According to a new report published by UnivDatos Markets Insights, the brain computer interface market was valued at USD 1.7 billion in 2022 & is expected to grow at a CAGR of ~15% from 2023-2030. The analysis has been segmented into Type (Invasive and Non-invasive); Application (Healthcare, Smart Home Control, Communication & Control, Entertainment, and Gaming); and End-Users (Medical, Military, and Others); Region/Country.
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The market report on brain computer interfaces was compiled by gathering useful data on numerous market aspects, including market drivers, restraints, and opportunities. This creative report uses a number of analytics to gain a more detailed understanding of the smart home market. The brain computer interface market research provides a thorough overview of the most recent market trends and industry advancements that are affecting market growth. Additionally, this statistical market research library analyzes and forecasts the worldwide and regional smart home markets.
Key Market Dynamics
The prevalence of neuroprosthetic disorders is on the rise, the world's aging population is growing, and rapid technical advancements are making it easier for paralyzed people to communicate and move. Additionally, due to the rising incidence of neurodegenerative diseases, firms' increased R&D efforts, and numerous technological developments including the shrinking of devices, the BCI market is predicted to expand quickly.
There are more and more disorders with neuro-developmental issues that cause communication and interpersonal issues with other individuals. The market for brain computer interfaces is expected to expand at a high rate during the projected period due to increased research and growth as well as improved treatment efficiency and effectiveness for enhancing patients' health.
According to the Parkinson's Foundation, more than 930,000 people in the United States are likely to be suffering from Parkinson’s disease in 2022. Moreover, according to the foundation's estimate, 1.2 million people are anticipated to have Parkinson's disease by the year 2030. Parkinson's prevalence has been anticipated to have increased by nearly 1.8 times since 2010, stressing the need for optimum care and treatment solutions for this patient population to lessen the financial strain on the healthcare system and reduce the cost of care on caregivers. As a result, most of these patients eventually need ongoing care, supervision, or assistance, which is made possible by the use of brain-computer interface equipment.
However, one major aspect that may encourage the growth of the market during the forecast period is the increase in R&D efforts by various firms and funding from governments in the development of brain-computer interface technology and new applications. For instance, the Australian Federal Government granted a research consortium called Bionic Vision Australia a USD 42 million grant to develop bionic vision technology, a type of brain-computer interface technology, according to an article titled "Funding for Brain-Computer Interface Ventures" published in August 2020.
COVID-19 Impact
The COVID-19 pandemic has paralyzed industries and caused recession in the economy which has forced several enterprises to shift their operations rapidly. But, the COVID-19 has created an opportunity for the innovation of devices like BCIs, biomedical solution, etc. During the COVID-19 pandemic, organizations that deployed the BCI earlier have been able to adjust to the new variant of Corona virus due to lesser contact between the human and machine which achieved business requirements in healthcare industry. Brain computer interface helped organizations to manage with the pandemic and maintain economically positive operations.
The global brain computer interface market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market is segmented into invasive and non-invasive. It is anticipated that among them, the non-invasive category will continue to dominate the BCI market share over the projection period.
· Based on application, The market is divided into healthcare, smart home control, communication and control, and entertainment and gaming. The global BCI market was dominated by the healthcare sector among these.
· Based on end-user categories, the market is segmented into medical, military, and other. In 2022, the medical industry accounted for a sizable portion of the market for brain computer interfaces.
Have a Look at the Chapters
Brain Computer Interface Market Geographical Segmentation Includes:
· North America (U.S., Canada, and Rest of Europe)
· Europe (Germany, UK, France, Italy, Spain and Rest of Europe)
· Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
· Rest of the World
Due to rising demand in the healthcare and entertainment sectors brought on by technology improvements and general consumer awareness, Asia-Pacific dominated the brain computer interface market. Latent opportunities, rising healthcare costs, and patient awareness will all contribute to this region's need for BCIs. As a result of favorable tax laws and affordable production locations, the Asia-Pacific market is drawing in foreign investors. A new technology also included a wide range of applications intended to transform security, automation, and communication workflows. For instance, In July 2022, the first human brain-computer interface (BCI) implant was made available in the United States by Synchron, a start-up that specializes in endovascular BCI.
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Competitive Landscape
Analysis of numerous top essential firms with global operations has helped to enlarge on the level of competition among well-known international corporations. The expert team of research analysts provides information on a variety of topics, including worldwide market rivalry, market share, recent industry breakthroughs, the introduction of ground-breaking products, partnerships, mergers, and acquisitions by top players in the smart home market. In order to gain insight into perspectives on global rivalry, the major actors have been evaluated utilizing research approaches including Porter's Five Forces Analysis.
Recent Developments:
· In November 2021, Brain-computer interface platform company, NeuraMatrix, completed a financing round of 100 Million Chinese Yuan. The first system-on-chip is anticipated to be mass-produced by the end of the year.
· In December 2022, Synchron, a brain computer interface company announced a USD75 million funding round, with participation from the investment of Amazon and Microsoft.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the smart home market?
• Which factors are influencing the smart home market over the forecast period?
• What are the global challenges, threats, and risks in the smart home market?
• Which factors are propelling and restraining the smart home market?
• What are the demanding global regions of the smart home market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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