Brain Computer Interface Global Market Report 2024

A Brain-Computer Interface (BCI) is a computer-based system designed to collect and analyze brain signals, converting them into commands that can be sent to an output device for the performance of specific activities. This interface establishes a direct communication pathway between the brain and the object being controlled. The primary objective of BCI is to replace or restore useful functions in individuals with neuromuscular disorders such as amyotrophic lateral sclerosis, cerebral palsy, stroke, or spinal cord injury.

The main types of brain-computer interfaces include invasive BCI, partially invasive BCI, non-invasive BCI, and other variations. Invasive BCI involves the implantation of electrodes directly onto the patient's brain through surgery, allowing the collection and analysis of brain signals for communication with external devices. The components of BCI systems include hardware and software used for healthcare, disabilities restoration, brain function repair, smart home control, communication and control, as well as applications in entertainment and gaming. Various end users for BCI applications include the medical and military sectors, among others.

The brain-computer interface market research report is one of a series of new reports that provides brain computer interface market statistics, including brain-computer interface industry global market size, regional shares, competitors with brain-computer interface market share, detailed brain computer interface market segments, market trends, and opportunities, and any further data you may need to thrive in the brain-computer interface industry. This brain-computer interface market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The brain computer interface market size has grown rapidly in recent years. It will grow from $1.76 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth observed during the historical period can be attributed to several factors, including the increased demand for assistive technologies catering to individuals with disabilities, the expanding applications of BCIs in healthcare and rehabilitation, a growing interest in gaming and entertainment utilizing BCIs, government funding and support for BCI research and development, and advancements in signal processing and machine learning algorithms.

The brain computer interface market size is expected to see rapid growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The anticipated growth in the forecast period can be attributed to factors such as increasing investments in BCI startups and innovation, the adoption of BCIs in education and skill enhancement, efforts to enhance data privacy and security measures for BCIs, regulatory developments aimed at facilitating BCI market growth, and a growing interest in brain-computer interfaces for human augmentation and the augmentation of AI. Noteworthy trends expected during this period include the integration of BCIs with artificial intelligence, the miniaturization and development of wearable BCIs, the establishment of brain-to-cloud connectivity, considerations of neuroethics and data privacy, and the incorporation of brain-computer interfaces in educational settings.

The growth of brain-computer interfaces (BCIs) is expected to be propelled by the increasing global geriatric population. As the population ages, the prevalence of major neurological disorders rises, leading to an elevated demand for treatment, rehabilitation, and support services, including brain-computer interfaces. BCIs are utilized in the geriatric population for various purposes, such as training motor and cognitive abilities to counteract the effects of aging, controlling home appliances, facilitating communication during daily activities, and enhancing joint strength through the control of exoskeletons for day-to-day tasks. According to the World Health Organization (WHO), the global population aged 60 and over reached approximately 1 billion in 2021 and is projected to reach 1.4 billion by 2030. This demographic shift, where 1 in 6 people worldwide will be aged 60 or over, is a significant factor driving the growth of the brain-computer interfaces market.

The increasing healthcare expenditure is anticipated to contribute to the expansion of the brain-computer interface market. Healthcare expenditure encompasses spending on healthcare-related goods and services within a healthcare system or economy. This financial support is crucial for the development and accessibility of brain-computer interfaces. In November 2022, the Canadian Institute for Health Information reported a rise in healthcare expenditure to 0.8%, amounting to $331 billion in 2022, compared to 7.6% in 2021. The continuous increase in healthcare expenditure is a driving force behind the growth of the brain-computer interface market.

Technological advancements stand out as a key trend gaining popularity in the brain-computer interfaces market. Major companies in the market are actively focusing on product innovations to strengthen their positions. For example, in March 2022, NexStem, a U.S.-based company specializing in mind-controlled BCI solutions, introduced a non-invasive NexStem headset and NexStem Wisdom software kit. This innovation utilizes machine learning algorithms in real-time, enabling fast computations and calculations of electroencephalography (EEG) data. The non-invasive NexStem headset comprises 15-pin dry EEG electrodes and 16-channel EEG sensors, providing accurate EEG signals and up to 6 hours of battery life. Additionally, it is equipped with WiFi and Bluetooth capabilities, enhancing its connectivity. This technological advancement reflects the ongoing commitment to improving the accuracy and efficiency of brain-computer interfaces.

Leading companies in the brain-computer interface (BCI) market are focusing on developing innovative systems, exemplified by the introduction of holographic BCI data acquisition systems. These systems leverage holographic technology to enhance human-computer interaction possibilities. In January 2023, MicroCloud Hologram, a U.S.-based system software company, unveiled its holographic BCI data acquisition system. The company has created an experimental control platform for brain-computer interfaces based on holographic augmented reality (AR). This platform utilizes holographic naked eye images as visual stimulators to induce electroencephalogram (EEG) signals. Notably, users are not required to perform visual stimulation in a fixed position, enhancing applicability in complex environments and enabling more natural human-computer interaction.

In May 2022, Blackrock Neurotech, a U.S.-based company specializing in brain-computer interfaces, successfully acquired MindX for an undisclosed amount. This strategic acquisition is aimed at strengthening Blackrock Neurotech's product portfolio in neurocomputing technology, with a focus on enhancing interaction between patients, their physical environments, and the digital world. The overarching goal is to provide individuals with an improved quality of life and greater autonomy through advancements in brain-computer interface products. MindX, the acquired company, is based in the U.S. and is known for providing cutting-edge brain-computer interface products. This acquisition reflects a commitment to innovation and expanding capabilities within the brain-computer interface market.

Major companies operating in the brain computer interface market include Natus Medical Incorporated, NextMind SAS, Compumedics Neuroscan, Brain Products GmbH, Integra LifeSciences Corporation, Emotiv Inc., NeuroSky Inc., ANT Neuro GmbH, Neuroelectrics, Nihon Kohden Corporation, Blackrock Neurotech, Cadwell Industries Inc., Advanced Brain Monitoring Inc., NIRx Medical Technologies LLC, g.tec medical engineering GmbH, Medtronic PLC, MindMaze, CGX A Cognionics Company, Mind Technologies Inc., CorTec GmbH, Neuralink Corp., ClearPoint Neuro Co., Paradromics Inc., Higgs Boson Health, BrainScope Co. Inc., Neuromatters LLC, InteraXon Inc., Syncron International AB, Wispr AI, Inner Cosmos Inc., Neurolutions Inc.

North America was the largest region in the brain computer interface market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the brain computer interface market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the brain computer interface market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The brain-computer interface (BCI) market consists of sales of electroencephalogram (EEG)-based BCI, BCI based on electrocorticography (ECoG), intracranial electroencephalography (Ieeg), magnetoencephalography (MEG)-based BCI, functional magnetic resonance imaging (Fmri), functional near-infrared spectroscopy (Fnirs), convolutional neural network (CNN), and magnetic resonance imaging-CBI. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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