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

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.