Global brain-computer interface (BCI) market acceleration

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New York, Jan. 10, 2022 (GLOBE NEWSWIRE) — According to World Bank statistics, the population aged 65 and over as a share of the total population in the world reached 9.318% in 2020 from 6.874% in 2000. Moreover, according to the statistical report titled “World Population Aging 2019” published by the United Nations, said the number of people aged 65 or over worldwide is expected to reach 1,548.9 million by the end of 2050, up from 702.9 million in 2019, registering a 120% growth during the period.

Kenneth Research recently added a report on “Global Brain-Computer Interface (BCI) Marketwhich includes a brief analysis of the organizations operating in the market along with the analysis of their product portfolio and growth strategies over the forecast period, i.e., 2021-2030. The report also uses different analytical tools like SWOT analysis and PESTEL analysis among others to analyze the market.

The elderly population in the world is increasing at a significant rate and with it, raises concerns about the various diseases that affect the population group. According to the World Health Organization (WHO), the most common conditions in older people include cataracts, refractive errors, hearing loss, chronic obstructive pulmonary disease, diabetes, back and neck pain. and dementia, among others. Most of these diseases often lead to many physical and mental complexities in the elderly, ultimately leading to poor quality of life. The brain-computer interface (BCI) helps to perform the desired action by acquiring signals from the brain. People facing physical or mental complexities and unable to perform their daily daily actions can use the interface to perform the desired action. The global Brain Computer Interface (BCI) market recorded revenue of USD 1466.76 million in 2020 and is further expected to touch USD 4483.93 million by the end of 2030, increasing with a CAGR of 12.54% over the forecast period.

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The global brain-computer interface (BCI) market is segmented by region into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among the market in these regions, the market in North America recorded the highest revenue of USD 648.41 million in 2020 and is further expected to reach USD 1726.31 million by the end of 2030. , the market in Europe is expected to garner the second largest revenue of USD 1618.70 million by the end of 2030, up from a revenue of USD 506.73 million in 2020.

The global brain-computer interface (BCI) market is segmented on the basis of application into medical, gaming & entertainment, smart home control, communication & control, military & defense, education & self-regulation, etc. . Among all these segments, the medical segment recorded the largest revenue of USD 1014.39 million in 2020 and is further expected to touch USD 3401.06 million by the end of 2030. The segment is also expected to grow with the Highest CAGR of 13.58% during the forecast period.

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On the other hand, the gaming and entertainment segment is expected to generate the second largest revenue of USD 399.07 million by the end of 2030 and continue to grow with a CAGR of 12.26% during the period of forecast. The medical segment is further subdivided into detection and diagnosis, and rehabilitation and restoration. Among these segments, sensing and diagnostics segment is expected to generate the largest revenue by the end of 2030, and also grow with the highest CAGR of 15.07% during the forecast period.

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Some of the key industry leaders in the global brain-computer interface (BCI) market that are included in our report are NextMind SAS, Blackrock Neurotech, Advanced Brain Monitoring, Inc., NIHON KOHDEN CORPORATION, g.tec medical engineering GmbH, Natus Medical Incorporated, Cadwell Industries Inc., OpenBCI, Inc., Cortech Solutions, Inc., NeuroSky, Inc., EMOTIV, Inc., Integra LifeSciences Corporation and others.

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