Brain Computer Interface Market Size Worth $3.7 Billion by 2027: Grand View Research, Inc.

Brain Computer Interface Market Size Worth $3.7 Billion by 2027: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, March 17, 2020

SAN FRANCISCO, March 17, 2020 /PRNewswire/ -- The global brain computer interface market size is expected to reach USD 3.7 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 15.5% over the forecast period. Brain computer interface (BCI) is a revolutionary technology that facilitates direct contact between peripheral electronic devices calibrating the movement and a functional brain in physically challenged people. A BCI records the brain signal from the sensors that are placed on the scalp or devices implanted in brain.

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Key suggestions from the report:

Read 100 page research report with ToC on "Brain Computer Interface Market Size, Share & Trends Analysis Report By Product (Invasive, Partially Invasive, Non-invasive), By Application (Healthcare, Communication & Control), By End Use, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/brain-computer-interfaces-market

The market growth is driven by continuous developments in medical sensors and computational biology. In addition, increasing R&D for advancements in treatment options for chronic conditions such as cerebrovascular diseases, sleep disorders, brain disorders, and fatal injuries contributes to the significant growth rate of the market. Rising number of government projects such as DECODER, a European project that uses brain computer interface to detect consciousness in non-responsive patients, is also expected to positively influence market growth. Moreover, several major market players focus on expanding their presence in emerging economies such as Japan and China, which would drive the overall market growth over the forecast period.

Ongoing technological advancements in the field of virtual reality and increasing applications of BCI in the communications, gaming, and entertainment industries are some of the key contributors driving the market for brain computer interface technology. BCI technology encompasses a wide range of applications designed to revolutionize the communication, automation, security, and entertainment experience. BCI is an emerging technology which is currently at a nascent stage. However, increasing interest among researchers and their collaboration with governments is expected to drive the demand for BCI technology.

North America dominated the market in 2019 owing to a large number of clinical trials conducted in the region. In addition, rising incidences of neurodegenerative conditions such as Parkinson's, Alzheimer's, and Huntington's disease in this region are expected to drive the market growth. In addition, rising demand for immersive gaming, which adopts technologies such as BCI, is also expected to drive the regional market growth.

Grand View Research has segmented the global brain computer interface market on the basis of product, application, end use, and region:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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