Brain-computer Interface Market
Number of pages: 100 | Report Format: PDF | Published date: March 22, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 1.47 billion |
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Revenue Forecast in 2031 |
US$ 4.69 billion |
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CAGR |
13.7% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global brain-computer interface market was valued at US$ 1.47 billion in 2022 and is expected to register a revenue CAGR of 13.7% to reach US$ 4.69 billion by 2031.
Brain-computer Interface Market Fundamentals
A brain-computer interface (BCI) captures and processes brain signals to create commands that are then sent to output devices to perform the required tasks. BCIs do not utilize normal neuromuscular output channels. The primary objective is to replace or recover functional activities for persons with neuromuscular disabilities caused by amyotrophic lateral sclerosis, mental retardation, stroke, or spinal cord injury. Researchers have used electroencephalographic, intracortical, electrocorticographic, and other brain signals for increasingly complicated control of cursors, robotic arms, prostheses, wheelchairs, and other devices since the first demonstrations of electroencephalography-based spelling and single-neuron-based device control. BCIs might potentially help treat other illnesses, including stroke recovery. These might improve surgeons’ or other medical professionals’ abilities. The focus of a fast-expanding research and development enterprise that is incredibly fascinating to scientists, engineers, physicians, and the general public is BCI technology. Future successes will be based on progress in three key areas. Signal-acquisition gear for BCIs must be practical, transportable, secure, and able to work in any setting. Long-term studies on using BCI systems on patients with severe disabilities are required for validation.
Efficient and workable models for their wide-scale adoption must be implemented. BCI allows direct communication between the brain and a computer or other external device. They provide increased freedom by boosting or substituting human peripheral working capacity. They have potential uses in rehabilitation, affective computing, robotics, gaming, and neuroscience.
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Brain-computer Interface Market Dynamics
The rise in geriatric populations worldwide, the frequent incidence of neuro-prosthetic disorders, and rapid technological advancements enabling communication and movement in paralyzed patients are the main factors driving the brain-computer interface market. Additionally, the application of this technology in virtual gaming, home automation, and military communication expands the market’s usefulness, supporting growth. The medical industry is where the BCI is most commonly used. Many BCI companies are working on solutions that might help patients partially overcome their limitations. Treatment for blindness, amputations, spinal cord injuries, etc., depends on the technology’s viability and potential. Technological development is driving the demand for BCI devices to treat spinal cord injuries to restore movements, such as the brain-spine interface and robotic limbs that the brain can control. This is linked to a rise in the usage of BCI-related gear and sensors in the digital industry. Most healthcare organizations have started implementing this technology to coordinate all healthcare procedures, such as patient inspection and treatment, which enhances overall productivity and will accelerate the market revenue growth for brain-computer interfaces. The software sector is anticipated to experience the highest growth in the coming years.
However, the high cost and stringent regulatory procedures for medical devices are the two factors hindering the revenue growth of the global brain-computer interface market.
Brain-computer Interface Market Ecosystem
The global brain-computer interface market is analyzed from three perspectives: type, application, and region.
Brain-computer Interface Market by Type
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Based on the type, the global brain-computer interface market is segmented into invasive, partially invasive, non-invasive, and others.
The invasive segment accounted for the largest revenue share of the global brain-computer interface market in 2022. Three criteria are required for BCI medical applications: first, a convenient signal acquisition device second, system validation and dissemination; and finally, the dependability and potentiality of BCI. Invasive intracortical recordings restore mobility in people with motor impairments better than non-invasive methods, such as electroencephalography (EEG). A patient’s performance determines how well they can complete a motor task or communicate with an external device. Invasive procedures are also useful for patients who are locked in since the advantages (much-improved quality of life) exceed the risks associated with implantation. A pilot study found no negative outcomes from surgery or tissue reactivity during a one-year follow-up. Invasive BCIs should generally not be explored for neurologically intact patients because of the risks associated with surgery. A deeper understanding of surface recordings from a non-invasive modality and the use of localized inner cortical activities, however, may be made possible by invasive recordings.
With regard to computational and processing techniques, numerous advancements in the invasive BCI field have deepened the understanding of how the brain functions and made it possible to decipher and harness neural signals for various applications. These applications range from thought-controlled computer interfaces for persons with disabilities to, more recently, devices designed to allow paralyzed people to move again. The number of invasive BCI applications keeps growing because of developments in implanted microelectrodes, sophisticated signal processing, and neural decoding techniques. Future research and development efforts on deciphering neural patterns and technologies that interface with the brain and peripheral nerves are expected to expand.
The non-invasive brain-computer interface segment is expected to grow rapidly with the fastest revenue CAGR owing to the wide range of applications for the technology and the rising prevalence of neurological illnesses. It is anticipated that developing non-invasive brain-computer interface devices based on EEG would make BCI technology more widely available. Also, an increase in product approvals is expected to support the market revenue growth.
Brain-computer Interface Market by Application
Based on the application, the global brain-computer interface market is segmented into restoration of disabilities, repair of brain function, and others.
The restoration of disabilities segment accounted for the largest revenue share of the global brain-computer interface market in 2022. Young people with traumatic brain injuries or other neurological conditions manifesting in infancy live, develop, and learn with little access to the outside world. Children with such cognitive abilities make the best candidates for BCI owing to the restoration of their disabilities. The important application of BCI is the restoration of motor function in paralyzed patients, which is the main objective of many researchers in the field. Few studies have been conducted on this therapeutic application, including those mostly using SMR-based systems. Additionally, the market is growing due to rising BCI research and development efforts and product launches for treating several disabilities. For instance, in April 2022, Instituto Nacional de Rehabilitacion posted the clinical trial of BCI to evaluate the effectiveness of functional electrical stimulation therapy using BCI in upper limb neurorehabilitation.
Brain-computer Interface Market by Region
Based on the region, the global brain-computer interface market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global Brain-computer Interface market in 2022, primarily because of significant R&D expenditures and numerous clinical tests on brain implants in this area. Also, the increasing prevalence of neurological diseases, such as Parkinson’s, Alzheimer’s, and Huntington’s disease, is anticipated to fuel market expansion in this region. Additionally, the growing demand for immersive gaming is expected to spur the creation of innovations, such as augmented BCIs, that will accelerate the uptake of BCI technology in this area. Several BCI businesses, research centers, and universities in North America have the infrastructure and financial resources required for BCI technology. Businesses in this region are selling BCI equipment to consumers. Thus, North America is expected to be the first region to gain from developing BCI technology and take the lead in the industry.
The market in the Asia Pacific is anticipated to grow at the fastest revenue CAGR. The demand for BCIs in this region is expected to be driven by substantial untapped prospects, a rise in healthcare costs, and growth in patient awareness. Foreign investors have been drawn to this profitable market by these nations’ low-cost manufacturing facilities and advantageous tax laws. Several novel products have been introduced due to intensive R&D. For instance, Compumedics worked with Health 100, a Chinese company, in May 2018 to enhance its line of BCI-based sleep technology products. The approval of Integra’s DuraGen Dural Regeneration Matrix in Japan in March 2019 aided regional growth.
Brain-computer Interface Market Competitive Landscape
The international, regional, and local players in the brain-computer interface market are well-diversified, and the industry is moderately competitive. Nonetheless, a few significant international companies, such as Natus Medical Incorporated, Compumedics Ltd, Emotive Incorporation, g.tec medical engineering GmbH, and NeuroSky, control many of the industry thanks to their strong brand names and wide distribution networks. Companies are investing in cutting-edge technology to transform their clients digitally.
Notable market participants include:
Brain-computer Interface Market Strategic Developments
A brain-computer interface (BCI) is a connection between a brain and a device that allows signals from the brain to guide some external action, such as cursor movement or prosthetic limb control.
The high prevalence of brain injuries and disorders and technological advancements are the key driving factors for the global brain-computer interface market.
The high cost of the devices and lack of awareness potentially hinder the global brain-computer interface market revenue growth.
Key companies operating the global brain-computer interface market are Natus Medical Incorporated, g.tec medical engineering GmbH, Medtronic plc, Compumedics Neuroscan, and Brain Products GmbH.
The global brain-computer interface market is expected to grow at a revenue CAGR of 13.7% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain