SEATTLE, June 16, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global brain computer interface market is estimated to be valued at US$ 773.0 million in 2021 and is expected to exhibit a CAGR of 11.4% over the forecast period (2021-2028).
Key Trends and Analysis of the Global Brain Computer Interface Market:
The increasing number of product approvals, product launches, and collaborations and partnership strategies adopted by key players are the major factors, which are expected to drive the market growth over the forecast period.
For instance, in April 2018, LivaNova received the CE Mark for its Vagus Nerve Stimulation Therapy System consisting of SenTiva generator and next-generation programming system for epileptic patients.
Moreover, in 2018, Rapid Medical, a company focused on the development of next generation neurovascular devices, received European CE Mark approval for its TIGERTRIEVER. The TIGERTRIEVER is the first-ever adjustable, fully visible clot retriever, is designed to treat ischemic stroke patients.
Furthermore, increasing collaborations among various research institutes for development of novel diagnosis techniques for brain disease is expected to drive the growth of market in the near future. For instance, in 2017, Singapore-based National Neuroscience Institute and Nanyang Technological University, Singapore (NTU Singapore) entered into a collaboration for development of novel and innovative technologies to better diagnose and treat patients with neurological conditions such as Parkinson’s disease and brain injuries.
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Key Market Takeaways:
The global brain computer interface market is expected to exhibit a CAGR of 11.4% over the forecast period. Owing major market player is focusing on inorganic growth strategies such as collaboration to strengthen its position in the market. For instance, in January 2019, Neurable, a software company announced that it will collaborate with Trimble, a software and services technology company. The collaboration focuses on bringing the brain-computer interface (BCI) technology to innovative solutions in the transportation and architecture, engineering and construction (AEC) industries.
Competitive Landscape:
Key players operating in the global brain computer interface market include 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.
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Market Segmentation:
- Global Brain Computer Interface Market, By Product:
- Invasive
- Non-invasive
- Semi-invasive
- Global Brain Computer Interface Market, By Application:
- Prevention
- Detection and Diagnosis
- Rehabilitation and Restoration
- Global Brain Computer Interface Market, By End User:
- Hospitals
- Academic Institutes
- Research Institutes
- Global Brain Computer Interface Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
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