Brain Computer Interface Market Analysis Report & Growth Outlook 2030

The brain computer interface market is anticipated to grow from US$ 1.68 billion in 2022 to US$ 5.66 billion by 2030; it is projected to grow at a CAGR of 16.4% from 2022 to 2030.

Analyst Perspective:

Brain computer interface can be viewed as a technological breakthrough that offers the possibility of controlling machines or computers with nothing more than a thought. It represents a fast-growing field of research with practical application of such systems. While some of the earliest brain computer interface technologies imply recorded signals from the brain, the more modern brain computer interface technologies are designed as implants. Such implants improve the skills associated with certain brain activities, such as vision, hearing, or other human or animal functions. Contemporary brain computer interface technologies allow both the decoding of neural activities and the delivery of external signals into targeted brain areas to induce remodeling of neuro synaptic organization, or plasticity.

Plasticity is an innate attribute of the brain and peripheral nervous system (PNS) supporting brain computer interface-based rehabilitation and other neuroscientific applications. While most of the brain computer interface systems translate brain signals to computer commands, some systems utilize external stimulation modes such as transcranial direct current (DC) stimulation and transcranial magnetic stimulation to stimulate specific brain areas. Newer studies indicate that inter-subject operable sensorimotor rhythm-based brain computer interfaces might become viable for subjects who share common brain dynamics. Inter-subject brain computer interface holds promise predominantly for healthy people and in applications such as lie detection, gaming, and drowsiness because rehabilitative brain computer interfaces are required to consider the characteristics and severity of individual impairment.

Market

Overview:

Brain computer interfaces present a direct communication link between a computer or other external devices and the brain. They provide an extended degree of freedom either by substituting or by strengthening human peripheral functional capacity. Brain-computer interfaces have potential applications across varied verticals, including affective computing, gaming, rehabilitation, robotics, and neuroscience. Brain computer interface systems are a rapid technology involving different hardware and software communication systems for allowing the control of external devices through brain activity. One of the important applications of brain computer interface technology is to assist disabled people. Though most applications of brain-computer interface-related technologies are in healthcare applications, non-healthcare applications such as virtual reality (VR) gaming and device control have also been commercially developed.

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Brain Computer Interface Market: Strategic Insights

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Market

Driver:

Rise in Neurology-Related Disorders to Drive Growth of the Brain Computer Interface Market.

Neurological disorders are varied diseases that affect the body’s autonomic nervous system (ANS), peripheral nervous system (PNS), and central nervous system (CNS). The list of non-communicable neurological disorders comprises Alzheimer’s disease, dementias, epilepsy, multiple sclerosis (MS), migraines, non-migraine headaches, and Parkinson’s disease. The number of patients suffering from disability caused by neurological disorders is increasing at a fast pace globally and is being recognized as a global public health challenge. Health authorities anticipate its burden to rise during the next few decades as a result of the population aging across different nations. MS is often a disabling disease of the CNS and causes the immune system to attack the myelin sheath cover of nerve fibers. It leads to inflammation and lesions, leads to difficulty of the brain in sending signals, and can cause deterioration of the nerves or permanent damage. Similarly, Parkinson’s disease is a progressive neurological disorder that commonly causes tremors and stiffness or slowing of movement. Symptoms may start gradually, sometimes starting with a barely noticeable tremor in just one hand. Brain-computer interfaces with functional electrical stimulation (FES) as a feedback device are being researched to promote neuroplasticity and improve motor function amongst MS patients. Similarly, brain computer interface technology is being used for adaptive deep brain stimulation in Parkinson’s disease. Such novel applications are driving the brain computer interface market globally.

Segmental Analysis:

The brain computer interface market is segmented on the basis of component, type, and application. Based on components, the brain computer interface market is bifurcated into hardware and software & service. Hardware was the leading segment in 2022, but the software & service segment is anticipated to grow at a faster rate during the forecast period. By type, the brain computer interface market is divided into invasive and non-invasive. The non-invasive segment held a larger market share in 2022 and is also anticipated to record a faster growth rate during the forecast period. Based on application, the brain computer interface market is segregated into communication & control, entertainment & gaming, healthcare, and others. The healthcare segment acquired the largest share in 2022 and is expected to retain its leading share throughout the forecast period. However, the entertainment & gaming segment is anticipated to record a faster growth rate during the forecast period.

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Hardware acquired the largest market share in 2022 and is expected to continue its domination throughout the forecast period. However, the software & service segment is anticipated to witness a faster growth rate, buoyed by the growing demand for non-intrusive methods and the requirement for capturing critical sensory data. Advanced software solutions are being deployed to omit the practical challenges of the sensitivity of hardware.

Regional Analysis:

North America holds a substantial share of the brain computer interface market. The region has a high penetration of advanced technologies and a higher acceptance of brain computer interfaces. Additionally, the region is a pioneer in research and development of such advanced technologies. Additionally, the US and Canada have been witnessing a significant rise in the number of patients with spinal cord injury or stroke-related disability. Brain-computer interfaces are increasingly being sought for motor rehabilitation in patients who have suffered a stroke or spinal cord injury, leading to upper or lower-limb paralysis. The main aim is to permit patients to train with the aid of a brain-computer interface for a certain time to aid in restitution or improvements in their motor function. These improvements are further assisted by establishing links between the areas of the brain responsible for performing peripheral feedback and movement, thus promoting the reorganization of cortical and cortico-spinal circuits. Most utilized protocols for training include requesting patients to mentally simulate the movement or try to move their paralyzed limb and supporting that action with a robotic exoskeleton or electrical stimulation of the muscles. Such applications are a strong driver of the market in the region.

Key Player Analysis:

The brain-computer interface market players include Advanced Brain Monitoring, ANT Neuro BV, CGX (Cognionics), Emotiv Inc, Integra LifeSciences, InteraXon Inc, Medtronic plc, Natus Medical Inc, NeuroSky Inc, and Ripple Neuro. The market is moderately fragmented, with several small solution providers from the North American region entering the brain computer interface market after receiving government aid or private funding for research. Various other brain computer interface market players are introducing new product offerings to contribute to the brain computer interface market size proliferation. Numerous other important 5G base station market players were also analyzed during this market research to get a holistic view of the global market and its ecosystem. The leading brain computer interface market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.

Recent Developments:

Companies in the brain computer interface market adopt several inorganic and organic strategies, such as product innovation and partnership. Advanced Brain Monitoring, CGX (Cognionics), Emotiv Inc, Integra Lifesciences, and Medtronic plc are key brain computer interface market players. With the strong growth in demand for brain-computer interfaces, numerous companies have established partnerships to expand their offerings. A few recent key brain computer interface market developments are listed below:

• September 2023 – Neuralink announced that it has received approval from an independent review board (IRB) to recruit consensual participants for the first human trial of its brain implant designed for patients with paralysis. Individuals with paralysis resulting from cervical spinal cord injuries or amyotrophic lateral sclerosis (ALS) may qualify for participation in this study. During the study, a brain computer interface device is expected to be surgically implanted by a robot in the target region of the brain. The Elon Musk-owned company’s initial objective is to enable patients to control a computer keyboard or cursor solely through their thoughts.
• August 2023 – JIIT Noida of India and Neuphony, a neurotech business, launched the Brain Computer Interface (BCI) Lab. The collaboration aims to revolutionize the field of neurotechnology by presenting students with an opportunity to explore the limits of mental health applications, brain-computer interaction, and cutting-edge research. The collaboration was aimed at promoting research on advanced neurotechnology in India by encouraging collaboration between academics and industry. It was also aimed at potentially transforming human-machine interaction and mental health treatments.
• May 2023 – Tianjin University's neuroscience team launched a high-speed, noninvasive brain-computer interface system with 216 targets. The newly introduced device enables users to utilize their thoughts for typing at high speeds while wearing a compact brain-computer interface device and interacting with a 216-key virtual keyboard. The system also combines commonly used syllables in both English and Chinese spelling while offering seamless one-click switching between the language input methods.