Neuroscience Segment is the largest segment driving the growth of Brain Computer Interface Market
The global Brain Computer Interface Market is estimated to be valued at US$ 959.29 Mn or Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:-
· Strengths: Growing R&D investments from government and private players is driving technological advancements in the field. EEG and ECoG based BCIs have shown promising results in clinical trials.
· Weaknesses: Low accuracy and reliability of signals continue to be challenges. Devices are still in early research/clinical trial stages and not approved for broad commercial use.
· Opportunities: Expanding scope of applications to neurological disorders, communication for paralyzed patients, gaming and Virtual Reality. Growing aging population is increasing demand for assistive technology.
· Threats: Ethical issues around BCIs altering human behavior and cognition. Intense competition from alternative assistive technologies including exoskeletons. Regulations for commercial use need to catch up with pace of innovation.
Key Takeaways:-
The Global Brain Computer Interface Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of neurological disorders, growing geriatric population, and advancements in non-invasive BCI technology.
The market size for 2023 is US$ 959.29 Mn. North America currently dominates the market due to presence of major players and higher adoption of BCI devices for clinical research. However, Asia Pacific is expected to grow at the fastest pace due to increasing healthcare expenditure and massive patient pool.
Key players operating in the Brain Computer Interface market are Neuralink Corporation, Neurable, Emotiv Inc., BitBrain, Alpha Omega, Blackrock Microsystems, LLC, Femtonics Ltd, NeuroNexus, Opto Circuits (India) Limited, BIOTRONIK, Plexon Inc., Noldus Information Technology, NextMind, Nectome, and Paradromics. These players are focusing on collaborations and new product launches to consolidate their position in the emerging market.
Read More - https://diveintoinsights123.weebly.com/blog1/aims-to-open-up-new-avenue-for-brain-computer-interface-market
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