The brain computer interface market is estimated to be valued at US$ 858.8 million in 2022 and is expected to exhibit a CAGR of 11.4% over the forecast period of 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Brain-computer interfaces have the potential to enhance human abilities by allowing communication without movement. Products using brainwave monitoring allow control of devices with thought.
Market Dynamics:
The growth of the brain computer interface market is driven by rising neurological disorders and increasing investment in brain research and development. Brain disorders like stroke, Parkinson’s disease, dementia and epilepsy are increasing rapidly. Moreover, companies are investing heavily in developing innovative BCI technologies to assist those with disabilities, enable new communication methods, and expand human capabilities. For example, Neuralink is developing brain-implanted devices to connect humans and machines.
Market Trends:
The brain computer interface market has seen increasing demand for non-invasive technologies. Previously, invasive BCIs requiring implants were more common but carried health risks. Now, Electroencephalography (EEG) based non-invasive BCIs are gaining popularity due to their safety and ability to detect brain signals through the skull and scalp. Wearable and portable EEG devices are driving more widespread adoption of BCIs for gaming, lifestyle, and healthcare applications.
SWOT Analysis:
Strengths: Non-invasive technologies like EEG have increased safety and usability. Wide range of applications in gaming, communication, lifestyle, and healthcare.
Weaknesses: Most consumer applications still require more advanced signal processing. Invasiveness still needed for medical-grade precision.
Opportunities: Growing elderly population driving demand for assistive technologies. Increased funding for BCI research from government and private sectors.
Threats: Regulatory hurdles and security/privacy concerns for medical applications. Competition from other emerging interfaces like eye-tracking.
Key Takeaways:
The global Brain Computer Interface Market Share is expected to reach US$ XX Million by 2028, growing at a CAGR of 11.4% over the forecast period. Rapid advancements in non-invasive BCIs are driving wider consumer adoption for applications like gaming, lifestyle and communication aids.
Regional analysis: North America dominates currently due to focused research initiatives and presence of leading players. Asia Pacific is expected to grow the fastest due to rising disposable incomes, increased healthcare spending and expanding patient populations. China and India will be major regional hubs.
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. These players are focusing on developing advanced non-invasive and invasive EEG, ECoG and implanted sensor BCI technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it