A brain computer interface is a technology in which the thoughts of the human mind are translate into real interactions without using normal neural pathways and muscles. Brain imaging technologies are combine with a brain-machine interface system to capture electric signals sent by the human brain. The main purpose of the brain-computer interface is to restore various useful functions in people impaired by neuromuscular diseases and spinal cord injury. WHO has announce that around 700 million mental and neurological disorders are report annually.
The global brain computer interface market in 2021 was $1505.06; by 2030, it is expected to reach $5340.30 at a CAGR of 15.11% 2021-2030.
Market Dynamics and Trends
The growing prevalence of neurodegenerative disorders drives the demand for brain-computer interface systems. Because neurodegenerative diseases primarily affect the elderly, their prevalence is expect to rise as the population ages. Alzheimer’s disease affects approximately 30% of people aged 85 and up. These rates rise sharply from 0.5% per year for people aged 65 to 75 to 6-8% per year for people aged 85 and up. To provide appropriate treatments for such fatal conditions, continuous research and development and technological advancements, increased government and private funding, and increasing demand for biocompatible materials contribute to the market’s growth. However, a lack of skilled individuals to handle these complex devices is expect to limit the market’s growth.
Constant innovation, product development, and launches are the primary growth strategies can be use by market participants. Neurable, for example, launched a non-invasive brain-computer interface for virtual reality in July 2017. CTRL-Labs is also working on a counter-intuitive new approach to a brain-computer interface. Such new products are anticipate to complement the companies’ existing product lines and help them compete in the market. Furthermore, companies like Guger Technologies, InteraXon, and Neuroelectrics strategically collaborate with large and small organizations to expand their market presence.
The market can be split into invasive, partially invasive and non-invasive BCI. Due to the high applicability of this technology to products such as headsets, amplifiers, and gaming sticks, non-invasive BCI held the largest revenue share of more than 86.00% in 2021, contributing to the massive revenue generation. This system is consider the safest because the approach is less intrusive, fueling segment growth. Furthermore, numerous research projects are underway in this field. For example, in June 2019, Carnegie Mellon University and the University of Minnesota collaborated to create the first-ever mind-controlled robotic arm using BCI technology that can track and follow a pointing device.
The brain computer interface market has been divided into four applications: healthcare, smart home control, communication & control, and entertainment & gaming. Because of this technology’s high applicability in treating sleep disorders, neurological diseases, paralytic patients, and neuroscience research, the healthcare segment captured the largest revenue share of more than 62.00% in 2021. Furthermore, technological advancements and an increasing number of initiatives by key industry players are fueling segment growth. In June 2018, Medtronic, for example, introduced a new clinician programmer for deep brain stimulation therapy and the Activa (TM) Programming Application.
The global market has been further segment based on end uses into medical, military, and others. Because of its application in assisting disabled patients, the medical end-use segment dominated the market in 2021, accounting for more than 45.5% of global revenue. BCI technology enables patients with diseases such as Parkinsonism, epilepsy, paralysis, and Alzheimer’s to move independently and use devices such as an operating wheelchair, prosthetics, and various other instruments.
North America had the highest revenue share of more than 40.00% in 2021, owing to high R&D investments and many clinical trials on brain devices in this region. Furthermore, this region’s increasing prevalence of neurodegenerative diseases such as Parkinson’s, Alzheimer’s, and Huntington’s disease is expect to drive market growth. Furthermore, the rising demand for immersive gaming is expect to spur the development of technologies such as augmented brain-computer interfaces, which will help to accelerate the adoption of BCI technology in this region.
The Asia Pacific market will grow at the fastest rate over the forecast period. Vast potential opportunities, rising healthcare expenditures, and increased patient awareness are expected to drive demand for BCIs in this region. These countries’ low-cost manufacturing sites and favorable taxation policies have enticed foreign players to invest in this lucrative market. Intensive R&D has resulted in the release of numerous innovative products.
- Advanced Brain Monitoring, Inc
- Cadwell Industries
- Cortech Solutions, Inc
- Integra Lifesciences