The forecast period projects a significant increase in demand for Brain Computing Interfaces (BCI) in South Korea’s healthcare sector, with an expected compound annual growth rate (CAGR) of 13.3%. The U.S. brain computing interface market is projected to reach a valuation of $1.4 billion by 2033.
NEWARK, Del, July 10, 2023 (GLOBE NEWSWIRE) — Future Market Insights predicts the brain computing interface market will reach $1.8 billion in 2023 and $6.5 billion by 2033. Sales are projected to 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 stroke-related disabilities.
Market growth is expected to be driven by increased investment and funding in the field of brain-computer interfaces. These devices provide greater levels of freedom by enhancing or replacing human peripheral capabilities in fields such as health care, affective computing, gaming, robotics, and neuroscience.
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Gaming devices with BCI enhancements are in high demand, and BCI defense research will continue to lead the market. A global scientific effort has led to the development of common platforms to standardize technology and help solve the problem of highly complex and non-linear 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 function 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 further research. With ongoing research and development, brain-computer interfaces appear to have a promising future.
Key points from thIMarket:
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By-product demand for the invasive BCI market is projected to grow at a CAGR of 13.4% by 2033.
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According to research conducted by the IMF, the United States is expected to reach a value of 1.4 billion dollars by the end of 2033.
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The South Korean brain computing interface market is expected to grow at a CAGR of 13.3% from 2023 to 2033.
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According to industry reports, China’s brain computing interface industry will reach US$1.7 billion by 2033.
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According to the forecast period, the brain computing interface market in Japan is expected to grow at a CAGR of 13.6%.
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According to industry forecasts, the healthcare segment will dominate the brain computing interface market by 2033 with a CAGR of 13.1%.
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Brain computing interfaces will be dominated by the UK by 2033 with a CAGR of 13.3%.
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Interface Manufacturing for Brain Computing: How are Major Players Transforming It?
Global manufacturers offer brain computing interfaces at competitive prices. Market leaders include:
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Natus Medical Incorporated
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g.tec medical engineering GmbH
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Medtronic
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Compumetics Neuroscan
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Brain Products GmbH
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It integrates Lifescience Corporation
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Advanced Brain Monitoring, Inc.
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EMOTIONAL
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NeuroSky
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Interaxone, Inc.
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ANT Neuro
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Neuroelectrics
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Neuro undulation
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NIRx Medical Technologies, LLC
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OpenBCI
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CGX extension
Industry participants also fund R&D projects to gain a competitive edge over their competitors. Market players face several challenges, including rising costs and a highly competitive environment, as well as low awareness of brain computing interfaces. Companies are conducting marketing campaigns to raise consumer awareness of brain computing interfaces that are low-cost and highly effective.
Recent developments:
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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 just their minds, patients can operate the technology through a system implanted in their blood vessels.
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In June 2023, Unicon, the lead developer of the eLux hardware-agnostic operating system, 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 major acquisitions allow the company to continue its growth and international expansion.
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Read more about What this Market Report Covers:
Future Market Insights offers an unbiased analysis of the global Brain Computing Interfaces market, providing historical data from 2018 to 2022 and forward-looking statistics from 2023 to 2033.
To understand the opportunities in the Brain Computing Interface market, the market is segmented on the basis of product (invasive BCI, partially invasive BCI and non-invasive BCI), application (healthcare, smart home control, communication and control, entertainment and gaming ), and end use (medical, military, and other) in seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East, and Africa).
Market Outlook by Categorization:
From Product:
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Invasive BCI
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Partially invasive BCI
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Non-invasive BCI
From Application:
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Health care
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Restoration of disabilities
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Brain function repair
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Smart home control
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Communication and control
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Entertainment and gaming
From End use:
From Region:
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North America
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Latin America
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Europe
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South Asia
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East Asia
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Oceania
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Middle East and Africa
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