What is the global market size of Brain Computer Interface Market?

Brain Computer Interface Market size was valued at USD 1.52 billion in 2021 and is poised to grow from USD 1.78 billion in 2022 to USD 6.18 Billion by 2030, at a CAGR of 17.16% during the forecast period (2023-2030).

Brain Computer Interface Market Size, Share, Growth Analysis, By Product(Invasive BCI, Partially Invasive BCI, and Non-invasive BCI), By Application(Healthcare, Disabilities Restoration, Brain Function Repair, Smart Home Control), By End-use(Medical, Military, Rehabilitation centres and home care settings), By Technology(Electroencephalography (EEG), Functional Magnetic Resonance Imaging (fMRI), Magnetoencephalography (MEG), Electrocorticography (ECoG)), By Component(Hardware, Software), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2238 | Region: Global | Published Date: April, 2024
Pages: 219 | Tables: 93 | Figures: 76

Brain Computer Interface Market News

In November 2021, NeuraMatrix, an infrastructure for brain-computer connections, concluded a CNY 100 million funding round. The initial system-on-chip was expected to go into commercial production by the conclusion of this year.
In October 2021, EMOTIV launched the New EMOTIV Installer as well as improvements to the EmotivPRO Suite 3.0. The product provides a complete end-to-end solution for streamlining neuroscience research.
In April 2022, NEURABLE launched brain computer interface headphone. These headphones give user insight into how their brain work. This device aids users to manage time by suggesting break time period to maximize focus throughout the day.

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Global Brain Computer Interface Market size was valued at USD 1.78 billion in 2022 and is poised to grow from USD 2.09 billion in 2023 to USD 7.40 billion by 2031, growing at a CAGR of 17.16% during the forecast period (2024-2031).

There are numerous small and large-scale producers offering items, resulting in fierce competition among them. To maximize revenue share in this sector, industry players are expanding their attention on strategic alliances such as mergers and acquisitions, new product launches, partnerships, and collaborations. 'NeuroSky', 'Emotiv', 'InteraXon', 'Nihon Kohden Corporation', 'MindMaze', 'G.TEC Medical Engineering GmbH', 'BrainCo', 'Blackrock Microsystems LLC', 'Brain Products GmbH', 'Advanced Brain Monitoring', 'BrainGate Company', 'Compumedics Limited', 'Cortech Solutions', 'Cadwell Industries Inc.', 'OpenBCI', 'Neuroelectrics', 'Neurable', 'NeuroNexus Technologies', 'Synchron', 'Kernel'

BCI technology has significant potential for medical applications, such as helping patients with paralysis or neurological disorders regain control of their limbs. As the demand for innovative medical treatments grows, so does the demand for BCI technology.

Healthcare Applications: One of the major trends in the BCI market is the increasing use of this technology in healthcare. BCI systems have the potential to assist patients with disabilities and neurological disorders, such as spinal cord injuries and ALS, to improve their quality of life.

North America had the highest revenue share of more than 40.00%, owing to substantial R&D investments and a large number of clinical trials on brain devices in this region. Furthermore, the increasing prevalence of neurological diseases such as Parkinson's, Alzheimer's, and Huntington's diseases in this area is expected to drive market growth. Furthermore, increased demand for immersive gaming is projected to spur the development of technologies such as augmented brain-computer interfaces, which will help to accelerate the adoption of BCI technology in this region.

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