The Brain Computer Interface (BCI) 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.
Brain computer interface technology provides a direct communication pathway between a human brain and an external device. It detects and interprets electrophysiological signals in the brain and translates to commands intended by the user. BCI systems use implanted or wearable sensors to measure brain activity and helps paralyzed or disabled patients regain their motor functions.
Market key trends:-
The BCI market is witnessing high growth owing to the increasing adoption of non-invasive BCI systems. Non-invasive BCIs do not require implants and uses sensors placed on the scalp to record brain signals. They provide a risk-free alternative to invasive BCIs. Growth in research on non-invasive techniques such as electroencephalography (EEG), magnetoencephalography (MEG), and functional magnetic resonance imaging (fMRI) is supporting the development of user-friendly and affordable non-surgical BCI devices. Additionally, growing cases of neurological disorders, rising healthcare expenditure, and increasing use of BCIs in gaming and virtual reality are some of the other factors fueling the growth of the BCI market during the forecast period.
- Threat of new entrants: The high capital requirement and specialized technical skills required for manufacturing BCI devices acts as a barrier for new companies.
- Bargaining power of buyers: Individual customers have low bargaining power due to limited options available in the market. However, large healthcare institutions and research laboratories have moderate bargaining power.
- Bargaining power of suppliers: Few technology players dominate the specialized component manufacturing like electrodes, sensors etc, giving them significant bargaining power over BCI device manufacturers.
- Threat of new substitutes: Though alternative technologies like surface electromyography are emerging, BCI still has advantage of direct brain-machine interface without requiring muscle activations.
- Competitive rivalry: Intense competition exists between major BCI players to gain first mover advantage through continuous product innovations and strategic collaborations.
- Strengths: Non-invasive nature and ability to provide control through thought alone without physical movements. Rapid advancements in capabilities of decoding complex brain signals.
- Weaknesses: High cost of developing and manufacturing BCI devices limits widespread adoption. Concerns regarding data privacy and security.
- Opportunities: Growing applications in healthcare, gaming/media, communication. Increasing venture capital and government funding to accelerate innovations.
- Threats: Ethical issues related to direct brain manipulation and data access. Technical challenges in decoding complex cognitive processes accurately and consistently.
The Global Brain Computer Interface Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for assistive technologies. North America currently dominates the BCI market attributed to presence of major players and higher healthcare spending. Europe and Asia Pacific are fastest growing regions driven by government initiatives and expanding patient pool respectively.
Regional analysis- North America holds the largest share in the global BCI market due to presence of major players in the US and Canada and significant government funding for neuroscience research. Europe is the second largest market supported by growing healthcare expenditures. Asia Pacific is expected to grow at fastest pace during the forecast period owing to large patient population, increasing healthcare investments and expanding medical tourism industry in countries like India and China.
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. Major players are focusing on strategic partnerships and advancing technologies to decode more complex brain signals.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it