Brain Computer Interface Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

  • Single User License $3500

Brain Computer Interface Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

Status : January, 2023 | Healthcare IT

Report Digest

Brain Computer Interface Market: Overview

There have been bewildering research studies into brain computer interfaces (BCIs) for using them for real-world environments. The potential of leveraging BCI for making desired changes on various interactions between the CNS and its external or the internal environment is profound. profound and wide. The astonishingly intense drive for the brain computer interface market has stemmed mainly from this aspect, thereby opening wide spectrum of applications.

Scientists, clinicians, and the research community in general have been pursuing product development avenues where BCI can be used for therapeutic applications, thus underpinning growth in the BCI market. In initial years, the use of BCIs was demonstrably for electroencephalography-based spelling Equally interesting are the applications of BCI in controlling the external environment, notably communication devices. In recent years, researchers in the brain computer interface market have also focused on developing motor learning-assist device. Over the years, the direction of research in the BCI market has shifted toward novel applications, such as for harnessing BCI for neuro-tools that can be used in range of human cognitive augmentation.

Brain Computer Interface Market: Key Trends

The strides of BCI market have been fueled increasingly by the groundswell of public attention BCI research has attracted. The high public awareness can be ascribed to the aspect that brain computer interfaces have shown restorative effects in various neuromuscular diseases. Chief among them is the potential of BCIs in helping patients suffering from strokes, amyotrophic lateral sclerosis, cerebral palsy, and spinal cord injury.

Advances made in the technologies for highly complex signal processing methods and the growing understanding of the brain signal along with the characterization of activity are two key technological developments that have enriched the landscape of the BCI market. New development avenues also emerge from continuous advances in activity-dependent brain plasticity. The growing scope of assistive technology is a key driver for research into the BCI market.

Brain Computer Interface Market: Competitive Dynamics and Key Developments

Over the past few years, numerous pieces of research have been made into therapeutic applications of BCI, such as for improving the lives of patients with severe disabilities. The nature of research has markedly guided investments in the BCI market. One of the key areas influencing the recent strategic landscape in the market is the use of BCI in rehabilitation. The application area is gaining international recognition. To accomplish the goal, researchers have equipped robots with brain computer interfaces.

One such studies is being made by researchers in The Department of Neurology in Tongji Hospital, China, where they aim to demonstrate the use of stroke rehabilitation robots equipped with BCI technology. The studies are a part of NCyborg Project, where the researchers intend to use BCI technology to help patients make hand movement, a part of limb that is commonly left inactive after strokes. Another amusing research that might expand the broaden the horizon of applications in the brain computer interface market is for decoding thoughts of handwriting into text. A study by researchers in Stanford University hopes to develop artificial intelligence technology equipped with BCI to act as mental-handwriting-to-text converter. The study will be useful for patients with amyotrophic lateral sclerosis (ALS) and spinal cord injuries, thus expanding horizon in the BCI market.

Some of the key industry players looking for stronghold in the brain computer interface market are:

  • Paradromics
  • NextMind
  • Noldus Information Technology
  • Plexon Inc.
  • Femtonics Ltd.
  • Blackrock Microsystems
  • Emotiv Inc
  • Neurable Inc.
  • Neuralink Corporation

Brain Computer Interface Market: Regional Assessment

On the regional front, North America has been a promising region in overall BCI market. The vast amount of research into developing BCI technology for therapeutic applications is a key driver for avenues in the regional market. Meanwhile, Asia Pacific has also been emerging with new revenue streams.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?