Brain Computer Interface (BCI) Market Price Trends 2022: Production Cost Analysis, Plant Cost, Profit Margins, Industry Trends, Land and Construction Costs, Cost and Revenue, Raw Materials Costs 2031

Kenneth Research released a report on Brain Computer Interface (BCI) Market that consists detailed analysis and industry insights for the forecast period, i.e.  2022-2031. On the basis of analysis of the market value and calculation of the CAGR during the forecast period, the latest trends and business opportunities in the market are discussed in the report.

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

The global brain computer interface (BCI) market is estimated to garner a revenue of USD 4483.93 Million by the end of 2030 by growing at a CAGR of 12.54% over the forecast period, i.e., 2021 – 2030. Moreover, the market registered a revenue of USD 1466.76 Million in the year 2020. The growth of the market can be attributed to the growing advancement in the field of neuroprosthetics, which is a branch of neuroscience, along with the growing research and advancements in the field of healthcare. Brain computer interface (BCI), also known as brain machine interface (BMI), are used widely in medical research, mapping, assisting, augmenting, or repairing human cognitive or sensory-motor functions. The technology nowadays is being incorporated into the treatment of many patients suffering from cognitive or physical impairments. In elderly citizens, BCI is used to training their motor/cognitive abilities for preventing the ageing effects and also to provide a quality life to the elderly. Besides this, the growing elderly population worldwide is also projected to boost the market growth. According to the statistics by the World Bank, the population aged 65 and above as a share of total population grew from 7.567% in the year 2010 to 9.318% in the year 2020. Moreover, the growing expenditure on healthcare is also expected to contribute to the market growth in the coming years. In other statistics by the World Bank, the current health expenditure as a share of GDP grew from 9.418% in the year 2013 to 9.858% in the year 2018.

The growth of the market can also be attributed to the increasing prevalence of neurodegenerative disorders, such as Alzheimer’s and Parkinson’s disease and epilepsy are also projected to boost the market growth. The BCI technology is also used in mobile and virtual gaming industries. Growing demand for e-sports and the surge in advancements in virtual reality and augmented reality are also expected to accelerate the market growth in the coming years.

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Global Brain Computer Interface (BCI) Market Regional Synopsis

Regionally, the global brain computer interface (BCI) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to garner the largest revenue of USD 1726.31 Million by the end of 2030, up from a revenue of USD 648.41 Million in the year 2020. The market in the region can primarily be attributed to the availability of a strong healthcare network, along with the rise in research in the field of healthcare. In other statistics by the World Bank, the current health expenditure as a share of GDP in North America grew from 15.629% in the year 2013 to 16.415% in the year 2018. Besides this, the high prevalence of neurological disorders in the United States, along with the presence of several gaming companies in the region who are working on implementing virtual and augmented reality into different games, are also expected to create numerous opportunities for market growth in the coming years.

Growth Drivers and Challenges Impacting the Growth of the Global Brain Computer Interface (BCI) Market

Growth Drivers

  • Growing Advancements in Medical Research
  • Surge in Demand for Neuroprosthetics Amongst the Elderly Population

Challenges

  • High Implementation Costs of the Technology

Global Brain Computer Interface (BCI) Market Segmentation Synopsis

The global brain computer interface (BCI) market is segmented by application into medical, games & entertainment, smart home control, communication & control, military & defense, educational & self-regulation, and others. Out of these, the medical segment is projected to display the largest revenue of USD 3401.06 Million by the end of 2030, up from a revenue of USD 1014.39 Million in the year 2020. The segment is further divided into detection & diagnosis, and rehabilitation & restoration. Out of these segments, the detection & diagnosis segment is anticipated to garner the largest revenue by the end of 2030 and also grow with the highest CAGR of 15.07% during the forecast period.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent 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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Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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