Global Brain Computer Interface Market – Industry Trends and Forecast to 2030

Brain Computer Interface Market Analysis and Size

According to World Health Organization (WHO), 700 million neurological and mental disorders (MNDs) cases are reported yearly, accounting for 150 million people suffer from depression, 13% of the global illness burden. 25 million have schizophrenia, 90 million suffer from a substance misuse disorder and 38 million have epilepsy. The major goal of brain computer interface (BCI) is to replace or restore the several useful functions of people who are disabled by neuromuscular disorders such as amyotrophic lateral sclerosis, cerebral palsy, stroke, or spinal cord injury. 

Data Bridge Market Research analyses that the brain computer interface market was valued at USD 1740.00 million in 2022 and is expected to reach the value of USD 5691.49 million by 2030, at a CAGR of 15.61% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Brain Computer Interface Market Scope and Segmentation

Market Definition

Brain computer interface (BCI) is also well known as neural-control interface (NCI), direct neural interface (DNI), mind-machine interface (MMI) or brain-machine interface (BMI). It is a direct communication pathway or interactive platform between brain and external device. Brain imaging technologies include magneto encephalography (MEG), electrocorticography (ECOG), functional magnetic resonance (fMRI) and electroencephalography (EEG). These are integrated with brain computer interface (BCI) systems to capture electrical signals sent by the human brain.

Global Brain Computer Interface Market

Drivers

• Growing usage of electro-encephalography in the diagnosis of sleep disorders

Electro-Encephalography (EEG) has been used to investigate and diagnose brain disorders such as strokes, seizures, tumors and dementia. Electro-Encephalography (EEG) is extensively used to detect electrical activity of the brain or abnormalities in the brain waves. In recent years, Electro-Encephalography (EEG) is being used to diagnose sleep disorders such as insomnia and narcolepsy. Doctors also use EEG as a part of a polysomnography or sleep study. Thus, the growing usage of electro-encephalography in diagnosing sleep disorders is expected to drive the growth rate of the brain computer interface market.

• Increasing number of gaming industries

The rising number of gaming industries is anticipated to drive the market growth of the brain-computer interface devices market. In gaming industries, brain-computer interface devices are used for making video games more exciting and interactive. For instance, Emotiv Company has created a video game by using non-invasive brain-computer interface named neuro gaming. This video game analyses the mood of the users and then adjust the music and video graphics

Opportunities

• Technological advancements

Increasing innovations in sensor and computational technology will likely to create immense opportunities for the growth of the brain computer interface market. Computational sensors are responsible for transforming physical world into signals. It also transforms the information to remove excessive data and extract basic features. Before the information enters the processor, this is normally done in in real-time and parallel. Chemical, magnetic, Visual, auditory, mechanical (tactile), and other sensing applications are all covered by computational sensors.

• Research and development activities

The surging research and development activities by market players further offer numerous growth opportunities within the market. For instance, Persistent research undertaken to create treatments for fatal conditions such as cerebrovascular diseases, sleep disorders, brain disorders, and injuries. This is the factor which is expected to augment and propel the market's growth.

Restraints

• Shortage of skilled labours

The scarcity of skilled technicians to handle and use these complex devices is a major factor hindering this market's growth. According to Gartner Inc.'s Report, around 64% of IT professionals witness skill shortages as the most major obstruction to several emerging technology adoption.

• Ethical issues associated with brain computer interface

The increase in the ethical issues arising from the implementation of brain computer interface technologies includes autonomy, privacy, research ethics, personhood, stigma, safety, responsibility, and justice will likely to hamper the market growth rate.

This brain computer interface market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the brain computer interface market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In April 2022, NEURABLE launched brain computer interface headphone. These headphones give user insight into how their brain work. This device aids users to manage time by suggesting break time period to maximize focus throughout the day.
• In October, 2019, Naxon Labs introduced brain to computer interface solution. This is a useful and affordable tool for engineering and information technology, medicine and neuroscience professionals.

Global Brain Computer Interface Market Scope

The brain computer interface market is segmented on the basis of component, type, application, technology and end-user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Hardware
• Software

Type

• Non-Invasive
• Invasive
• Partially Invasive

 Application

• Medical
• Communication & Control
• Gaming & Virtual Reality
• Smart Home Control

 Technology

• Electro-Encephalography (EEG)
• Magnetoencephalography (MEG)
• Electrocorticography (ECoG)
• Functional Magnetic Resonance Imaging (fMRI)
• Near-Infrared Spectroscopy (NIRS)
• Intracortical Neuro Recording

 End-User

• Healthcare
• Education & Research
• Defense & Aerospace

Brain Computer Interface Market Regional Analysis/Insights

The brain computer interface market is analyzed and market size insights and trends are provided by country, component, type, application, technology and end-user as referenced above.

The countries covered in the brain computer interface market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Global (MEA) as a part of Global (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the brain computer interface market in terms of revenue and market share. This is due to several clinical trials on brain devices and significant R&D investments undertaken in this area. Moreover, the constant rise in the prevalence of neurological diseases such as Huntington’s disease and Parkinson's, Alzheimer's, and is likely to drive market growth.

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to significant untapped prospects, rising healthcare expenditure and increased patient awareness. Foreign investors have been drawn to this profitable market by favorable taxation policies and low-cost production sites in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Brain Computer Interface Market Share Analysis

The brain computer interface market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to brain computer interface market.

Some of the major players operating in the brain computer interface market are:

• Cadwell Industries, Inc (U.S.)
• Cortech Solutions Inc, (U.S.)
• IncNIHON KOHDEN CORPORATION (Japan)
• CAS Medical Systems, Inc (U.S.)
• Natus Medical Incorporated (U.S.)
• g.tec medical engineering GmbH (Austria)
• Medtronic (U.S.)
• Compumedics Neuroscan (U.S.)
• Brain Products GmbH (Germany)
• Integra Lifesciences (U.S.)
• Advanced Brain Monitoring, Inc. (U.S.)
• EMOTIV (U.S.)
• NeuroSky (U.S.)
• Interaxon, Inc. (Canada)
• ANT Neuro (U.S.)
• Neuroelectrics (Spain)
• Ripple Neuro (U.S.)
• NIRx Medical Technologies, LLC (U.S.)

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