Brain-Computer Interface Market Size, Share, Industry, Forecast and outlook (2024-2031)

Brain-Computer Interface Market is segmented By Type (Non-Invasive, Partially Invasive and Invasive), By Application(Healthcare, Entertainment and gaming, Defense and aerospace, Smart home control and Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Brain-Computer Interface Market Overview

Brain-Computer Interface Market is predicted to reach at a high CAGR of 14.80% during the forecast period (2023-2030). A brain-computer interface is a computer-based system that acquires brain signals, analyzes them and translates them to commands relayed to an output device to carry out the desired action. The primary function of the brain-computer interface is to convert human intentions into appropriate commands for the devices. It is generally used to improve the quality of life of disabled people. Different techniques are used to measure brain activity for BCI's. Most BCIs have used electrical signals that are detected using electrodes placed invasively within or on the surface of the cortex or noninvasively on the surface of the scalp [electroencephalography (EEG)]. Some BCI's are based on metabolic activity measured noninvasively, such as through functional magnetic resonance imaging (fMRI).

Brain-Computer Interface Market Summary and Scope

Brain-Computer Interface Market Dynamics and Trends

Brain-Computer Interface Market is driven by the increasing prevalence of neuroprosthetic conditions, growing geriatric population and rising technological developments facilitating communication and paralytic patients. Furthermore, the use of BCI may see gradual growth with its expansion in virtual gaming, home control systems and other modes of communication in the forecast period.

Increasing research and development activities will drive the market growth

Several technological developments in human-machine sensing, application of BCI in the entertainment, gaming, and healthcare sectors are some of the major factors driving the market.

According to the Brain/Neural Computer Interaction Horizon 2020 project, an initiative by the European Commission for coordinating BCI research, six major application themes, i.e., restore (e.g., unlocking the completely locked-in), replace (e.g., BCI-controlled neuroprosthesis), enhance (e.g., enhanced user experience in computer games), supplement (e.g., augmented reality glasses), improve (e.g., upper limb rehabilitation after stroke). Research tools (e.g., decoding brain activity with real-time feedback) have been outlined as feasible and promising fields (Brunner et al., 2015).

Increasing neurodegenerative disorders is driving the market growth

The increase in neuro disorders such as Parkinson's, epilepsy and Alzheimer's are expected to increase the demand for brain-computer interfaces. It is focused on helping paralyzed people control assistive devices using their thoughts.

According to a WHO report, around 82 million people will be affected by dementia by 2030, reaching 152 by 2050. This indicates the potential demand for BCI in the coming years.

Side effects associated with the development and use of the brain-computer interface

With the benefits come the problems, lack of skilled workforce, lack of security and ethical issues related to the brain-computer interface system. Since the BCI system involves the connection of several wires due to interfacing between brain and computer, it might get uncomfortable for the user. This bulky nature of BCI(brain-computer interface) could put a lot of mental and physical stress on the user.

Inaccuracy is also one of the concerns for BCI. The brain is a highly complex organ.

COVID-19 Impact Analysis on Brain-Computer Interface Market

The impact of covid-19 on the market will be significant in the short run as the supply chain is disrupted and manufacturing facilities are under complete shutdown. However, the rising usage of BCI for treating elderly patients suffering from physical impairments will enhance the patient's quality of life. Covid has also impacted many peoples mental health, BCI along with soft computing techniques helps in diagnosing mental state people during the period covid-19Brain-Computer Interface Market

Brain-Computer Interface Market Segment Analysis

By type, the Brain-computer interface market is divided into Invasive, Partially invasive and non-invasive.

The non-invasive brain-computer interface segment is expected to dominate the market in the forecast period

A non-invasive brain-computer interface (BCI) is a device that allows users to send messages or commands to devices, friends, family or others through direct non-invasive measures of brain activity. The development of non-invasive brain-computer interface devices based on EEG is expected to increase the mainstream activity of BCI technology. On the other hand, invasive brain-computer interface is anticipated to see substantial growth.

Based on applications, the Brain-computer interface market is divided into healthcare, entertainment and gaming, defense and aerospace and smart home control.

The healthcare segment is growing at a rapid pace

Owing to the high capability of brain-computer interface (BCI) technology for neurological disorders, this segment is growing rapidly. Implementation of BCI and Real-Time processing of EEG data is possible and suitable for most standard clinical applications. Often the performance is comparable to highly qualified human readers with the advantage of producing the results in real-time reliably and tirelessly. Individuals who are severely disabled by disorders may benefit from BCIs.BCI is mainly used in neuromuscular rehabilitation since it acts as a replacement for neuromuscular pathways.

Brain-Computer Interface Market Geographical Analysis

The Asia Pacific is found to be the fastest-growing segment of the market

The Brain-Computer Interface industry is anticipated to grow significantly over the forecast period, particularly in developing countries such as China and Japan. The market is characterized by technological advancements that are expected to result in better healthcare. Moreover, low-cost manufacturing sites, cheap labor and favorable taxation policies have attracted foreign companies to invest in the lucrative market. For instance, in May 2018, Compumedics collaborated with a China-based organization, Health 100, to improve its product portfolio in sleep technology.

North America holds the largest share in the brain-computer interface market owing to its speedy adoption of technological advancements and considerable investments in research and technology.

Brain-Computer Interface Market Competitive Landscape

The Brain-Computer Interface market is highly competitive due to well-diversified international, regional and local players. However big international players dominate the market owing to their brand image and market reach. Some of the key players of brain-computer interface market included in the report are Nihon Kohden Corporation, Advanced Brain Monitoring Inc, ANT Neuro, Cadwell Industries, Inc, and Compumedics Limited, Integra Lifesciences, NeuroSky, Emotiv, OpenBCI and Medtronic Plc

ANT Neuro

Overview: ANT Neuro was first founded in 1997 as a spin-off company of the University of Twente, The Netherlands. The company initially focused on developing software for source analysis (asa) of EEG and MEG data. Within a couple of years, the main business centered around complete solutions for recording and analyzing neurophysiological signals in neurological, psychological, physiological research and related clinical applications. ANT Neuro's products are used in many internationally renowned laboratories. The company developed a neuro EEG head cap. eego™rt applications high-density EEG solution with real-time data accesses Good things come in small packages - just as the latest development of ANT Neuro – the eego rt solution. eego rt comprises everything needed for brain-computer interfaces (BCI), neurofeedback and related fields in a compact tablet-sized device, available in three standard configurations for direct access high-density EEG recordings of up to 16, 32 or 64 channels. 

Product Portfolio: The company's portfolio consists of the development of software for source analysis of EEG and MEG data, recording and analysis of neurophysiological signals in different fields of research and clinical applications.