by Brain Computer Interface devices facilitate communication between the human brain and external electronic devices. These devices help in mapping brain activities and signals into commands to enable patients suffering from various neurological disorders to control computers or robotic actuators using their thoughts alone.
The global Brain Computer Interface Market is estimated to be valued at US$ 959.29 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trend gaining traction in the Brain Computer Interface market is increasing demand for brain mapping and monitoring devices. Brain mapping aims to understand the brain functions and neurological processes. Advancements in neuroimaging technologies such as functional magnetic resonance imaging (fMRI), electroencephalography (EEG), magnetoencephalography (MEG), positron emission tomography (PET), and functional near-infrared spectroscopy (fNIRS) have enabled non-invasive monitoring and mapping of brain activities. These technologies help identify brain regions associated with various cognitive functions and neurological disorders. Brain mapping finds wide applications for diagnosis and treatment of neurological disorders such as Alzheimer’s, Parkinson’s disease, epilepsy, brain tumors, and brain injuries. Thus, the increasing prevalence of neurological disorders along with advancements in brain mapping technologies is expected to drive the growth of the Brain Computer Interface market over the forecast period.
SWOT Analysis
Strength: The BCI market offers several advantages over traditional input methods such as keyboards and mice, including faster communication speeds and less fatigue. It also provides an alternative input option for individuals who are unable to use physical interfaces.
Weakness: The technology is still in development phases and needs significant improvements to achieve wide commercial success. BCI devices come with many technical challenges related to complex neural decoding algorithms, brain signals variability over time, and user training requirements.
Opportunity: The aging population globally has increased the demand for technologies assisting individuals with disabilities. Increased R&D investments in medical neurotechnologies from both private and public organizations are helping expand applications of BCIs in healthcare and medicine.
Threats: Entry ofnew technologies like AI assistants, VR/AR and haptics could diminish interest in BCIs for consumer uses like gaming. Ethical and privacy issues involved in invasive devices may hinder regulatory approvals.
Key Takeaways
The Global Brain Computer Interface Market Size is expected to witness high growth over the forecast period with a CAGR of 5%.
Regional Analysis: North America presently dominates the BCI market owing to presence of major players and higher R&D investments in the region. Europe and Asia Pacific are also growing at a faster pace due to rising neurological disorders and increasing government focus on assisting individuals with disabilities.
Key players operating in the Brain Computer Interface market are Neuralink Corporation, Neurable, Emotiv Inc., BitBrain, Alpha Omega, Blackrock Microsystems, LLC, Femtonics Ltd, NeuroNexus, Opto Circuits (India) Limited, BIOTRONIK, Plexon Inc., Noldus Information Technology, NextMind, Nectome, and Paradromics. Non-invasive BCIs are being extensively researched for healthcare and consumer applications while implantable devices target restoration of motor functions. Collaborations between technology and medical companies have accelerated commercialization of high-performance BCIs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
