The global 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:-

Brain computer interface is a technological interface that helps in establishing a communication pathway between a human brain and an external device. Brain computer interface finds applications in accessing Internet, controlling disabilities, operating military equipment, virtual reality environment and neurogaming among others.

Market key trends:-

Neuroscience is one of the major areas that have contributed to the recent advancements in brain-computer interface technology. Significant research in the field of neuroscience such as non-invasive recording of brain signals using electroencephalography, understanding neural connections and brain mapping is enabling developers to design efficient brain-computer interfaces. Advances in neuroscience are also resulting in portable BCIs with improved functionality which is significantly driving demand particularly in medical applications. Furthermore, exploration of deep-brain stimulation for motor and cognitive disorders is also boosting adoption of brain-computer interface technology.

Segment Analysis:-

The global brain computer interface market is segmented by type, application, component, end-user, and region. On the basis of type, the market is bifurcated into invasive and non-invasive BCI systems. The non-invasive BCI systems segment dominates the market and is expected to grow at a higher CAGR over the forecast period. Non-invasive BCIs involve no implant surgery, which makes them safer and cost-effective compared to invasive BCIs.

Key Takeaways:-

The Global Brain Computer Interface Market Growth is expected to witness high, exhibiting a CAGR of 11% over the forecast period, due to increasing demand for user-friendly rehabilitation devices for disabled patients.

Regional analysis: North America dominates the global BCI market currently and is expected to maintain its dominance over the forecast period. This is attributed to rising research funding and availability of advanced healthcare infrastructure in the region. Asia Pacific is expected to grow at the fastest pace during the forecast years owing to rising medical tourism, increased healthcare spending, and growing geriatric population.

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. Neuralink Corporation holds the leading market position due to its focus on developing wireless and scalable BCIs.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it