Global Brain Computer Interface Market by Product Types, Application Types, End User and Regions - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

The brain computer interface market was valued at approximately USD 1.2Billion in 2019 and is expected to surpass USD 5Billion by 2026, expanding at a CAGR of % during the forecast period 2020–2026.

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Brain-computer interfaces (BCIs) acquire brain signals, analyze them, and translate them into commands that are relayed to output devices that carry out desired actions. BCIs do not use normal neuromuscular output pathways. The main goal of BCI is to replace or restore useful function to people disabled by neuromuscular disorders such as amyotrophic lateral sclerosis, cerebral palsy, stroke, or spinal cord injury. From initial demonstrations of electroencephalography-based spelling and single-neuron-based device control, researchers have gone on to use electroencephalographic, intracortical, electrocorticographic, and other brain signals for increasingly complex control of cursors, robotic arms, prostheses, wheelchairs, and other devices. Brain-computer interfaces may also prove useful for rehabilitation after stroke and for other disorders. In the future, they might augment the performance of surgeons or other medical professionals. Brain-computer interface technology is the focus of a rapidly growing research and development enterprise that is greatly exciting scientists, engineers, clinicians, and the public in general.

Market Trends, Drivers, Restraints, and Opportunities:

Governments in various nations across the globe are taking necessary steps by implementing measures to improve the basic infrastructure of the nation. In the due course of implementing these action plans, healthcare has emerged as a primary concern. In regions across U.S. and Europe, regular funds are being allotted for conducting research studies. Brain computer interface technology research studies are encouraged as they majorly benefit the population of the nation in improving the health of individuals. Such funding sources from the government, especially in developing economies, such as India and China, are further expected to positively impact the brain computer interface systems market, thereby driving the growth of brain computer interface market.
The lack of skilled technicians to operate the complex devices is the factor that is restraining this market.
Continuous research is being undertaken to develop treatments for fatal conditions such as brain disorders and injuries, sleep disorders and cerebrovascular The number of brain-related conditions are increasing and this is predicted to boost the market and provide opportunities for the brain computer interface developers.