Growing Popularity In Healthcare And Research Drives Global Brain Computer Interface Market Growth

 

Brain Computer Interface Market

The brain computer interface market offers products that read brain signals transmitted through electrical impulses and convert them into commands for external devices. Brain computer interfaces provide benefits like enabling paralyzed patients to communicate and interact with the external world. They are used in various applications ranging from helping patients with disabilities to neuroscience research.

The global brain computer interface market is estimated to be valued at US$ 1.3 billion in 2023 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 trends driving the growth of the brain computer interface market is the increasing adoption of brain computer interfaces in healthcare applications. Brain computer interfaces can help patients with neurological disorders like stroke, spinal cord injuries, Parkinson's disease, Alzheimer's, and motor neuron diseases. They have proven effective in restoring motor and communication functions. For instance, brain controlled prosthetic limbs utilizing brain computer interfaces are enabling amputee patients to control prosthetics using only their thoughts. The success of these healthcare applications is boosting the adoption of brain computer interfaces, thereby propelling the market growth. In addition, increasing funding and investments to support brain computer interface research from both private and government bodies will also contribute to the market growth over the forecast period.

Segment Analysis

The global brain computer interface market is dominated by the non-invasive segment. Non-invasive BCI systems hold an advantage over invasive systems as they do not require surgery and thus could be used by a larger population. These systems decode brain activity acquired from the scalp using EEG technology. Within non-invasive, EEG-based BCIs account for the largest share due to their portability, cost-effectiveness and widespread use.

Key Takeaways

The Global Brain Computer Interface Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Brain computer interfaces have wide ranging applications across several sectors including healthcare, gaming and media. Rapid technological advancements are further expanding the scope of this technology. The global brain computer interface market is estimated to be valued at US$ 1.3 billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.

Regional analysis: North America currently holds the leading share in the brain computer interface market due to presence of prominent players and growing incidence of neurological disorders in the region. The US and Canada are primary markets. However, Asia Pacific is poised to witness the fastest growth on back of rising R&D investments in neuroscience and growing awareness about BCIs. China is expected to drive much of the regional market growth.

Key players: Key players operating in the brain computer interface market are Nihon Kohden Corporation, Mind Solutions Inc., Advanced Brain Monitoring, Inc., NeuroSky, Inc., Emotiv, Inc., NeuroPace Inc., InteraXon, Blackrock Microsystems LLC, G.TEC, Cortech Solutions, Inc., and Cadwell Industries, Inc. Nihon Kohden Corporation leads the market with its extensive BCI product portfolio including non-invasive and invasive systems. Mind Solutions and Advanced Brain Monitoring also have a significant presence with their focus on clinical EEG-based BCIs.