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Global Brain Machine Interface Market was Worth US$ 1.53 Bn in 2021, Growing at an Estimated CAGR of 17.18% over the Forecast Period: A Report by Absolute Markets Insights

Published On 07 Nov 2022 03:57 AM


Technology is undoubtedly a boon for the mankind as it helps keep various issues at bay by providing solutions for them. A brain–computer interface (BCI), primarily is a direct communication pathway in between the electrical activity of the brain & an external device, which majorly happens to be computer or robotic limb. Also known as a brain–machine interface (BMI), the brain-computer interface is normally directed towards activities just like researching, augmenting, mapping, along with assisting or helping in repair of the functions that are related to human cognition or sensory-motors. The brain machine interface market is growing aggressively due to reasons like implementations of this interface range right from non-invasive (EEG, EOG, MEG, MRI) and partially invasive (ECoG and endovascular) to invasive (microelectrode array), that are primarily based on the distance in between close electrodes in an order to get near the brain tissue.

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Meanwhile, the coronavirus pandemic dented the growth of the brain machine interface market owing to halt of several research activities in various leading nations. This slump was despite high demand to find solution for the dreadful disease that claimed lives of millions across the globe. One of the major factor that has been driving the growth of the brain machine interface market is need for solutions that take care of neurological disorders, especially in people of young age suffering trauma. Also, the fact that this technology is used by military will help this market grow.

Concerns related to higher costs of the brain machine interface technology will prove a restraining factor for the growth of the brain machine interface market. Implementation of this technology needs time and effort, and this is likely to frustrate the patients, and the medical expert. This is why it has lower acceptance at present. On the other hand, rising number of medical research companies and extensive research activities is the reason why the brain machine interface market is forecasted to see huge growth over the period of next several years.

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Global Brain Machine Interface Market Report Findings: 

  • On the basis of offering, the software segment that is further segregated into workplace wellness, safety and productivity, brain controlled technology, consumer insights and others will witness growth at the fastest rate. The revenue generated by this segment is majorly of recurring nature.
  • The number of road accidents are growing along with neurological disorders, the brain machine interface market is expected to grow rampantly.
  • The small & medium enterprise segment is forecasted to see fastest growth for this market.
  • The region of Asia Pacific is expected to see fastest growth for the brain machine interface market. Growing healthcare sector along with heavy investments in the field of technology and medical research in countries like India is the reason this market is seeing growth in the region.

A few of the key players operating in the global brain machine interface market are listed below:

  • Advanced Brain Monitoring Inc.
  • Mind Technologies, Inc.
  • Natus Medical, Inc.
  • Nihon Kohden Corporation
  • Other Market Participants

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Global Brain Machine Interface Market 

By Offering                             

  • Hardware
    • Wireless EEG Cap
    • Headphones
    • Non-Invasive and Invasive Products
    • Partially Invasive
    • Others
  • Software
    • Workplace Wellness, Safety and Productivity
    • Brain Controlled Technology
    • Consumer Insights
    • Others

By Application                       

  • Neurological disorders
  • Restore sensory and movement function
  • Others

By End User                           

  • Individuals
  • Researchers
  • Enterprise
    • Small & Medium Enterprise
    • Large Enterprise
  • Developers
  • Others

By Industry                            

  • Military
  • Medical
  • Manufacturing
  • Others

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By Region

  • North America (U.S., Canada, Mexico, Rest of North America)
  • Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
  • Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
  • Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
  • Latin America (Brazil, Argentina, Rest of Latin America)

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Press Release Provided By: Absolute Markets Insights