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

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. 

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 

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. 

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. 

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.