The global brain computer interface market is expected to grow at a CAGR of around 13.8% from 2020 to 2027 and expected to reach the market value of around US$ 3,476.3 Mn by 2027.
Brain computer interface sometimes referred as neutral control interface, mind machine interface, direct neural interface or brain machine interface. It is a direct communication pathway between enhanced or wired brain and external device. The development of BCI technology was initially focusing upon helping paralyzed people controlling the assistive devices using their new thoughts. For example, BCIs can now be used as a neuro feedback training tool aiming to improve cognitive performance. Additionally, BCIs at work is related to the ways similar to interaction with machines and devices. The idea of human interaction with devices acts as a pillar of BCIs, as BCI technology offers direct communication between the brain and external device.
Rising prevalence of neurodegenerative disorder fuel the demand for brain computer interface market
Rising prevalence such as neurodegenerative disorders involving Alzheimer’s and Parkinson’s disease and epilepsy are projected to drive the demand for the overall BCI market. According to the Alzheimer's association, it is witnessing surge in living with Alzheimer’s in America. More than 5 million Americans of all age groups have Alzheimer’s. Additionally, estimates show that 5.8 million Americans aged 65 and old are living with Alzheimer’s dementia in 2020. Eighty percent are age 75 years or older. One in 10 people age 65 and older (10%) has Alzheimer's dementia. Almost two-third of Americans with Alzheimer's is women. BCI offers major medical benefits in the military and civilian industry. In Alzheimer’s cases the implanted electrodes could improve memory for people dealing with head injuries, Alzheimer’s, and stroke conditions. Moreover, in July 2020, Synchron Inc. announced regarding receiving of funding from the Medical Research Future Fund (MRFF), through MTPConnect, the Australian Government BioMedTech Horizons (BMTH) program, to advance the commercialization of Synchron’s Stentrode. Stentrode is a minimal invasive brain computer interface designed to restore functional independence, involving the ability to text message, for people with paralysis by facilitating control of external personal devices without the need for open brain surgery.
Surge in prevalence of neuroprosthetic conditions and technological advancement for paralytic patients
Brain computer interface (BCI) technology includes rising prevalence of neuroprosthetic conditions and technological advancements facilitates communication and movement in paralytic movement. In 2019, Food and Drug Administration (FDA) issued draft guidance for development of devices to help people with paralytic conditions regain mobility of their sense of touch. Brain computer interface (BCI) devices in neuroprostheses possess interface with the central or peripheral nervous system restore the lost motor or sensory capabilities. The guidance supports and demonstrates the potential risk to mitigate before beginning of clinical study.
Utility of brain computer interface (BCI) technology in gaming
Use of BCI in virtual gaming, home control systems, and military communication enhance the applicability of brain computer interface that spur the market growth. In January 2021, Gaming technology firm, Valve provokes developers to undertake brain computer interface (BCI) as a mandatory application or project for changing the gaming industry. The scanning process involves reading of brainwaves through sensors placed in a headset. This gathered signals are then interpreted to improve the gaming experience. Currently, in Valve the data is collected from player’s brain and body can be utilize to determine the individual mental state. Additionally, improvement in sleep and emotional analysis and adjustments, can be captured through BCI technology. Apart from this, brain computer interface technology acts as a vital element in improving artificial body parts.
Rising geriatric population enhances the demand for brain computer interface (BCI) technology market
With growing geriatric population has grabbed strong attention for the BCI technology. This is achieved by BCIs in improvement, repair, and enhancing lost cognitive or motor function. BCI assists in improvement in quality of life of the ageing population, cognitive function, especially memory, control of smart phones, and limb support for movement. Furthermore, BCI technology plays a vital role for ever growing ageing population by raising the susceptibility of chronic conditions such as cardiovascular disorders, sleep disorders, diabetes, thereby driving the BCI technology in the forecast period.
Brain computer interface market is segmented based on product, application, and end-user. Product is segmented as invasive BCI, partially invasive BCI, and non-invasive BCI. By application, the market is segregated as healthcare, smart home control, communication and control, and entertainment and gaming. Healthcare is further sub-segmented as disabilities restoration and brain function repair.
Based on product, the non-invasive BCI hold the largest market share in the past and is projected to continue its dominance till the forecast period. Factors that contribute for segmental growth involve high application of such technology in products such as headsets, amplifiers, and gaming sticks. Moreover, high adoption of technology in robotic devices propels the demand growth worldwide. In June 2019, a team of researchers from Carnegie Mellon University collaborated with the University of Minnesota made a breakthrough in the field of non-invasive robotic device control. Utilization of non-invasive brain computer interface (BCI)) researchers developed the first ever successful mind control robotic arm exhibiting the ability to continuously track and follow a computer cursor. BCI shown a proven track record coupled with good performance that controls robotic devices using only signals sensed from brain implants.
North America Dominated the Brain Compute Interface (BCI) technology market in the past and will continue its trend in the forecast period
North America dominated the brain computer interface market in 2019, and is expected to continue the same trend in the forthcoming years. Factors that contribute for the regional growth involves high R&D investments, large number of clinical trials conducted on brain devices in North America region. Surge in prevalence of neurodegenerative conditions such as Alzheimer's, Parkinson's, and Huntington's disease is expected to boost the regional growth. Furthermore, rising demand for immersing gaming provokes the development of technologies involving augmented brain computer interface fuelling the adoption of BCI technology in this region.
On the other hand, Asia Pacific is expected to register highest growth rate during the forecast period. High focus on research and development (R&D) activities coupled with launching of new products or innovation led the overall market of brain computer interface (BCI) technology.
Key companies profiled in this report involve Mind Solutions, Compudemics, Emotiv Incorporation, NeuroSky, Mind Technologies Inc., Covidien, PLC., Compumedics, Ltd., Natus Medical, Inc., Nihon Kohden Corporation, Integra Life Sciences Corporation, CAS Medical Systems, Advanced Brain Monitoring Inc., and among others.
Market By Product
Partially invasive BCI
Market By Application
Brain Function Repair
Smart Home Control
Communication and Control
Entertainment and Gaming
Market By Geography
Middle East & Africa
Brain computer interface is expected to reach a market value of around US$ 3,476.3 Mn by 2027.
The brain computer interface market is expected to grow at a CAGR of around 13.8% from 2020 to 2027.
Based on product, non-invasive BCI is the leading segment in the overall market.
Technological advancement is the preliminary factor that drives the demand for brain computer interface market.
Atus Medical, Mind Solutions, Compudemics, Emotiv Incorporation, Neurosky, Mind Technologies Inc., Covidien, PLC., Compumedics, Ltd., Natus Medical, Inc., Nihon Kohden Corporation, Integra Life Sciences Corporation, CAS Medical Systems, Advanced Brain Monitoring Inc., and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years