Vancouver, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The global brain-computer interface market size was USD 1,784.0 Million in 2021. Increasing attention in integrating brain-computer interface (BCI) technology with various healthcare and military applications, as well as a continued focus on developing communication technologies for the crippled and aging population, are among factors driving market revenue growth.
Drivers: Rising R&D Activities by the Government to Improve the Brain-Computer Interface Technology
Governments in various countries around the world are taking necessary steps to strengthen their country's fundamental infrastructure. Healthcare has arisen as a major concern as these action plans have been implemented. Regular funds are being given for undertaking research studies in regions across the U.S. and Europe. Research into brain-computer interface technology is encouraged since it benefits the country's population by improving people's health. Such government funding sources, particularly in developing countries such as India and China, are expected to have a positive impact on the brain-computer interface market globally, consequently fueling market revenue growth.
Restraints: Lack of Expertise in Implementing the System and Risk Associated with the Procedure and Ethical Issues
Lack of skilled manpower and ethical issues associated with the implementation of brain computer interface technologies, as well as concerns about cyber security threats associated with BCI systems, may act as market restraints during the forecast period.
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Growth Projections
The global brain-computer interface market size is expected to reach USD 6,394.81 Million in 2032 and register a revenue CAGR of 12.3% over forecast period. Increase in number of gaming industries implementing BCI technologies, as well as the miniaturization of components, increased research on using BCI for the defense sector, increased presence of leading companies developing brain-computer interfaces in North America, and increased R&D efforts in the brain-computer interface market, are all major factors fueling the brain-computer interface market revenue growth over the forecast period. Also, increase in the adoption of sensor technologies as well as an increase in demand from emerging economies would provide new opportunities for the brain-computer interface market over the forecast period.
COVID-19 Direct Impacts
COVID 19 has accelerated digitization and provided technology adoption a much-needed boost around the world. People sought creative solutions for everyday necessities, such as food deliveries, medical needs, and education, as a result of the coronavirus-induced lockdowns.
COVID-19 pandemic has served as a springboard for the widespread adoption of brain-computer interface technology. These technologies are useful in a variety of fields, including education, healthcare, defense, and others. Non-invasive BCI is preferred by people because of its cost-effectiveness and safety.
Current Trends and Innovations
Continuous research is being conducted to develop treatments for potentially fatal conditions such as brain disorders and injuries, sleep disorders, and cerebrovascular disease. The number of brain-related conditions is expected to increase, thereby, boosting the market and providing opportunities for brain-computer interface developers.
Geographical Outlook
Brain-computer interface market in the Asia Pacific is expected to register a significant revenue growth rate during the forecast period. The market for brain-computer interfaces in this region is likely to be driven by rising healthcare expenditures, significant untapped opportunities, and increased patient awareness. Moreover, the region's low-cost manufacturing sites and favorable taxation policies have attracted foreign players to invest in this lucrative market.
Strategic Initiatives
In April 2021, NEURABLE introduced brain-computer interface headphones. These innovative headphones give the user information on how their brain works. The device assists users with time management by suggesting break times to help them stay focused throughout the day.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 1,784.0 Million |
| CAGR (2023–2032) | 12.3% |
| Revenue forecast to 2032 | USD 6,394.81 Million |
| Base year for estimation | 2021 |
| Historical data | 2019–2020 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component type, product type, application, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Mind Technologies, Inc., Medtronic, Nihon Kohden Corporation, CAS Medical Systems, Inc., Advanced Brain Monitoring, Inc., EMOTIV, NeuroSky, g.tec medical engineering GmbH, Integra LifeSciences, and Cortech Solutions, Inc. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global brain-computer interface market is fairly fragmented, with a number of large and medium-sized players accounting for majority market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective brain-computer interface. Some major players included in the global brain-computer interface market report are:
- Mind Technologies, Inc.
- Medtronic
- Nihon Kohden Corporation
- CAS Medical Systems, Inc.
- Advanced Brain Monitoring, Inc.
- EMOTIV
- NeuroSky
- g.tec medical engineering GmbH
- Integra LifeSciences
- Cortech Solutions, Inc.
Strategic Development
- In April 2021, NEURABLE introduced brain-computer interface headphones, these new headphones, which give the user insight into how their brain works. The device helps users manage time by suggesting break time periods in order to maximize focus throughout the day.
- In August 2020, Neurotechnology announced the launch of the BrainAccess Development Kit for brain-computer interface applications. The kit offers the full dry-contact electroencephalography (EEG) solution, including the electrodes, headwear, electroencephalograph, processing software, EEG signal acquisition, and brain-computer interface (BCI) example algorithms.
- In May 2020, Huami, the parent brand of Amazfit, announced a collaboration with the Institute of Advanced Technology, University of Science and Technology of China (USTC-IAT), to develop a Brain-computer Interface Joint Laboratory, leveraging Huami Technology's R&D strengths in the field of smart wearables and USTC's research advantages in brain science, in an attempt to achieve breakthroughs in key technologies and build a new model for active health.
- In May 2020, Naxon Labs launched brain to computer interface solution – Explorer, an affordable and useful tool and neurofeedback system for professionals in the fields of Engineering and Information Technology, Neuroscience, and Medicine.
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Some Key Highlights in the Report
- Invasive BCI segment is expected to register a considerable revenue growth rate over the forecast period because it is directly implanted in the brain and helps in providing better quality signals. These devices are used to provide functionality to people who are paralyzed. Invasive BCIs are also utilized to restore eyesight by linking the brain to external cameras, as well as limb function by utilizing brain-controlled robotic arms and legs. These advantages of invasive BCI are expected to fuel revenue growth of this segment during the forecast period.
- Smart home control segment is expected to grow at a significant rate during the forecast period, due to the rapid improvement lifestyles of people. Consumers get more convenience and control over security monitoring and manipulating entertainment systems and appliances due to BCI technology in smart home controls. The associated benefits of brain-computer interface technology for smart home control systems, particularly for persons with special needs, are expected to drive revenue growth of this segment over the forecast period.
- Military segment is expected to register a considerable revenue growth rate over the forecast period, because of the rising usage of brain-computer interface in war activities. The development of mobile robots that can act as weaponized drones in war zones, as well as advanced communication systems like the Defense Advanced Research Projects Agency's (DARPA) "Silent Talk," which allows soldiers and military personnel to give commands via telepathic communication, are expected to drive to revenue growth of this segment.
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Emergen Research has segmented the global brain-computer interface market on the basis of component type, product type, application, end-use, and region:
- Component Type Outlook (Revenue, USD Million; 2019–2032)
- Hardware
- Software
- Product Type Outlook (Revenue, USD Million; 2019–2032)
- Invasive BCI
- Partially Invasive BCI
- Non-Invasive BCI
- Application Outlook (Revenue, USD Million; 2019–2032)
- Healthcare
- Smart Home Control
- Communication & Control
- Entertainment & Gaming
- End-Use Outlook (Revenue, USD Million; 2019–2032)
- Medical
- Military
- Manufacturing
- Education & Research
- Others
- Regional Outlook (Revenue, USD Million; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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