Global Brain Computer Interface Market

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 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 

  • 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 

  • 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 

  • 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 

  • 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. 

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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).

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. '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'

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.

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.

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.

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Global Brain Computer Interface Market

Report ID: SQMIG35A2238

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