The brain computer interface (BCI) is a new technology that allows direct communication between the brain and an external device, cutting out the normal neuromuscular pathways. It can help detect and diagnose conditions like epilepsy and brain tumors and restore motor functions that these conditions have damaged.
The market worth of brain computer interface in 2021 was USD 1505.06 million, and it will be worth USD 5340.38 million by 2030, growing at a 15.11% CAGR during the forecast period.
The efficiency and effectiveness of the therapy used to treat the condition have increased due to the rapidly expanding numbers of highly developed technologies and better therapies. During the projected period, the market for brain computer interfaces is expected to grow to a greater extent due to the connection of humans with external technologies and increased demands from consumers and the healthcare industry due to the rising patient rate.
Market Dynamics
Drivers
The brain computer interface and the quick adoption of newly created cutting-edge technologies helped to accelerate the market’s growth rate. Rising neurodevelopmental issues are increasingly driving the market for brain computer interfaces and rising consumer desires to better their health. The market for brain computer interfaces is being helped by the rising prevalence of chronic illnesses like epilepsy, Parkinson’s disease, and Alzheimer’s disease that are primarily seen in geriatric patients, as well as the improved use of brain computer interface in home care applications, issues with brain function, increased communication, enriched entertainment, and video gaming.
Restraints
One factor impeding the expansion of this market is the lack of qualified technicians to operate these complicated devices. According to a report by Gartner Inc. (Emerging Technology Roadmap for Large Enterprises, 2020), skill shortages are now viewed as the biggest barrier to adopting emerging technologies by 64% of IT executives, up from 4% in the previous year.
Opportunity
As more medical facilities, technologies, and research and development are being done in this field, the opportunity for underdeveloped countries is expanding. The government’s increasing backing and support, investments made to cure illnesses, the development of new technologies, and rules such as reimbursement helped grow the market for brain computer interfaces and boost its revenue share over the projected period. The leading market players have a substantial impact on brain computer interfaces due to increased funding for developing new technologies for treating neurodegenerative illnesses and continued research and development to propel market expansion.
Market Segmentation
Product Insights
The market is divided into invasive, somewhat 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% in 2021, adding to the significant revenue production. Due to the less intrusive approach, this method is regarded as the safest, further fostering the segment’s growth.
Application Insights
The market has been divided into smart home control, healthcare, communication and control, and entertainment and gaming based on applications. The healthcare segment held the largest revenue share of more than 62.00% in 2021. It is due to the significant application of this technology in the treatment of sleep disorders, neurological diseases, paralytic patients, and neuroscience research. Additionally, the segment growth is further driven by technical development and an increase in initiatives taken by the major industry players.
End-use Insights
The global market is divided into medical, military, and other end uses based on end uses. Due to its use in assisting patients with disabilities, the medical end-use segment dominated the market in 2021 and contributed the largest part of more than 45.5% of the worldwide revenue. With the help of operational wheelchairs, prosthetic limbs, and other devices, patients with Parkinsonism, epilepsy, paralysis, and Alzheimer’s can move around and carry out activities independently.
Regional Insights
In 2021, North America was the largest market contributor, with a share of 40%. The largest market share is mainly because there are many clinical trials for brain devices being undertaken there, and there were significant R&D expenditures made there. Additionally, the region’s increasing prevalence of neurological diseases like Parkinson’s, Alzheimer’s, and Huntington’s disease is anticipated to fuel market expansion. Additionally, it is anticipated that the growing demand for immersive gaming will spur the creation of innovations like augmented brain-computer interfaces that will accelerate the uptake of BCI technology in this area.
Key Players
- Emotiv
- Cadwell Industries, Inc.
- Advanced Brian Monitoring, Inc.
- Cortech Solutions, Inc.
- G. Tec Medical Engineering GmbH
- Neurosky
- Openbci
- Nihon Kohden Corporation
- Natus Medical Incorporated
- Integra Lifesciences
The market worth of brain computer interface in 2021 was USD 1505.06 million, and it will be worth USD 5340.38 million by 2030, growing at a 15.11% CAGR during the forecast period. The rise in senior populations worldwide, the incidence of neuroprosthetic disorders, and quickening technology advancements that enable communication and movement in paralyzed patients are the main factors driving the brain computer interface (BIC) market.
