Brain Computer Interface Market is Estimated to Witness High Growth owing to Advancements in Neurotechnology and Growing Incidence of Neurological Disorders
brain computer interface market is estimated to be valued at USD 2.10 Bn in 2024, exhibiting a CAGR of 14.2% over the forecast period (2024-2031). The BCI market is growing owing to advancements in neurotechnology along with increasing incidence of neurological disorders such as Parkinson’s disease and epilepsy, among others. Furthermore, the development of portable and non-invasive BCI devices are also expected to push the market growth during the forecast period.
Market Dynamics:
The global brain computer interface market is primarily driven by the growing incidence of neurological disorders as well as the increasing investment in research and development of neurotechnology. According to WHO, neurological disorders affect over 1 billion people worldwide each year. This high prevalence of neurological diseases has increased the demand for innovative solutions such as brain computer interfaces for diagnosis and treatment of such disorders. Furthermore, extensive funding and grants by both government as well as private organizations are encouraging the development of advanced yet affordable BCIs. For instance, DARPA has invested over USD 70 million for development of non-invasive neural interfaces. Such investments are aiding researchers to develop innovative, affordable and easy-to-use BCI devices.
Increased Funding for Brain Computer Interface Research and Development is Driving Market Growth
Government and private funding for BCI research has increased significantly in recent years as the potential applications of the technology are realized. Major tech companies like Facebook, Neuralink and IBM are investing heavily to develop consumer-ready BCIs. Government grants for academic research from agencies like DARPA and NIH in the U.S. as well as Innovate UK and Wellcome Trust in Europe are fueling innovation. This influx of capital is allowing researchers to tackle complex challenges related to improving signal acquisition and translation. It is also enabling the scaling up of prototypes into commercial-grade products. The increased R&D investment is expected to translate into more accurate, user-friendly and affordable BCIs hitting the market in the coming years.
Growing Applications in Gaming and Entertainment is another Key Growth Driver
The gaming and virtual/augmented reality industries see immense potential in BCIs to take user immersion and interaction to the next level. Startups like Neurable are developing "mind-controlled" games where people can manipulate virtual objects and environments using just their thoughts. Major companies are also exploring BCIs for controlling AR/VR apps and multimedia content. As the technology matures to effectively read and interpret brain signals in real-time, we will see more mind-controlled games and next-gen VR/AR experiences incorporating BCIs. The applications in digital entertainment will be a major driver of commercial BCI adoption over the next decade.
Lack of Standardization is a Significant Market Restraint
The brain computer interface industry currently lacks standards around hardware design, software platforms, data formats, and quality metrics. This poses challenges for comparing and integrating different BCI solutions. Every vendor currently uses proprietary hardware and software, making it difficult to switch between systems or consolidate data. Standardization of electrode placements, signal acquisition procedures, feature extraction algorithms, etc. would help streamline research and development collaborations as well as facilitate regulatory approvals and market expansion. However, converging on industry-wide standards will take significant coordination and time given the complex, multi-disciplinary nature of BCI technology.
Privacy and Security Concerns are Hindering Wider Commercial Adoption
As BCIs gain the ability to decode highly personal information like memories, preferences and thoughts directly from people's brain activity, serious privacy and security concerns emerge. Users fear that their private mental data could get hacked, stolen or misused. Regulators also need assurance that commercial BCIs incorporate necessary safeguards and transparency around data usage. Currently, there is a lack of well-defined privacy and cybersecurity standards for BCIs. Addressing these legitimate concerns through responsible product design and informed consent policies will be crucial for the industry before BCIs can gain mass-market traction beyond niche applications.
Growing Healthcare Applications Present Lucrative Market Opportunities
Restoring lost motor, sensory or cognitive capabilities through BCIs is one of the most promising applications in healthcare. Startups like Synchron, Gates Cambridge and Neuralink are developing BCIs to help paralyzed patients operate devices or rehabilitate lost motor skills. BCIs also show potential to treat neurological conditions like epilepsy, depression, addiction, PTSD and Alzheimer's through neuromodulation therapies. The aging population further increases the demand for assistive BCI technologies. As clinical efficacy improves and reimbursement pathways are established, the medical market segment will be a major growth avenue. Partnerships between BCI companies and hospitals/pharma giants will be important to commercialize therapeutic applications.
Enabling New Assistive Technologies for People with Disabilities
BCIs present an opportunity to revolutionize assistive technologies like wheelchairs, prosthetics and communication devices controlled by brain signals alone without requiring any physical movement. Researchers are developing thought-controlled spellers, exoskeletons and even whole-body robotic suits. Large companies and startups actively work on non-invasive, wireless BCI solutions to restore functional independence to people living with paralysis, ALS and other disabilities. As development transitions from prototypes to commercially-available products, demand from patients and institutions funding their well-being will fuel significant market potential over the long run. Continued funding priorities for assistive BCI advances will capitalize on this opportunity.
Link: https://www.coherentmarketinsights.com/market-insight/brain-computer-interface-market-4467
Key Developments:
- On May 14, 2024, brain specialists at the California Institute of Technology pioneered a groundbreaking brain-computer interface (BCI) method capable of decoding internally "spoken" words solely from brain signals in real-time. This pioneering study, published in the journal Nature Human Behavior, involved implanting probes into the supramarginal gyrus, marking the first use of BCI technology in this brain region.
- In February 2023, in Brooklyn, a startup named Synchron, is crafting brain interface tech to aid those with paralysis. Their implant, the Synchron Switch, allows users to control technology using their thoughts, with trials conducted on patients in the U.S. and Australia.
- In November 2021, NeuraMatrix, a company specializing in brain-computer interface platforms, successfully closed a financing round of CNY 100 million. They aimed to commence mass production of their first system-on-chip by year's end.
- In October 2021, EMOTIV, a bio-informatics and technology company, unveiled the New EMOTIV Launcher and improvements to EmotivPRO Suite 3.0. This product offers a comprehensive end-to-end solution, simplifying neuroscience research processes entirely.
Key Players: Advanced Brain Monitoring, Inc., Emotiv Systems Inc., NeuroSky, Inc., Blackrock Neurotech, G.TEC MEDICAL ENGINEERING GMBH, InteraXon Inc. (Muse), Compumedics Limited, OpenBCI, Natus Medical Incorporated, Neuroelectrics, Brain Products GmbH, MindMaze SA, ANT Neuro, BrainCo, Inc., Cognionics, Inc., Cadwell Industries, Inc., Kernel, Neurable, NextMind, and Ripple NeuroBrain.
