overviews, expansion plans, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product and brand promotions, government and corporate deals, and partnerships among others.
Top Companies in the Market Include:
Cadwell Industries, Inc, Nerusky, Inc, Integra Life Sciences Corporation , Advanced Brain Monitoring, Mind Technologies Inc, ANT Neuro B.V, Nihon Kohden Corporation, Emotiv Systems, Inc, NeuroPace Inc, Blackrock Microsystems LLC, OpenBCI, Artinis Medical Systems B.V, Elekta AB, Mindmaze SA
Increasing focus on development of vaccines to combat COVID-19 pandemic and focus on preventive medicine to mitigate future epidemics and pandemics, rising number of product approvals for drugs and therapeutics, and rapid digital transformation in the pharmaceutical and healthcare industry are some key factors expected to drive revenue growth over the forecast period. With the social distancing norms in place and growing focus on telemedicine, digital technologies were adopted at an accelerated rate allowing healthcare professionals to efficiently manage health of the patients. One of the most crucial drivers of the pharma & healthcare industry is the rapid integration of artificial intelligence in key areas such as R&D, patient care, commercialization, and drug discovery and development. It has also led to a reduction in healthcare expenditure and improved efficiency of the systems which is expected to further contribute to revenue growth of the market going ahead.
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Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered. The report is segmented on the basis of product types offered in the market, application spectrum, and key regions of the Brain-Computer Interface market.
Further key findings from the report suggest
• The Brain-computer interface market is estimated to reach USD 25.69 Billion by 2028, at a CAGR of 11.1% during the forecast period.
• Organizations dealing with BCI are adopting various strategies and developments to make their products compatible, enhanced, and innovative at the same time, involving in comprehensive research and development activities.
• BCI demand is projected to gain a substantial boost soon because of the rising prevalence of stroke, depression, and Parkinson’s disease among the population.
• The growing population could be exposed to brain-related disorders that lead to critical disabilities.
• The Invasive product is anticipated to grow at the highest rate of 11.6% during the forecast period.
• The medical end user segment accounts for the largest share of 37.8% of the market in 2020.
• Application in smart home control is anticipated to witness the highest CAGR of 11.5% during the forecast period.
• APAC is forecasted to grow at the highest CAGR of 11.6% during the forecast period.
• Various projects are being developed that operates by transforming the brain of a user into a link for the internet of things (IoT), which acts as a “plugged-in” brain to connect to the internet.
• Notable research efforts on a global scale have presented common platforms for technology regularity and help undertake highly complex and nonlinear brain dynamics and associated characteristic extraction and classification difficulties.
• In January 2015, Natus medical acquired Global Neuro-Diagnostics (GND).
• GND offers neuro-diagnostic services like complete video EEG testing used in the detection of cognitive impairments and neurological application.
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For the purpose of this study, Reports and Data have segmented the market on the basis of Product, End user, Application and region:
Product Outlook (Revenue, USD Million; 2020-2028)
• Non-invasive BCI
• Invasive BCI
• Partially BCI
End user Outlook (Revenue, USD Million; 2020-2028)
Application Outlook (Revenue, USD Million; 2020-2028)
• Smart home control
• Entertainment & gaming
Key Regions Studied in the Report:
• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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