New York, USA, May 23, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), "Brain-Computer Interface Market: By Type, By Component, And By Application and Forecast till 2030”, The global brain computer interface market is likely to witness significant revenue growth. Rapid developments in BCI technology would drive market growth. Market Research Future (MRFR) states that the global brain computer interface market is poised to escalate from USD 1,912.2 MN in 2022 to USD 6,045.2 MN by 2030, growing at a 15.5% CAGR throughout the assessment period (2022-2030).
Brain-computer interface (BCI) technology is slowly moving into the mass market, finding applications in measuring central nervous system (CNS) activities in the human body. BCI systems can also convert activities of the central nervous system into electrical signals, used as artificial outputs to restore, enhance, replace, supplement, or improve natural CNS output, changing the interactions between the CNS and its external/ internal environment.
Initially developed for improving the quality of life of physically impaired and elderly patients, the brain-computer interface technology is now used as a neurofeedback training tool to improve cognitive performance. It is expected that BCI tools will be extensively used by many professionals to improve their performance at work. Brain disorders that affect the body's movement are growing at an alarming rate. BCI systems are also increasingly being used in communication and control applications.
Leading brain computer interface market players:,
- EMOTIV
- NeuroSky Inc
- Natus Medical Incorporated
- Compumedics Limited
- G.Tec
- Nihon Kohden Corporation
- Advanced Brain Monitoring Inc
- BrainCo, Inc
- Brain Products GmbH
- MindMaze
- Neuroelectrics
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Brain Computer Interface Market Report Scope:
| Report Metrics | Details |
| Brain-Computer Interface Market Size by 2030 | USD 6,045.2 million (2030) |
| Brain-Computer Interface Market CAGR during 2022-2030 | 15.5% |
| Base Year | 2022 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Rising Incidence of brain disorders affecting the movement of body Miniaturization of components is propelling the growth of BCI technology |
Competitive Landscape
The brain computer interface market appears extremely fragmented, considering the presence of established manufacturers. Eminent players seek opportunities to integrate across the extensive value chain while focusing on expanding production capacities, R&D investments, and M&A activities to gain additional impetus. They strive to deliver reliable, leading-edge brain-computer interface technologies for various applications, substantially investing in developing adept technologies and products.
For instance, on May 06, 2023, researchers at the Xuanwu Hospital Capital Medical University (China) announced that they have successfully conducted the first-ever brain-computer interface (BCI) experiment on a monkey. The development demonstrates China's BCI technological breakthrough and positions it at the forefront of the competition. The success of the first animal trial encourages the application of brain science research.
In another instance, on May 16, 2023, WiMi Hologram Cloud Inc., a leading global Hologram Augmented Reality Technology provider, announced that it has obtained three holographic brain-computer interface-related patents. These include a protective structure for holographic BCI, a holographic brain-controlled robot system, and an angle-adjustable holographic BCI device. The protective structure of the holographic BCI includes a protective box that consists of two hemispherical shells.
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Industry Trends
The early adoption of brain-computer interface technology in various industries and high investments by governments to promote BCI technology applications across military & aerospace sectors are key market trends. Besides, investments by major industry providers in developing advanced BCI systems impact market growth positively. BCI devices are increasingly used to treat many patients with cognitive or physical impairments.
This technology promises greater improvements in the quality of life of physically impaired people, enhancing their autonomy and mobility. High investments in technology upgrades and funding to implement BCI devices in the healthcare sectors boost the market size. On the other hand, the ethical challenges of connecting brains to computers impede market growth.
Implantable BCIs are extensively used to restore functions in people with paralysis and neurological disorders. BCI hardware and technology are used by patients using neurotechnology to restore movement, communication, and touch to increase independence and quality of life.
Medtech companies strive to score Federal agencies' approval for implanted electrode panels capable of sending brain signals to a computer for translation. Newer brain-computer interfaces are designed to pick up neurological signals from the patient's brain and parse out the intent to control various devices and instruments, such as cursors, keyboards, mobile devices, wheelchairs, and prosthetic devices.
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Segments:
The BCI market report is segmented into components, types, applications, technologies, end-users, and regions. The type segment comprises non-invasive, invasive, and partially invasive. The component segment comprises hardware and software. The application segment comprises medical, communication & control, gaming & virtual reality, smart home control, and others.
The technology segment comprises electroencephalography (EEG), electrocorticography (ECoG), magnetoencephalography (MEG), functional magnetic resonance imaging (fMRI), near-infrared spectroscopy (NIRS), intracortical neuro recording, and others. The end-user segment comprises healthcare, education & research, defense and aerospace, and others. The region segment comprises the Middle East & Africa, Americas, Asia-Pacific, Europe, and Rest-of-the-World.
Regional Analysis:
North America dominates the global brain computer interface market. The rising demand for advanced BCI technologies from healthcare, education & research, and defense & aerospace industries drives the market growth. Besides, the large presence of technology providers and medical & non-medical device manufacturers in this region boosts the BCI market size.
Among other North American countries, The US accounts for the largest brain computer interface market share, with a large pool of BCI technology providers and investors in North America.
Europe seizes the second-largest share in the global brain computer interface market. Factors such as the increasing adoption of BCI devices and rising applications of BCI software in various hospitals, universities, and research institutes substantiate the region's market share.
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With the growing uptake of BCIs, Germany dominates the regional market, followed by the UK. Furthermore, France, Russia, Spain, Italy, Bulgaria, the Netherlands, and Sweden are also estimated to boost the brain computer interface market growth in Europe.
The Asia Pacific region holds a considerable market share, emerging as a significant market for brain-computer interfaces globally. The growing adoption of BCI technologies among small- and medium-sized enterprises and rapid economic growth in this region propels market growth.
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