|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 1800 Million||USD 6100 Million||16.5%||2022|
Brain-Computer Interface Market
The global brain computer interface market size was worth around USD 1800 million in 2022 and is predicted to grow to around USD 6100 million by 2030 with a compound annual growth rate (CAGR) of roughly 16.5% between 2023 and 2030.
A brain-computer interface (BCI) is a system that uses an artificial output device to acquire, analyze, and translate brain impulses into instructions. This device aids in the replacement, restoration, enhancement, supplementation, and improvement of central nervous system (CNS) activities. BCI replaces or restores useful function in people with neuromuscular diseases such as cerebral palsy, amyotrophic lateral sclerosis, or spinal cord damage. It is also beneficial for rehabilitation following a stroke or other disease. As it finds widespread use in communicating and regulating patients with severe paralysis or locked-in syndrome (LIS), its demand is increasing globally.
An increasing number of gaming industries drive market growth
An expanding number of gaming sectors are utilizing brain-computer interface technology to make video games more engaging and interesting. Emotiv, Inc., for example, has created video games that employ Neurogaming, a non-invasive BCI approach that analyzes the user's mood and modifies visual visuals and music appropriately. Neurogaming is a new type of video game that uses non-invasive BCI technology and does away with standard controls. These BCI approaches increase the entire gaming experience of the user while also increasing the income generation potential of corporate entities. Furthermore, by incorporating BCI within virtual reality (VR) headsets, BCI technology is gradually being embraced in the mobile and virtual gaming industries. It also provides several possibilities for mind-controlled gadgets, which will drive the growth of the brain-computer interface market over the forecast period.
The high cost and invasive nature of BCI hamper the market growth
BCIs, particularly invasive ones, can be expensive since they require specialized tools, surgery, and regular upkeep. The expensive price of BCIs could prevent a larger populace from using them. Additionally, invasive BCIs, which involve implanting electrodes into the brain via surgery, come with hazards including infection, tissue damage, and long-term health issues. These dangers may discourage potential customers and restrict the brain computer interface industry growth, particularly for non-medical uses.
The growing prevalence of neurological disorders offers an attractive opportunity for market growth
The rising frequency of neurological disorders has contributed significantly to the worldwide brain computer interface market's attraction. In recent years, the neurological sector of research and medicine has seen huge modifications, which have also aided in molding the general expansion of the global market. Furthermore, combining brain-computer interface technologies with AI, deep learning, and machine learning has resulted in new levels of creativity and technological advancement.
Several innovative applications of BCI have gained attention in recent years. It is worth noting that the interface is quite useful in electroencephalography, spectroscopy, and dry active electrode arrays. For instance, according to the Alzheimer's Association, Alzheimer's disease affects about 1 in every 9 adults aged 65 and over (10.8%). The percentage of persons with Alzheimer's dementia rises with age: 5.0% of those aged 65 to 74, 13.1% of those aged 75 to 84, and 33.3% of those aged 85 and beyond have the disease.
People under the age of 65 can potentially get Alzheimer's disease. Although studies on the frequency of younger-onset dementia in the United States are limited, experts assume that around 110 out of every 100,000 persons aged 30-64 years, or approximately 200,000 Americans in total, have younger-onset dementia. Thus, the aforementioned stats offer a lucrative opportunity for market growth.
Complexity and training requirements act as a major challenge to market growth
For many BCIs to produce reliable and accurate findings, significant user training is necessary. BCIs are less useful for people who may struggle with training or who need rapid, intuitive control because of the high learning curve. Thus, acting as a major challenge for the market growth.
The global Brain Computer Interface industry is segmented based on product, application, end-use, and region.
Based on the product, the global market is bifurcated into Invasive BCI, Partially Invasive BCI, and Non-Invasive BCI. The Non-Invasive BCI segment is expected to hold the largest revenue share over the forecast period due to the technology's broad application to goods like headphones, amplifiers, and gaming sticks, which contributes to the enormous income generating. Due to the less invasive approach, this method is regarded as the safest, which is further fostering the segment's growth. Additionally, there are several research efforts ongoing in this area. For instance, in June 2019, Carnegie Mellon University and the University of Minnesota created the first-ever mind-controlled robotic arm that can track and follow a computer cursor. This arm uses BCI technology. Thus, this is expected to drive the segment growth.
Based on the application, the global Brain Computer Interface industry is bifurcated into healthcare, disability restoration, brain function repair, smart home control, communication & control, and entertainment & gaming. The healthcare segment is expected to dominate the market over the forecast period due to the technology's wide range of applications in the treatment of sleep disorders, neurological conditions, people with paralysis, and the research of neuroscience.
Additionally, the segment growth is being further fueled by technical development and an increase in the number of initiatives taken by the major industry players. For instance, in October 2021, the New EMOTIV Launcher and improvements to EmotivPRO Suite 3.0 were launched by EMOTIV. The product is an all-inclusive end-to-end solution for streamlining neuroscience research. Thereby, driving the segment expansion.
Based on the end-use, the global Brain Computer Interface market is bifurcated into medical, military, and others. The medical segment is expected to capture the largest market share over the forecast period due to its use in aiding patients with disabilities. With the help of operational wheelchairs, prosthetic limbs, and other devices, individuals with disorders including Parkinsonism, epilepsy, paralysis, and Alzheimer's can move around and carry out tasks independently. On the other hand, the military segment is expected to grow at the fastest rate over the forecast period. This market is expected to expand as a result of the creation of mobile robots that can serve as armed drones in conflict zones and sophisticated communication systems like DARPA's ("Silent Talk"), which would allow soldiers and military personnel to give orders through telepathic communication.
|Report Attributes||Report Details|
|Report Name||Brain-Computer Interface Market|
|Market Size in 2022||USD 1800 Million|
|Market Forecast in 2030||USD 6100 Million|
|Growth Rate||CAGR of 16.5%|
|Number of Pages||207|
|Key Companies Covered||Medtronic, Natus Medical Incorporated, g.tec medical engineering GmbH, Compumedics Neuroscan, Integra Lifesciences Corporation, Advanced Brain Monitoring Inc., Brain Products GmbH, NeuroSky, EMOTIV, Interaxon Inc., ANT Neuro, Neuroelectrics, Ripple Neuro, NIRx Medical Technologies LLC, OpenBCI, CGX, A Cognionics Company, and others.|
|Segments Covered||By Product, By Application, By End-use, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America is expected to dominate the market during the forecast period
North America is expected to dominate the global brain computer interface market growth during the forecast period. This is a result of the rising frequency of epilepsy and neurological conditions like AD/PD in developed nations like the United States and Canada. Additionally, an increase in product releases by significant firms operating in this area is anticipated to fuel market revenue growth over the projection year. For instance, the first human BCI implant in the United States was reported by Synchron, a firm that develops endovascular brain-computer interfaces (BCI), in July 2022. This procedure, which is the first to use an endovascular BCI method and does not necessitate invasive open-brain surgery, represents a key technological milestone for scalable BCI devices. In the angiography suite, the procedure was performed utilizing a less invasive endovascular technique. Thereby, driving the market growth in the region.
The global Brain Computer Interface market is dominated by players like:
A brain-computer interface (BCI) is a system that uses an artificial output device to acquire, analyze, and translate brain impulses into instructions. This device aids in the replacement, restoration, enhancement, supplementation, and improvement of central nervous system (CNS) activities. BCI replaces or restores useful function in people with neuromuscular diseases such as cerebral palsy, amyotrophic lateral sclerosis, or spinal cord damage.
One of the main drivers supporting the brain-computer interface market's expansion is the growing elderly population, which is also accompanied by an increase in the incidence of neurological conditions including epilepsy, Alzheimer's, and Parkinson's.
According to the report, the global brain computer interface market size was worth around USD 1800 million in 2022 and is predicted to grow to around USD 6100 million by 2030.
The global Brain Computer Interface market is expected to grow at a CAGR of 16.5% during the forecast period.
The global Brain Computer Interface market growth is expected to be driven by North America. It is currently the world’s highest revenue-generating market due to the growing prevalence of neurological disorders.
The global Brain Computer Interface market is dominated by players like Medtronic, Natus Medical Incorporated, g.tec medical engineering GmbH, Compumedics Neuroscan, Integra Lifesciences Corporation, Advanced Brain Monitoring, Inc., Brain Products GmbH, NeuroSky, EMOTIV, Interaxon, Inc., ANT Neuro, Neuroelectrics, Ripple Neuro, NIRx Medical Technologies, LLC, OpenBCI and CGX, A Cognionics Company among others.
The Brain Computer Interface market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTLE analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five forces analysis, and value chain analysis.