According to a market research study published by Contrive Datum Insights, in 2021, more than 41% of all revenue came from North America, Asia-Pacific market is expected to grow at the fastest rate.
Farmington, Jan. 25, 2023 (GLOBE NEWSWIRE) — The global Brain Computer Interface Market was valued at USD 2.79 Billion in 2022 and is projected to reach USD 9.31 Billion by 2030, growing at a CAGR of 16.26% from 2023 to 2030. Brain-machine interface is an alternative term for the market for communication technologies between humans and machines. The brain-computer interface is the link between brain activity and external equipment, such as a robot limb or a computer, that are connected to the brain. The brain-computer interface can be used to research neurodevelopmental disorders by picking up signals from neurons and analysing them using external equipment, thanks to the market’s superior technology.
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The brain-computer interface enables you to operate machines with your mind by combining software and hardware advancements with improved facilities and communication between humans and machines. In the medical field, electroencephalography is one example of how the brain-computer interface is increasingly being utilized. It is primarily used to help people with neurodegenerative disorders communicate and move more effectively.
Brain Computer Interface Market Recent Developments:
- In May 2022, Blackrock Neurotech and data science and development company AE Studio formed a partnership to enhance and expand use cases for Blackrock Neurotech’s patented MoveAgain BCI system.
- In April 2022, Neurable launched headphones with brain-computer interface technology built in. These headphones use sensors placed within the fabric of the ear cups and headband to read the user’s brain signals and provide users with noise cancellation, break reminders, and mute/unmute functions. Notifications are based on the user’s mood.
- In November 2021, Brain Computer Interface’s Company NeuraMatrix achieved 100 million yuan in finance. By the end of the year, production of the system-on-a-chip was expected to be in volume production for the first time.
Brain Computer Interface Market Segmentation Analysis:
The non-invasive brain-computer interface with the greatest market growth rate and the largest proportion of revenue growth contributes to the expansion of the brain-computer interface market. The market for brain-computer interface devices such as gaming sticks, amplifiers, and headsets is expanding because to improved technology and increased consumer demand. This is because more people are utilizing brain-computer interface devices, which contributes to market expansion.
Based on applications, the market for brain-computer interfaces is expanding the most in the healthcare sector. This is because more individuals suffer from chronic diseases such as epilepsy, Parkinson’s, and others, necessitating the development of new and improved treatments.
The software component of the brain-computer interface has the largest market growth among its components. This is due to the necessity of enhanced connection, embedded technologies, and the Internet of Things for the treatment of illnesses. This accelerates the growth of the brain-computer interface market.
The market for brain-computer interfaces is expanding most rapidly in the medical sector, where it also generates the most revenue. This is due to the fact that there are more chronic ailments, such as neurodegenerative disorders, and more individuals employing the new technology to treat them. This also contributes to the expansion of the market for brain-computer interfaces by increasing their effectiveness and efficiency.
In 2021, more than 41% of total sales originated in North America. This was mostly due to the fact that this region invested heavily in research and development and conducted several clinical trials on brain gadgets. Also, neurological illnesses such as Parkinson’s, Alzheimer’s, and Huntington’s are growing more prevalent in this region, which should contribute to the expansion of the market. In addition, the increasing popularity of immersive games is likely to result in the development of new technologies, such as augmented brain-computer interfaces, which will make it easier for people in this field to employ BCI technology.
The Asia-Pacific market is predicted to develop at the quickest rate during the forecast period. BCIs are anticipated to be in high demand in this region because to the presence of several unrealized potentials, the escalating expense of healthcare, and the growing awareness of patients.
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Scope of Report:
|Growth Rate||16.26% from 2023 to 2030|
|Market Size in 2022||USD 2.79 Billion|
|Revenue Forecast by 2030||USD 9.31 Billion|
|By Product||Invasive Brain Computer Interface, Partially Invasive Brain Computer Interface, Non-Invasive Brain Computer Interface|
|By Applications||Healthcare, Entertainment & Gaming, Communication & Control, Smart Home Control, Brain Function Repair, Disabilities Restoration|
|By End User||Military, Medical, Manufacturing, Research Center, Others (Gaming and Communication)|
|By Companies||Natus Medical Incorporated, tec medical engineering GmbH, Medtronic, Compumedics Neuroscan, Brain Products GmbH, Integra Lifesciences Corporation, Advanced Brain Monitoring, Inc., EMOTIV, NeuroSky, Interaxon, Inc., ANT Neuro, Neuroelectrics, Ripple Neuro, NIRx Medical Technologies, LLC, OpenBCI, CGX, A Cognionics Company, and Others|
|Historical Year||2017 to 2021|
|Forecast Year||2023 to 2030|
Increasing prevalence of neurodegenerative conditions – Neurodevelopmental problems are growing more prevalent, making it increasingly difficult for people to get along and communicate. During the projected period, the market for brain-computer interfaces will be bolstered by increased research and expansion, as well as more effective and efficient treatments for improving patients’ health.
The high cost of the brain-computer interface – The price of treatment has increased due to technological advancements and the launch of new goods on the market. This has increased the efficacy and efficiency of treatments for degenerative illnesses and facilitated the brain’s communication with external devices. This could have a negative impact on the market for brain-computer interfaces, as the high cost of the treatment led to decreased demand and slower market growth. Normal individuals are unable to utilize the superior method of treating the condition because they lack access to it.
Increased healthcare facilities – The market for brain-computer interfaces is expanding at a quicker rate as more people are diagnosed with Parkinson’s disease, epilepsy, and other chronic conditions that can be treated more effectively and efficiently. These reasons are propelling the market’s development of more modern technologies.
Increased government assistance – The government from various regions of the country is investing heavily in the development of new medical technology to treat neurodevelopmental disorders and provide better health care for its residents.
Brain Computer Interface Market Key Segments Covered:
Top Market Players:
Natus Medical Incorporated, tec medical engineering GmbH, Medtronic, Compumedics Neuroscan, Brain Products GmbH, Integra Lifesciences Corporation, Advanced Brain Monitoring, Inc., EMOTIV, NeuroSky, Interaxon, Inc., ANT Neuro, Neuroelectrics, Ripple Neuro, NIRx Medical Technologies, LLC, OpenBCI, CGX, A Cognionics Company, and Others.
- Invasive Brain Computer Interface
- Partially Invasive Brain Computer Interface
- Non-Invasive Brain Computer Interface
- Entertainment & Gaming
- Communication & Control
- Smart Home Control
- Brain Function Repair
- Disabilities Restoration
By End User
- Research Center
- Others (Gaming and Communication)
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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