by The Brain Computer Interface market is estimated to be valued at US$ 959.29 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A brain computer interface is a direct communication pathway between an enhanced or wired brain and an external device. It detects signals that living things emit, decodes and translates them into commands that are relayed to some kind of output device to influence simple actions in the digitized world. Major applications include health care, gaming and communication. Products include head-mounted interfaces, implantable interfaces and electroencephalography (EEG) systems.
Market Dynamics:
The major drivers fueling the growth of brain computer interface market include growing applications in healthcare and gaming industries. Brain computer interfaces can be used to restore functions in patients with paralysis or neurological disorders like stroke, Parkinson’s and amyotrophic lateral sclerosis through dedicated devices and implants. They are also finding increasing usage in gaming industry to develop highly immersive virtual and augmented reality games controlled completely by brain signals. Additionally, rising funding in BCI research and emerging areas like virtual communication is further propelling the market growth during the forecast period. However, high cost of development and commercialization along with limited reliability of existing non-invasive devices pose challenges to widespread adoption of BCIs.
SWOT Analysis:-
- Strength:-
- Potential to help impaired people regain mobility and independence through direct brain-computer interaction without relying on muscle movements.
- Technological advancements in decoding neuron signals and interpreting brain waves have led to higher accuracy in thought translation.
- Rising adoption of non-invasive BCIs eliminates risks associated with invasive brain implants.
- Weakness:-
- Expensive research and development costs associated with developing accurate and reliable BCIs.
- Limited reliability and accuracy of current non-invasive BCIs restricts wide commercial use.
- Ethical issues around data privacy and security as BCIs generate huge amounts of sensitive personal brain data.
- Opportunity:-
- Growing aging population and increasing prevalence of neurological disorders drive the need for assistive technologies controlled by thoughts.
- Expanding applications in gaming and virtual reality/augmented reality present a large commercial market.
- Military grants and funding to develop thought-controlled prosthetics and exoskeletons for injured soldiers.
- Threats:-
- Stringent regulatory policies around invasive BCIs delay market approvals and commercialization.
- Competition from other assistive technologies like EMG devices and computer vision pose challenges.
- Potential security threats if brain data is hacked or misused raise privacy concerns hampering consumer acceptance.
Key Takeaways:-
The Global Brain Computer Interface Market Growth is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for assistive devices and expanding applications of BCIs.
Regional analysis:
North America dominated the global market in 2023, accounting for around 35% share owing to presence of leading players and higher healthcare spending. Asia Pacific is anticipated to exhibit the fastest growth over 2023-2030 due to rising healthcare infrastructure, growing disposable income and increasing neurological disorders in countries like India and China.
Market size:
The global Brain Computer Interface market size reached a value of US$ 959.29 Mn in 2023 and is anticipated to exceed US$ 2 Bn by 2030 with continually growing applications of BCIs.
Key players:
Key players operating in the Brain Computer Interface market are Neuralink Corporation, Neurable, Emotiv Inc., BitBrain, Alpha Omega, Blackrock Microsystems, LLC, Femtonics Ltd, NeuroNexus, Opto Circuits (India) Limited, BIOTRONIK, Plexon Inc., Noldus Information Technology, NextMind, Nectome, and Paradromics. These major players are focusing on developing innovative and non-invasive BCIs through investments in R&D.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
