Technological Advancements Will Drive Brain Computer Interface Market to US$ 4.69 Billion by 2031, Says Growth Plus Reports

Newark, New Castle, USA, April 10, 2023 (GLOBE NEWSWIRE) -- The latest report from Growth Plus Reports analyzes the production, potential applications, demand, major manufacturers, and SWOT analysis of the global Brain Computer Interface Market.

The brain computer interface Market Report assists in determining the optimum distribution methods for certain products as well as possible markets for future product launches. The report also analyses the purchase and supply trends that influence the market's production strategy. You can get insights into comprehensive TOC, Tables, and Charts presented throughout the report for valuable data, information, important statistics, trends, and detailed competitive landscape information in this market.

Key Takeaways:

• The increasing prevalence of neuro-prosthetic diseases will drive market revenue growth.
• Increasing adoption of the technology for patient examination will drive demand for brain computer interface.
• North America dominates the global brain computer interface market. 

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                                   Brain Computer Interface Market Scope

Report Attribute	Details
Market size value in 2022	US$ 1.47 billion
Revenue forecast in 2031	US$ 4.69 billion
Growth Rate	CAGR of 13.7% from 2023 to 2031
Base year for estimation	2022
Forecast Period	2023-2031
Historical Year	2021
Segments covered	Type, Application, and Region.
Regional scope	North America, Europe, Asia Pacific, and the Rest of the World (ROW)

Market Drivers
The growing geriatric population, a high prevalence of neuro-prosthetic diseases, and technological advances that allow paralysed patients to communicate and move will drive the revenue growth of brain computer interface market. Furthermore, this technology's use in simulated gaming, house automation, and military communication are expected to boost the market revenue growth rate. Apart from this, this technology's fast adoption in healthcare for patient examination and treatment are expected to support the market's revenue growth.

Market Segmentation
Growth Plus Reports has analyzed global brain computer interface market from four perspectives: Type, Application, and Region. 

Type Segmentation: Based on the type, the global brain computer interface market is segmented into invasive, partially invasive, non-invasive, and others. The invasive BCI systems segment dominates the market with the largest revenue share because of Invasive intracortical recordings improve mobility in individuals with motor impairments more than non-invasive methods such as EEG.

Application Segmentation: Based on the application, the global brain computer interface market is segmented into restoration of disabilities, repair of brain function, and others. The restoration of disabilities segment dominates the market because the restoration of motor ability in paralysed people is an essential application of brain computer interface.  

Regional Growth Dynamics
Based on the region, the global brain computer interface market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. 

North America dominates the global brain computer interface market with the largest revenue share of the market. Substantial R&D spending, numerous clinical studies on brain implants in this region, the rising prevalence of neurological conditions like Parkinson's, Alzheimer's, and Huntington's disease, growing demand for immersive gaming, and sophisticated healthcare system are the major factors responsible for North America's significant revenue share in the global market.  

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Competitive Landscape
The major players operating in the global brain computer interface market are:

• Natus Medical Incorporated
• g.tec medical engineering GmbH
• Medtronic plc
• Compumedics Neuroscan
• Brain Products GmbH
• Integra Lifesciences Corporation
• Advanced Brain Monitoring Inc.
• EMOTIV
• NeuroSky
• Interaxon Inc.
• ANT Neuro
• Neuroelectrics
• Ripple Neuro
• NIRx Medical Technologies, LLC
• OpenBCI
• CGX (Cognionics) 

The brain computer interface devices market is moderately competitive, with several international players. Key market players focus on technological advancements, research and development activities, and mergers and acquisitions to strengthen their market presence.

Recent developments:

• Neurable launched a headphone integrated with brain computer interface technology in April 2022, which uses sensors inserted in the fabric of the earcups and handbags to read the user's brain signal and provide the user with noise cancellation, break alert, and so on.
• The United States Food and Drug Administration (FDA) authorised the use of a brain-computer interface device to assist stroke patients with hand, wrist, and limb impairments in April 2021. Neurolutions developed the IpsiHand Upper Extremity Rehabilitation System (IpsiHand System), which captures brain activity using non-invasive electroencephalography (EEG) electrodes.
• Blackrock Neurotech and AE Studio, a data science and development firm, collaborated in May 2022 to enhance and extend the use case of Blackrock Neurotech's patents technology Move-zagainBCI system.

Table of Content

1. INTRODUCTION

1. 1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report

2. RESEARCH METHODOLOGY 

2. 1. Research Approach
   2. Data Collection Methodology
   3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
   4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions

3. PREMIUM INSIGHTS

3. 1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022) 
   3. Regulatory Landscape
   4. Reimbursement Scenario 

4. MARKET DYNAMICS

4. 1. Drivers
   2. Restraints/Challenges
   3. Opportunities

5. GLOBAL BRAIN COMPUTER INTERFACE MARKET - ANALYSIS & FORECAST, BY TYPE

5. 1. Invasive 
   2. Partially Invasive
   3. Non-invasive
   4. Others

6. GLOBAL BRAIN COMPUTER INTERFACE MARKET - ANALYSIS & FORECAST, BY APPLICATION

6. 1. Restoration of Disabilities
   2. Repair of Brain Function
   3. Others

BRAIN COMPUTER INTERFACE MARKET TOC

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