Brain Computer Interface (BCI) Market Segmentation by Application (Medical, Games & Entertainment, Smart Home Control, Communication & Control, Military & Defense, Educational & Self-Regulation, and Others)-Global Demand Analysis & Opportunity Outlook 2020-2030

Global Brain Computer Interface (BCI) Market Highlights Over 2020 - 2030

The global brain computer interface (BCI) market is estimated to garner a revenue of USD 4483.93 Million by the end of 2030 by growing at a CAGR of 12.54% over the forecast period, i.e., 2021 – 2030. Moreover, the market registered a revenue of USD 1466.76 Million in the year 2020. The growth of the market can be attributed to the growing advancement in the field of neuroprosthetics, which is a branch of neuroscience, along with the growing research and advancements in the field of healthcare. Brain-computer interfaces (BCI), also known as the brain-machine interface (BMI), are used widely in medical research, mapping, assisting, augmenting, or repairing human cognitive or sensory-motor functions. Technology nowadays is being incorporated into the treatment of many patients suffering from cognitive or physical impairments. In elderly citizens, BCI is used to train their motor/cognitive abilities for preventing the aging effects and also to provide a quality life to the elderly. Besides this, the growing elderly population worldwide is also projected to boost market growth. According to the statistics by the World Bank, the population aged 65 and above as a share of the total population grew from 7.567% in the year 2010 to 9.318% in the year 2020. Moreover, the growing expenditure on healthcare is also expected to contribute to market growth in the coming years. In other statistics by the World Bank, the current health expenditure as a share of GDP grew from 9.418% in the year 2013 to 9.858% in the year 2018.

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The growth of the market can also be attributed to the increasing prevalence of neurodegenerative disorders, such as Alzheimer’s and Parkinson’s disease and epilepsy are also projected to boost the market growth. BCI technology is also used in mobile and virtual gaming industries. Growing demand for e-sports and the surge in advancements in virtual reality and augmented reality are also expected to accelerate the market growth in the coming years.

Global Brain Computer Interface (BCI) Market Regional Synopsis

Regionally, the global brain computer interface (BCI) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America is anticipated to garner the largest revenue of USD 1726.31 Million by the end of 2030, up from a revenue of USD 648.41 Million in the year 2020. The market in the region can primarily be attributed to the availability of a strong healthcare network, along with the rise in research in the field of healthcare. In other statistics by the World Bank, the current health expenditure as a share of GDP in North America grew from 15.629% in the year 2013 to 16.415% in the year 2018. Besides this, the high prevalence of neurological disorders in the United States, along with the presence of several gaming companies in the region that are working on implementing virtual and augmented reality into different games, is also expected to create numerous opportunities for market growth in the coming years.

Growth Drivers and Challenges Impacting the Growth of the Global Brain Computer Interface (BCI) Market

Growth Drivers

• Growing Advancements in Medical Research

• Surge in Demand for Neuroprosthetics Amongst the Elderly Population

Challenges

• High Implementation Costs of the Technology

Global Brain Computer Interface (BCI) Market Segmentation Synopsis

The global brain computer interface (BCI) market is segmented by application into medical, games & entertainment, smart home control, communication & control, military & defense, educational & self-regulation, and others. Out of these, the medical segment is projected to display the largest revenue of USD 3401.06 Million by the end of 2030, up from a revenue of USD 1014.39 Million in the year 2020. The segment is further divided into detection & diagnosis, and rehabilitation & restoration. Out of these segments, the detection & diagnosis segment is anticipated to garner the largest revenue by the end of 2030 and also grow with the highest CAGR of 15.07% during the forecast period.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global brain computer interface (BCI) market that are included in our report are 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.

Latest Developments in the Global Brain Computer Interface (BCI) Market:

• September 9^th, 2021: NextMind SAS announced that it has displayed its award-winning brain-computer interface brain-sensing wearable device that has been integrated into the automotive vehicles in the IAA Mobility in Munich.

• November 30^th, 2021: Blackrock Neurotech announced that in the year 2022 it would commercialize a BCI platform that would help patients impaired by disabilities to restore their communication function.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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