"Increasing demand for advanced technologies in the field of neuroscience and information and communication technology is likely to fuel the growth of the brain machine interfaces market"

Globally, the brain machine interfaces market is expected to grow with a CAGR of more than 10.1% during the forecast period from 2023 to 2030. Factors attributed to the growth of brain machine interfaces market includes increasing penetration of advanced technologies in the field of neuroscience, growing incidences and prevalence of brain disorders affecting the movements of body, increasing government funding for research and development of brain machine interface technologies, miniaturization of components, and increasing number of gaming industries implementing brain machine interface technologies. Brain machine interface eliminates the lag inherent in the translation of a thought or physical action into a computer response. There are numerous research and development activities conducted for treatment of major brain injuries & disorders, cerebrovascular diseases, and sleeping disorders. Brain machine interface is largely being used in the research studies to prove useful in understanding the ailment and develop effective treatment for the condition. For such research studies, huge investments and funds are being raised in different forms which makes the technology more advanced and user-friendly. Moreover, brain machine interface also helps the people with special abilities to communicate with other people as well as external environments. Such advantages of this technology is fueling the growth of brain machine interface market, globally. However, being highly technical tool, it can only be handled by a skilled technician, and lack of skilled manpower if one of the major restraint that affects the market growth. In addition to this, there are some ethical issues related to brain machine interface system, which declines the rate of adoption and thus affects the growth of the market during the forecast period.

"Healthcare application segment is expected dominate the brain machine interfaces market"

Based on the application, the brain machine interface market is segmented into healthcare, communication and control, gaming and entertainment, and smart home controls, military and defense, and other end users. The healthcare market segment is likely to hold maximum market share in the global brain machine interface market. Increasing prevalence of neurological disorders, and growing research and development activities focusing brain machine interface in numerous neurological conditions are primary factors attributed to the growth of brain machine interface in healthcare industry. As brain machine interface technology can help in improving communication capabilities, restoration of disabilities and repair of the brain functions, its application in healthcare industry is growing at a rapid pace. Brain machine interface also helps the disabled individuals to improve their muscle control and be more independent to conduct their day-to-day chores. However, major limitations of brain machine interface in healthcare application is that the sometimes the signals received from the brain can experience interference which can affect the results obtained. This is likely to hamper the market growth.

"North America to dominate the brain machine interfaces market"

North America dominates the brain machine interfaces market by holding largest market share of around 40% of the total revenue generated worldwide. Major factors attributed to this huge market share is increasing occurrence of neurodegenerative diseases combined with growing popularity of virtual gaming. According to an article published by Harvard NeuroDiscovery Center, within 30 years’ time more than 12 million Americans will suffer from neurodegenerative diseases, if left unchecked. Additionally, large number of brain machine interface providers are based in this region. This gives them access to advanced technology and large customer base. Moreover, increasing government and private investment in research and development of brain machine interface in the US, is also driving the growth of this market. However, Asia-Pacific is expected to witness fastest growth in the global brain machine interface market. High growth is largely anticipated in China and Japan, based on ability to adopt advanced technologies in various end use industries. In addition to this, increasing economic growth and increasing need for efficient diagnostic and therapeutic alternative for neurological disorders is largely contributing to this high growth. Based on such factors, major players operating in the brain machine interface market are expanding their presence in the Asia-Pacific region. These strategic activities are likely to fuel the growth of brain machine interface market in this region, during the forecast period.

Some of the prominent players operating in the brain machine interfaces market include Guger Technologies OG, Mind Solutions Corp., InteraXon, iWinks, Neuroelectrics, Emotiv Corp., NeuroSky, Interactive Productline, ANT Neuro, Ripple, Puzzlebox, Compumedics Ltd., Natus Medical, and Brain Products GmbH among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Brain Machine Interfaces market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Brain Machine Interfaces market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Brain Machine Interfaces market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Brain Machine Interfaces market?
• Which is the largest regional market for Brain Machine Interfaces market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Brain Machine Interfaces market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Brain Machine Interfaces market worldwide?