USD 1.78 billion
Brain Computer Interface Market Size, Share, Growth Analysis, By Product(Invasive BCI, Partially Invasive BCI, and Non-invasive BCI), By Application(Healthcare, Disabilities Restoration, Brain Function Repair, Smart Home Control), By End-use(Medical, Military, Rehabilitation centres and home care settings), By Technology(Electroencephalography (EEG), Functional Magnetic Resonance Imaging (fMRI), Magnetoencephalography (MEG), Electrocorticography (ECoG)), By Component(Hardware, Software), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2238 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
93
|Figures:
76
Brain Computer Interface Market Insights
Global Brain Computer Interface Market size was valued at USD 1.78 billion in 2022 and is poised to grow from USD 2.09 billion in 2023 to USD 7.40 billion by 2031, growing at a CAGR of 17.16% during the forecast period (2024-2031).
The increasing frequency of neuroprosthetic diseases, the growing global elderly population base, and rapid technology breakthroughs improving communication and mobility in paralytic patients are key drivers of the brain computer interface (BIC) industry. Furthermore, the application of this technology in virtual gaming, home management systems, and military communication expands the market's applicability, supporting its expansion. The COVID-19 epidemic had a significant impact on this market. During the pandemic, market participants such as Natus noticed an impact on their supply chain. This is due to the fact that the majority of their materials are single source and require extensive certification periods.
Supply chain disruptions hampered their ability to produce and supply final goods. Over the projected period, the rising frequency of neurological illnesses such as Alzheimer's, Parkinson's, and epilepsy is expected to drive demand for BCI. According to the WHO estimate, around 82 million people would be affected by dementia by 2030, rising to 152 million by 2050. This shows the prospects for BCI needs in the coming years. BCI technology is increasingly being employed in the mobile and virtual gaming industries, where it is integrated into Virtual Reality (VR) headsets and gaming content.
Virtual gaming has expanded the capabilities of mind-controlled headgear and gadgets, accelerating acceptance even further. Manufacturers are focusing on developing BCI-enabled video games. For example, Valve expected to release video games using BCI technology in 2021. Such advancements are expected to drive market expansion throughout the forecast period. Brain computer interface systems are well suited for the precise and dependable control of smart home applications. To carry out various operations, home control systems use P300-based technology—an event-related potential component that aids in decision-making.
Opening and closing doors and windows, turning on and off lights, regulating the TV and audio systems, and operating a video camera at the entrance are all examples of these actions. The factors listed above are projected to boost market penetration in the next few years. Another key driver for the market is the growing worldwide elderly population. In the United States alone, there are currently more than 52 million individuals aged 65 and more, with the number expected to quadruple by 2060. The growing senior population is predicted to increase vulnerability to chronic illnesses such as diabetes, cardiovascular disease, and sleep disorders, necessitating the use of BCI technology to promote a healthier lifestyle.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Non-invasive BCI
Fastest Growth
Non-invasive BCI
Growth Rate
17.16% CAGR
Global Brain Computer Interface Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Brain Computer Interface Market Segmental Analysis
Global Brain Computer Interface Market is segmented based on Product, Application, End-use, Technology, Component and region. Based on Product the market is segmented into Invasive BCI, Partially Invasive BCI, Non-invasive BCI. Based on Application the market is segmented into Healthcare, Disabilities Restoration, Brain Function Repair, Smart Home Control, Communication & Control, Entertainment & Gaming. Based on End-use the market is segmented into Medical, Military, Others.Based on Technolgy the market is segmented into Healthcare, Disabilities Restoration, Brain Function Repair, Smart Home Control, Communication & Control, Entertainment & Gaming. Based on component market is segmented into Hardware and software. Based on region the global Brain Computer Interface Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Brain Computer Interface Market Analysis by Product
The market is divided into invasive, partially invasive, and non-invasive BCI based on product. Due to the strong applicability of this technology to items such as headsets, amplifiers, and gaming sticks, non-invasive BCI held the largest revenue share of more than 86.00%, adding to the significant revenue production. This technology is regarded as the safest because the approach is less intrusive, which is supporting segment expansion. Furthermore, various research projects are underway in this field. For example, in June 2019, Carnegie Mellon University and the University of Minnesota collaborated to create the first-ever mind-controlled robotic arm employing BCI technology that can track and follow a computer cursor.
The invasive segment is predicted to grow at the quickest rate throughout the forecast period due to this technology's capacity to return functionality to paralyzed persons via brain-controlled robotic legs and limbs and restore eyesight by connecting the brain to an external camera. The invasive device is placed in the gray matter and is prone to scar tissue formation. On account of its ease of use and many technological breakthroughs, partially invasive BCI is predicted to grow significantly over the projection period. Synchron Inc., for example, developed Stentrode, a partly invasive neural interface technology that records brain signals wirelessly.
Brain Computer Interface Market Analysis by Application
Based on widespread adoption of this technology in the management of sleep problems, neurological diseases, paralyzed patients, and neuroscience research, the healthcare sector accounted for more than 62.00% of total income. Furthermore, technological developments and an increase in the number of activities by key market participants are propelling category growth.
The National Institute on Aging awarded Advanced Brain Monitoring Inc. a grant to research robot-assisted therapies in aging and dementia. Initiatives like this help to contribute to the healthcare sector's dominance. Because of rising desire for a better lifestyle, the smart home control segment is expected to grow at a profitable CAGR. People benefit from smart home controls in terms of ease and comfort, from security monitoring to running entertainment systems and appliances to preserving connectivity. The aforementioned factors are anticipated to drive segment growth during the forecast period.
Global Brain Computer Interface Market By Product 2022 (%)
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Brain Computer Interface Market Regional Insights
North America had the highest revenue share of more than 40.00%, owing to substantial R&D investments and a large number of clinical trials on brain devices in this region. Furthermore, the increasing prevalence of neurological diseases such as Parkinson's, Alzheimer's, and Huntington's diseases in this area is expected to drive market growth. Furthermore, increased demand for immersive gaming is projected to spur the development of technologies such as augmented brain-computer interfaces, which will help to accelerate the adoption of BCI technology in this region.
The Asia Pacific market is estimated to develop at the quickest rate during the forecast period. Significant unexplored opportunities, rising spending on healthcare, and growing patient awareness are expected to drive BCI demand in this region. Low-cost production sites and attractive tax policies in these nations have tempted foreign enterprises to get involved in this successful sector. Intense R&D led to the introduction of a number of game-changing goods.
Global Brain Computer Interface Market By Geography, 2022-2030
- Largest
- Fastest
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Brain Computer Interface Market Dynamics
Brain Computer Interface Market Drivers
Increasing Demand for Medical Applications
- BCI technology has significant potential for medical applications, such as helping patients with paralysis or neurological disorders regain control of their limbs. As the demand for innovative medical treatments grows, so does the demand for BCI technology.
Growing need to minimize medication errors
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The prevalence of various neurological disorders, encompassing stroke, Alzheimer's disease, Parkinson's disease, and amyotrophic lateral sclerosis (ALS). These conditions affect millions of people globally, limiting mobility, communication, and independence. This escalation is primarily linked to the expanding elderly population, with projections indicating that over 20% of the global populace will be above 65 by 2050. Forecasts from the American Medical Association (AMA) suggest that by 2030, approximately 60% of individuals in this age bracket will contend with multiple chronic conditions.
Increasing number of gaming industries
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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
Brain Computer Interface Market Restraints
High Cost
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BCI technology can be expensive, which may limit its adoption by some consumers and organizations. The cost of research, development, and manufacturing is also high, which can limit the number of companies operating in the market.
Shortage of skilled labours
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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
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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.
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Brain Computer Interface Market Competitive Landscape
There are numerous small and large-scale producers offering items, resulting in fierce competition among them. To maximize revenue share in this sector, industry players are expanding their attention on strategic alliances such as mergers and acquisitions, new product launches, partnerships, and collaborations.
Top Player’s Company Profiles in Brain Computer Interface Market
- NeuroSky
- Emotiv
- InteraXon
- Nihon Kohden Corporation
- MindMaze
- G.TEC Medical Engineering GmbH
- BrainCo
- Blackrock Microsystems LLC
- Brain Products GmbH
- Advanced Brain Monitoring
- BrainGate Company
- Compumedics Limited
- Cortech Solutions
- Cadwell Industries Inc.
- OpenBCI
- Neuroelectrics
- Neurable
- NeuroNexus Technologies
- Synchron
- Kernel
Brain Computer Interface Market Recent Developments
- In November 2021, NeuraMatrix, an infrastructure for brain-computer connections, concluded a CNY 100 million funding round. The initial system-on-chip was expected to go into commercial production by the conclusion of this year.
- In October 2021, EMOTIV launched the New EMOTIV Installer as well as improvements to the EmotivPRO Suite 3.0. The product provides a complete end-to-end solution for streamlining neuroscience research.
- 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.
Brain Computer Interface Key Market Trends
- Healthcare Applications: One of the major trends in the BCI market is the increasing use of this technology in healthcare. BCI systems have the potential to assist patients with disabilities and neurological disorders, such as spinal cord injuries and ALS, to improve their quality of life.
- Development of Non-Invasive BCI Systems: Another important trend in the BCI market is the development of non-invasive systems that do not require any invasive surgical procedures. Non-invasive systems are more user-friendly and can be used by a wider range of patients.
- Increasing Research and Development Activities: The BCI market is witnessing a surge in research and development activities, with a focus on improving the accuracy, reliability, and efficiency of these systems. This is driving the growth of the market by introducing innovative technologies, improving user experience, and enhancing the performance of BCI systems.
- Integration with AI and Machine Learning: Another important trend in the BCI market is the integration of BCI systems with artificial intelligence (AI) and machine learning (ML) technologies. This integration allows for the development of smarter and more efficient BCI systems that can learn from user feedback and adjust their performance accordingly.
Brain Computer Interface Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Brain Computer Interface Market The increasing frequency of neuroprosthetic diseases, the growing global elderly population base, and rapid technology breakthroughs improving communication and mobility in paralytic patients are key drivers of the brain computer interface (BIC) industry. Furthermore, the application of this technology in virtual gaming, home management systems, and military communication expands the market's applicability, supporting its expansion. The COVID-19 epidemic had a significant impact on the market. During the pandemic, market participants such as Natus noticed an impact on their supply chain. This is due to the fact that the majority of their materials are single source and require extensive certification periods.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.78 billion |
| Market size value in 2031 | USD 7.40 billion |
| Growth Rate | 17.16% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Brain Computer Interface Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Brain Computer Interface Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Brain Computer Interface Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Brain Computer Interface Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Brain Computer Interface Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Brain Computer Interface Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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