Global Brain Computer Interface (BCI) Market to Grow with a CAGR of 12.54% During 2021-2030; Market to Grow on Account of Rising Developments in the Field of Medical Research
Kenneth Research published a report titled “Brain Computer Interface (BCI) Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global brain computer interface (BCI) market in terms of market segmentation by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global brain computer interface (BCI) market is anticipated to grow with a CAGR of 12.54% over the forecast period, i.e., 2021 – 2030. The market is segmented by application into medical, games & entertainment, smart home control, communication & control, military & defense, educational & self-regulation, and others, out of which, the medical segment is projected to display the largest revenue of USD 3401.06 Million by the end of 2030. Moreover, the segment registered a revenue of USD 1014.39 Million in the year 2020.
The global brain computer interface (BCI) market is estimated to garner a revenue of USD 4483.93 Million by the end of 2030, up from a revenue of USD 1466.76 Million in the year 2020. Growing developments in the field of medical research, followed by the surge in advancements in the field of neuroprosthetics are some of the major factors anticipated to drive the market growth.
Geographically, the global brain computer interface (BCI) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of these, the market in North America is anticipated to garner the largest revenue of USD 1726.31 Million by the end of 2030. Moreover, in the year 2020, the market in the region registered a revenue of USD 648.41 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Geriatric Population to Drive the Market Growth
The population aged 65 and above as a share of total population grew from 7.567% in the year 2010 to 9.318% in the year 2020, according to the statistics by the World Bank.
The geriatric population around the globe is vulnerable to different type of diseases. Out of all the diseases, neurological diseases are one such disease, which restricts communication functionalities. Brain computer interface (BCI) helps to train the motor/cognitive abilities in elderly citizens and also helps in providing a quality life to these aged people, especially those who suffer from neurological disorders. Such factors are therefore anticipated to drive the growth of the market in the coming years.
However, the high implementation costs of the technology is expected to operate as key restraint to the growth of global brain computer interface (BCI) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global brain computer interface (BCI) market which includes company profiling of NextMind SAS, Blackrock Neurotech, Advanced Brain Monitoring, Inc., NIHON KOHDEN CORPORATION, g.tec medical engineering GmbH, Natus Medical Incorporated, Cadwell Industries Inc., OpenBCI, Inc., Cortech Solutions, Inc., NeuroSky, Inc., EMOTIV, Inc., Integra LifeSciences Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global brain computer interface (BCI) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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