The increasing frequency of brain illnesses, brain tumours, and disability due to stroke is likely to fuel growth of the worldwide brain computer interface market throughout the forecast period. The global market for brain computer interfaces is anticipated to develop at a faster rate than average over the course of the forecast period as a result of market participants' focus on various growth tactics, including funding and investments to speed up research in the sector. Another significant aspect that is anticipated to contribute to the market's growth is the rising incidence of brain tumours. For instance, the National Brain Tumor Society, a nonprofit organisation in the U.S., predicts that in 2021 there will be roughly 84,170 primary brain tumour diagnoses in the country, of which 59,040 are predicted to be benign (non-malignant) tumours and 25,130 to be malignant.
According to Coherent Market Insights, the global market for Brain Computer Interfaces is anticipated to reach US$ 773.0 million in 2021 and grow at a CAGR of 11.4% during the projected period (2021-2028).
Key Competitors in the Brain Computer Interfaces Industry:
1. Neuralink Corporation
The business was established in 2016 and is headquartered in Fremont, California. The company Neuralink Corp. is engaged in neurotechnology. It creates brain-computer interfaces that can be implanted.The business creates brain-machine interfaces that link people with computers. Neuralink showed off a monkey using the Neuralink implant to play the game "Pong" in April 2021.
2. Emotiv Inc.
With its headquarters in San Francisco, California, the business was established in 2011. An organisation called Emotiv uses bioinformatics to produce products and conduct research to better comprehend the human brain through electroencephalography. Emotiv participated in the Disney/Techstars Accelerator programme and gave a presentation on "Demo Day".
3. BitBrain,
The firm was founded in 2010 and is situated in Zaragoza, Spain. Bit brain® is a neurotechnology firm that creates cutting-edge solutions by fusing hardware, artificial intelligence, and neurology. The latest generation of neurotechnology for research, health, and marketing is created by Bitbrain by fusing neuroscience and engineering.
4. Blackrock Microsystems, LLC,
Located in Salt Lake City, West Bengal, India, the business was established in 2008. The business manufactures tools and equipment for use in veterinary, ophthalmology, surgery, and medical fields. Blackrock Microsystems is a privately held business that offers supporting tools to the clinical and neuroscience communities all around the world.
5. NeuroNexus
The firm was founded in 2004 and is situated in Michigan, United States. For clinical applications, NeuroNexus Technologies develops and sells neural interface technologies, parts, and systems. NeuroNexus and Inscopix will work together on an integrated brain electrophysiological and imaging device on December 4, 2021. NeuroNexus Applications Scientists will be at exhibit 1125 at the American Epilepsy Society meeting December 3-5 in Nashville, TN in November 2022.
6. Biotronik
The company was established in 1963 and has its headquarters in Berlin, Germany. The business provides tools for electrophysiology, vascular intervention, and cardiac rhythm management diagnosis, treatment, and therapy support. In February 2023, BIOTRONIK revealed that the Selectra 3D implant tools now support left bundle branch area pacing (LBBAP) in addition to His-bundle pacing after receiving CE approval (HBP). Biotronik unveiled their newest innovation, the Oscar multifunctional peripheral catheter in February 2023.
7. Plexon Inc.
The company was established in 1983 and is based in Dallas, Texas. The business creates, develops, and produces hardware and software for collecting, amplification, recording, and analysis of signals from specific brain cells. The business creates advanced analytic, behavioural research, and data collecting solutions for the neuroscience research sector.
8. Paradromics
The business was founded in 2015 and has its headquarters in Austin, Texas, United States. A direct data interface with the brain is being developed by Paradromics in order to allow technological solutions to unmet medical needs.
Definition: The brain computer interface (BCI) is a new technology that allows direct communication between the brain and an external device, cutting out the normal neuromuscular pathways. It can be used to detect and diagnose various brain disorders like epilepsy and brain tumours as well as to help restore impaired motor functions.
