Brain Computer Interface Market Forecast (2024-2031)
The Brain Computer Interface market is projected to grow from US$ 1.96 billion in 2023 to US$ 7.23 billion by 2031; it is expected to expand at a CAGR of 16.70% from 2023 to 2031. Technological advancements facilitating movement and communication in paralytic patients is expected to be key trends in the market.
Brain Computer Interface Market Analysis
Brain computer interface can be viewed as a technological breakthrough that offers the possibility of controlling machines or computers with nothing more than a thought. It represents a fast-growing field of research with practical application of such systems. While some of the earliest brain computer interface technologies imply recorded signals from the brain, the more modern brain computer interface technologies are designed as implants. Such implants improve the skills associated with certain brain activities, such as vision, hearing, or other human or animal functions. Contemporary brain computer interface technologies allow both the decoding of neural activities and the delivery of external signals into targeted brain areas to induce remodeling of neuro synaptic organization, or plasticity.
Plasticity is an innate attribute of the brain and peripheral nervous system (PNS) supporting brain computer interface-based rehabilitation and other neuroscientific applications. While most of the brain computer interface systems translate brain signals to computer commands, some systems utilize external stimulation modes such as transcranial direct current (DC) stimulation and transcranial magnetic stimulation to stimulate specific brain areas. Newer studies indicate that inter-subject operable sensorimotor rhythm-based brain computer interfaces might become viable for subjects who share common brain dynamics. Inter-subject brain computer interface holds promise predominantly for healthy people and in applications such as lie detection, gaming, and drowsiness because rehabilitative brain computer interfaces are required to consider the characteristics and severity of individual impairment.
Brain Computer Interface Market Industry Overview
Brain computer interfaces present a direct communication link between a computer or other external devices and the brain. They provide an extended degree of freedom either by substituting or by strengthening human peripheral functional capacity. Brain-computer interfaces have potential applications across varied verticals, including affective computing, gaming, rehabilitation, robotics, and neuroscience. Brain computer interface systems are a rapid technology involving different hardware and software communication systems for allowing the control of external devices through brain activity. One of the important applications of brain computer interface technology is to assist disabled people. Though most applications of brain-computer interface-related technologies are in healthcare applications, non-healthcare applications such as virtual reality (VR) gaming and device control have also been commercially developed.
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Brain Computer Interface Market: Strategic Insights
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Brain Computer Interface Market: Strategic Insights
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Brain Computer Interface Market Driver and Opportunities
Rise in Neurology-Related Disorders to Favor Market Growth
Neurological disorders are varied diseases that affect the body’s autonomic nervous system (ANS), peripheral nervous system (PNS), and central nervous system (CNS). The list of non-communicable neurological disorders comprises Alzheimer’s disease, dementia, epilepsy, multiple sclerosis (MS), migraines, non-migraine headaches, and Parkinson’s disease. The number of patients who have disability caused by neurological disorders is increasing at a fast pace globally and is being recognized as a global public health challenge. Health authorities anticipate its burden to rise during the next few decades as a result of the population aging across different nations. MS is often a disabling disease of the CNS and causes the immune system to attack the myelin sheath cover of nerve fibers. It leads to inflammation and lesions, leads to difficulty of the brain in sending signals, and can cause deterioration of the nerves or permanent damage.
Similarly, Parkinson’s disease is a progressive neurological disorder that commonly causes tremors and stiffness or slowing of movement. Symptoms may start gradually, sometimes starting with a barely noticeable tremor in just one hand. Brain-computer interfaces with functional electrical stimulation (FES) as a feedback device are being researched to promote neuroplasticity and improve motor function amongst MS patients. Similarly, brain computer interface technology is being used for adaptive deep brain stimulation in Parkinson’s disease. Such novel applications are driving the brain computer interface market globally.
Increasing Need to Reduce Medication Errors
Brain-computer interfaces (BCIs), a fast-growing technology, have the potential to change how humans interact with computers. Clinical examination of consciousness is based on behavioral tests, which have various limitations. As a result, many people with disorders of consciousness (DOC) are misdiagnosed. Brain-Computer Interface active paradigms may help to assess the level of consciousness, improving the diagnostic precision of the clinical bedside approach. Brain-computer interface (BCI) is a novel approach to integrate technology into healthcare. BCI technology enables direct communication and control between the brain and an external device, thereby replacing traditional neuromuscular channels. The major purpose of BCI in healthcare is to repair or restore functional function to persons with disabilities caused by neuromuscular illnesses.
Brain Computer Interface Market Report Segmentation Analysis
The key segments that contributed to the derivation of the Brain Computer Interface market analysis are coverage component, facility size, and vertical.
- The brain computer interface market is segmented on the basis of component, type, and application. Based on components, the brain computer interface market is bifurcated into hardware and software & service. Hardware was the leading segment in 2022, but the software & service segment is anticipated to grow at a faster rate during the forecast period. By type, the brain computer interface market is divided into invasive and non-invasive. The non-invasive segment held a larger market share in 2022 and is also anticipated to record a faster growth rate during the forecast period. Based on application, the brain computer interface market is segregated into communication & control, entertainment & gaming, healthcare, and others. The healthcare segment acquired the largest share in 2022 and is expected to retain its leading share throughout the forecast period. However, the entertainment & gaming segment is anticipated to record a faster growth rate during the forecast period.
- Hardware acquired the largest market share in 2022 and is expected to continue its domination throughout the forecast period. However, the software & service segment is anticipated to witness a faster growth rate, buoyed by the growing demand for non-intrusive methods and the requirement for capturing critical sensory data. Advanced software solutions are being deployed to omit the practical challenges of the sensitivity of hardware.
Brain Computer Interface Market Share Analysis By Geography
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
North America holds a substantial share of the brain computer interface market. The region has a high penetration of advanced technologies and a higher acceptance of brain computer interfaces. Additionally, the region is a pioneer in research and development of such advanced technologies. Additionally, the US and Canada have been witnessing a significant rise in the number of patients with spinal cord injury or stroke-related disability. Brain-computer interfaces are increasingly being sought for motor rehabilitation in patients who have suffered a stroke or spinal cord injury, leading to upper or lower-limb paralysis. The main aim is to permit patients to train with the aid of a brain-computer interface for a certain time to aid in restitution or improvements in their motor function. These improvements are further assisted by establishing links between the areas of the brain responsible for performing peripheral feedback and movement, thus promoting the reorganization of cortical and cortico-spinal circuits. Most utilized protocols for training include requesting patients to mentally simulate the movement or try to move their paralyzed limb and supporting that action with a robotic exoskeleton or electrical stimulation of the muscles. Such applications are a strong driver of the market in the region.
Brain Computer Interface Market Report Scope
Brain Computer Interface Market News and Recent Developments
The Brain Computer Interface market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Brain Computer Interface Market are listed below:
- Neuralink announced that it has received approval from an independent review board (IRB) to recruit consensual participants for the first human trial of its brain implant designed for patients with paralysis. Individuals with paralysis resulting from cervical spinal cord injuries or amyotrophic lateral sclerosis (ALS) may qualify for participation in this study. During the study, a brain computer interface device is expected to be surgically implanted by a robot in the target region of the brain. The Elon Musk-owned company’s initial objective is to enable patients to control a computer keyboard or cursor solely through their thoughts. (Source: Neuralink, Press Release, September 2023)
Brain Computer Interface Market Report Coverage & Deliverables
The Brain Computer Interface market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Brain Computer Interface Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Brain Computer Interface Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Brain Computer Interface Market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Brain Computer Interface Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the Brain Computer Interface Market
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
Technological advancements facilitating movement and communication in paralytic patients are the major trend in the market.
Integra LifeSciences Corporation, Mindmaze, CASMED, EMOTIV, Compumedics Limited, Advanced Brain Monitoring, Inc., Natus Medical Incorporated., OpenBCI, Cadwell Industries, Inc., Neurable, Kernel, CorTec GmBH, Nexstem, BitBrain, ANT Neuro, Ripple Neuro, Paradromix, Cognixion, and AAVAA Inc. are the major market players.
Some of the customization options available based on the request are additional 3–5 company profiles and a country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.s
The rise in neurology-related disorders and the increasing geriatric population are the major factors that drive the global Brain Computer Interface market.
The global Brain Computer Interface market was estimated to grow at a CAGR of 17.8% during 2023 - 2031.
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The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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