by The brain computer interface market is estimated to be valued at US$ 773.0 million in 2021 and is expected to exhibit a CAGR of 11.4% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Brain computer interfaces, also known as BCIs, are systems that facilitate communication between the human brain and external devices. They allow people to control and interact with external applications using brain signals alone. BCIs detect signals produced by the brain and translate them into commands to control devices such as prosthetic limbs, assistive technologies, computer games, and virtual/augmented reality applications.
Market Dynamics:
Advancements in artificial intelligence and machine learning technologies are driving the growth of the brain computer interface market. AI and ML techniques are being used to build better algorithms that can accurately translate brain signals and patterns into device commands. This is improving the response times, accuracy, and functionality of BCIs. Additionally, the use of BCIs in virtual reality and augmented reality applications is gaining traction. BCIs allow people to control VR/AR experiences using their thoughts alone. As VR/AR technologies become more mainstream, the need for intuitive brain-based controls is increasing. This is expected to present lucrative opportunities for BCI market players over the forecast period.
Segment Analysis
The brain computer interface market is segmented into invasive BCI and non-invasive BCI. The invasive BCI segment dominating currently due to its high accuracy levels. This segment utilizes implanted electrodes to directly connect the brain to an external device. Though this poses some health risks, but provides strong accuracy in signal acquisition from the brain neurons.
PEST Analysis
Political: Regulations regarding brain monitoring devices are still evolving. Favorable regulations can provide impetus to the BCI market.
Economic: Rising healthcare spending globally on chronic disease management and disability is fueling investments in BCI technology.
Social: Growing acceptance of technology like prosthetics aids patient community to improve quality of life using BCI devices.
Technological: Advancements in electrode materials, miniaturization and wireless data transmission have improved efficacy and usability of BCI systems.
Key Takeaways
The global Brain Computer Interface Market Share is expected to witness high growth, exhibiting CAGR of 11.4% over the forecast period, due to increasing demand for neural prosthetics from patients with disabilities. The North America region currently dominates the market due to presence of major players and higher adoption of BCI technology for medical applications in the region. 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.
The global brain computer interface market size for 2021 was US$ 773.0 million. The invasive BCI segment currently dominates owing to its high accuracy in acquiring brain signals. North America is expected to witness fastest growth in the forecast period due to strong government initiatives and advanced healthcare infrastructure in the region supporting clinical trials.
Key players like Neuralink Corporation, Neurable and Blackrock Microsystems are developing sophisticated BCI systems targeting various neurological applications. Emergence of startups offering affordable non-invasive BCI solutions is also expected to boost market accessibility over coming years. Miniaturization of electrodes and improvement in wireless data transmission are anticipated to increase patient acceptability of BCI devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
