Brain computer interface (BCI) refers to direct communication pathways between the human brain and external devices such as computers or robotic limbs that bypass the peripheral nervous system and muscles. BCI technology facilitates sharing of thought with others through non-muscular and direct mental control over computers by simply thinking. This technology helps people with severe motor disabilities achieve mobility and independence.
The global Brain Computer Interface Market is estimated to be valued at US$ 959.29 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The use of BCI for gaming and entertainment is one of the key trends driving the growth of the brain computer interface market. BCI technology is gaining acceptance in the gaming industry as it enables players to control electronic devices and virtual/augmented reality environments by just using their thoughts, without the need for joysticks, buttons, or other physical controllers. Major players in the gaming industry such as Facebook, Sony, and Microsoft are focusing on integrating BCI technologies into their upcoming virtual and augmented reality headsets to enhance user experience. Additionally, emerging startups are developing innovative BCI-powered games and applications for VR and AR platforms. Increasing demand for immersive gaming experience along with rapid technological advancements is expected to propel the adoption of BCI technology in gaming and entertainment over the forecast period.
Segment Analysis
The global brain computer interface market is dominated by non-invasive BCI segment. The non-invasive BCI systems do not require surgery for implantation of devices, which makes them safer and more acceptable for patients. The non-invasive approach uses externally placed sensors and devices to detect brain signals through EEG, MEG or near infrared spectroscopy technologies. This segment is growing rapidly as it avoids risks related to invasive surgery.
Key Takeaways
The global Brain Computer Interface Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing application of BCI technologies in healthcare, gaming and communication. Rising demand for assistive devices for disabled patients, growing aging population also driving the market growth. The global Brain Computer Interface Market is estimated to be valued at US$ 959.29 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.
Regional analysis
North America region currently dominates the global brain computer interface market due to presence of major players, large research funding and increasing applications. The United States holds majority of the market share in the region supported by growing BCI clinical trials. However, Asia Pacific region is expected to experience fastest growth during the forecast period with China and India emerging as high potential markets. Increasing healthcare spending and governmental support for neural interface technologies will boost the regional market.
Key players
Key players operating in the brain computer interface market 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. Neuralink Corporation is currently leading the market with its neural linker technology to connect human brain with computer systems. Neurable is also emerging as promising player developing non-invasive BCI systems for gaming and communication applications.
For more insights, read- https://www.ukwebwire.com/brain-computer-interface-market-trends-size-and-share-analysis/
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