CHICAGO, May 15, 2024 /PRNewswire/ -- Brain Computer Interface Market in terms of revenue was estimated to be worth $262 million in 2024 and is poised to reach $506 million by 2029, growing at a CAGR of 14.1% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The growth in the brain computer interface market is driven by the growing incidence & prevalence of neurological disorders and increasing demand for non-invasive and wearable BCI devices. The adoption of BCI technology is also expected to increase with the growing applications of BCI technology. However, the data security and privacy concerns may pose a challenge to the brain computer interface market during the forecast period.

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Brain Computer Interface Market Scope:

Hardware is the largest component of the brain computer interface market in 2023.

Based on component, the brain computer interface market is segmented into hardware and software. The hardware segment accounted for the largest share of the brain computer interface market in 2023, attributing to hardware forming the foundational backbone of BCI functionality, providing essential components like EEG headsets, neural implants, and sensors vital for capturing and processing neural signals. Additionally, significant investment in hardware development by companies and research institutions is expected to drive the growth of this market.

Non-invasive brain computer interface segment is the largest product type of the brain computer interface market in 2023.

Based on product type, the brain computer interface market is segmented into non-invasive brain computer interface, partially invasive brain computer interface, and invasive brain computer interface. Among these, non-invasive brain computer interface segment accounted for the largest share of the brain computer interface market in 2023. Non-invasive BCIs, such as EEG headsets, eliminate the need for surgical implantation, thereby reducing associated risks, rising prevalence of neurological diseases, and an increasing awareness among patients leads to the higher adoption of this segment.

Electroencephalography (EEG) segment is the largest technology of the brain computer interface market in 2023.

Based on technology, the brain computer interface market is segmented into Electroencephalography (EEG), Functional Magnetic Resonance Imaging (fMRI), Magnetoencephalography (MEG), Electrocorticography (ECoG), and Functional Near-Infrared Spectroscopy (fNIRS). In 2023, Electroencephalography (EEG) segment accounted for the largest share of the market. The large share of this segment is attributed to the growing R&D in the field of cerebral and spinal disorders, significant adoption of EEG among researchers, and the large number of players involved in developing EEG hardware.

Disabilities restoration/ rehabilitation is the largest application segment of the brain computer interface market in 2023.

Based on application, the brain computer interface market is segmented into disabilities restoration/ rehabilitation, assistive technologies, and other applications.  The growing demand for rehabilitation solutions due to the increasing prevalence of neurological conditions like stroke, spinal cord injury, and amyotrophic lateral sclerosis (ALS) is expected to drive the growth of the disability's restoration/ rehabilitation segment. In addition, the growing healthcare spending and rising research and development initiatives are other factors responsible for the growth of this market.

By end user, hospitals & clinics are the largest end user in the brain computer interface market in 2023.

Based on end user, the brain computer interface market is segmented into hospitals & clinics, rehabilitation centers, homecare settings, and other end users. In 2023, the hospitals & clinics segment accounted for the largest share in the market. The large share of this segment can primarily be attributed to the increasing use of brain computer interface solutions in hospitals and the rising awareness of brain diseases and conditions.

North America dominates the global brain computer interface market in 2023.

The brain computer interface market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America and Middle East and Africa. In 2023, North America accounted for the largest share of the brain computer interface market. As this region is home to a significant number of brain computer interface solution manufacturers. Moreover, the increasing adoption of brain computer interface solution by hospitals in the country, growing number of clinical trials of brain computer interface solution, large patient population for target diseases, and the availability of significant R&D investments to support brain monitoring development.

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Brain Computer Interface Market Dynamics:

Drivers:

1. Growing need to minimize medication errors

Restraints:

1. High cost of brain computer interface systems

Opportunities:

1. Growth opportunities in emerging markets

Challenge:

1. Shortage of trained medical professionals

Key Market Players of Brain Computer Interface Industry:

Prominent players in the brain computer interface market include Advanced Brain Monitoring, Inc. (US), ANT Neuro (Netherlands), Bitbrain (Spain), Kernel (US), Paradromics (US), BrainCo (US), Blackrock Neurotech (US), G.Tech Medical Engineering GmbH (Austria), Emotiv (US), Neurosky (US), Brain Products GmbH (Germany), CGX (US), Ripple Neuro (US), Neurable (US), InteraXon (US), Open BCI (US), Neurolutions, Inc. (US), BirgerMind (Latvia), Cognixion (US), Artinis Medical Systems (Netherlands), MindMaze (Switzerland), Cortec GmbH (Germany), AAVAA Inc. (Canada), Nexstem (India), and Conscious Labs (France).

Breakdown of the supply-side, demand side, primary interviews by company type, designation, and region:

• By Supply Side: Tier 1 (25%), Tier 2 (5%), and Tier 3 (70%)
• By Designation: C-level Executives (27%), Director-level (18%), and Others (55%)
• By Region: North America (40%), Europe (30%), Asia Pacific (20%), Latin America (5%), and Middle East and Africa (5%)

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Brain Computer Interface Market - Key Benefits of Buying the Report:

The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies.

This report provides insights into the following pointers:

• Analysis of key drivers (growing incidence & prevalence of neurological disorders, increasing demand for non-invasive and wearable BCI devices, rising investments in research and development), restraints (high cost of BCI devices, and stringent regulatory requirements), opportunities (growth opportunities in emerging markets, and growing applications of BCI technology) and challenge (shortage of trained medical professionals, and data security and privacy concerns)
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the brain computer interface market.
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various types of brain computer interface solutions across regions.
• Market Diversification: Exhaustive information about solutions, untapped regions, recent developments, and investments in the brain computer interface market.
• Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the brain computer interface market.

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