Brain Computing Interfaces Market is Expected to hit a Worth of US$ 6.5 Billion at CAGR of 13.6% by forecast 2033 end | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The forecast period predicts a significant increase in demand for Brain Computing Interfaces (BCIs) in South Korea's healthcare sector, with a projected Compound Annual Growth Rate (CAGR) of 13.3%. The United States brain computing interfaces market is expected to reach a valuation of US$ 1.4 billion by 2033.
NEWARK, Del, July 10, 2023 (GLOBE NEWSWIRE) -- Future Market Insights predicts that the brain computing interfaces market will reach US$ 1.8 billion in 2023 and US$ 6.5 billion by 2033. It is projected that sales of brain computing interfaces will increase by 13.6% over the projection period. The global market for brain-computer interfaces is expected to grow due to an increasing number of brain diseases, brain tumors, and disabilities associated with strokes.
Growth in the market is expected to be driven by an increase in investments and funding in the field of brain-computer interfaces. These devices provide increased levels of freedom by enhancing or replacing human peripheral work capacities in fields such as healthcare, affective computing, gaming, robotics, and neuroscience.
Video gaming devices with BCI enhancements are in high demand, and BCI research in the defense industry will continue to drive the market. A global scientific effort has led to the development of common platforms for standardizing technology and helping to solve the problem of highly complex, nonlinear brain dynamics, including how to identify and classify them.
A growing number of BCI applications are being explored in fields such as neurorehabilitation and emotional and perceptual computing, including the restoration of communication and motor functions in people with conditions such as ALS.
Furthermore, there are many challenges and opportunities associated with brain-computer interfaces, such as ethical concerns and the need for more research. With ongoing research and development, brain-computer interfaces appear to have a promising future.
Key Takeaways from this Market:
By-product demand for the invasive BCI market is forecasted to expand at a CAGR of 13.4% by 2033.
According to the research conducted by FMI, the United States is expected to reach a value of US$ 1.4 billion by the end of 2033.
The South Korean market for brain computing interfaces is expected to grow at a CAGR of 13.3% from 2023 to 2033.
According to industry reports, China's brain computing interface sector will reach US$ 1.7 billion by 2033.
According to the forecast period, the market for brain computing interfaces in Japan is projected to grow at a CAGR of 13.6%.
According to industry forecasts, the healthcare segment will dominate the brain computing interface market by 2033 with a CAGR of 13.1%.
Brain computing interfaces will be dominated by the United Kingdom by 2033 at a CAGR of 13.3%.
Brain Computing Interfaces Manufacturing: How are Key Players Transforming it?
Global manufacturers offer brain computing interfaces at competitive prices. Market leaders include:
Natus Medical Incorporated
g.tec medical engineering GmbH
Medtronic
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
Industry participants, to gain a competitive edge over their competitors, also fund research and development projects. Market players face several challenges, including rising costs and a highly competitive environment, as well as little awareness of brain computing interfaces. Businesses are conducting marketing campaigns to raise consumer awareness of brain computing interfaces that are low-cost and highly effective.
Recent Developments:
In February 2023, Synechron employees are working on technology designed to improve the lives of people living with paralysis in a Brooklyn lab equipped with 3D printers and pickleball courts. With only their minds, patients can operate technology through a system implanted in their blood vessels.
In June 2023, Unicon, the leading developer of the hardware-agnostic operating system eLux, announced the appointment of Gregori Martnez to the position of OEM Partner & Sales Asia Pacific and Mads Skalbo to the position of Chief Revenue Officer. Unicon's key acquisitions position the company to continue its growth and international expansion.
Future Market Insights offers an unbiased analysis of the global brain computing interface market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the brain computing interface market, the market is segmented based on product (invasive BCI, partially invasive BCI, and non-invasive BCI), application (healthcare, smart home control, communication & control, and entertainment & gaming), and end-use (medical, military, and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
Market Outlook by Categorization:
By Product:
Invasive BCI
Partially Invasive BCI
Non-invasive BCI
By Application:
Healthcare
Disabilities Restoration
Brain Function Repair
Smart Home Control
Communication & Control
Entertainment & Gaming
By End Use:
Medical
Military
Others
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
