Newark, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.86 billion in 2022 global Brain Computer Interfaces market will reach USD 8.37 billion by 2032. Continued integration of BCIs into healthcare systems for diagnostics, treatment, and rehabilitation. Opportunities may arise for BCIs to play a more significant role in personalized medicine, offering tailored solutions for neurological disorders. In addition, there are opportunities to develop advanced neurorehabilitation technologies, leveraging BCIs to enhance motor recovery and cognitive functions after neurological injuries. This factor could include more targeted and personalized rehabilitation interventions. Furthermore, advancements in brain-controlled prosthetics and assistive technologies provide new opportunities for individuals with disabilities. This factor includes the development of more sophisticated and intuitive devices that improve the quality of life for users. Additionally, there are growing opportunities in the application of BCIs for mental health, including stress reduction, anxiety management, and cognitive enhancement. BCIs could become more widely utilized in therapeutic interventions for mental health disorders. Apart from this, there are opportunities for developing wearable BCIs integrated into consumer electronics. These opportunities could lead to more accessible and user-friendly devices for applications in gaming, virtual reality, and other consumer-oriented industries.
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237 - Pages
Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $ 1.86 Billion |
| Market Size in 2032 | $ 8.37 Billion |
| CAGR | 16.23% |
| No. of Pages in Report | 239 |
| Segments Covered | Component, Product, Application, End User |
| Drivers | Rising Demand for Non-Invasive BCIs |
| Opportunities | Advancements in Neurotechnology |
Key Insight of the global Brain Computer Interfaces market
Asia Pacific is expected to witness the highest market growth over the forecast period.
Many nations in the Asia Pacific region, including Japan, China, and South Korea, have been increasing their investments in research and development across various technological domains. These investments contribute to the development and advancement of BCI technologies. Furthermore, Asia Pacific has become a hub for technological innovation, with countries like China and South Korea playing a significant role in developing emerging technologies. This trend extends to neurotechnology and BCIs, where research and innovation are gaining momentum. The Asia Pacific region also has been witnessing substantial growth in healthcare infrastructure. As BCIs find applications in healthcare, particularly in areas like neurorehabilitation and diagnostics, the expanding healthcare sector contributes to the potential growth of the BCI market. Additionally, the region has a large and increasingly tech-savvy population. The demand for innovative technologies, including BCIs, is driven by a consumer base receptive to technological advancements, creating a conducive environment for market growth. With the rising prevalence of neurological disorders in the region, there is an increasing focus on technologies that can aid in diagnosis, treatment, and management. BCIs, with their potential applications in neurology, are expected to witness demand in addressing these healthcare challenges.
In 2022, the hardware segment held the largest market share at 66.35% and a market revenue of 1.23 billion.
The component segment is divided into hardware and software. In 2022, the hardware segment held the largest market share at 66.35% and a market revenue of 1.23 billion.
In 2022, the non-invasive BCI segment dominated the market with the largest share of 87.09% and revenue of 1.62 billion.
The product segment includes invasive BCI, non-invasive BCI, partially invasive BCI and others. In 2022, the non-invasive BCI segment dominated the market with the largest share of 87.09% and revenue of 1.62 billion.
In 2022, the healthcare segment dominated the market with the highest share of 62.28% and revenue of 1.16 billion.
The application segment is classified into brain function repair, communication & control, disabilities restoration, entertainment & gaming, healthcare and smart home control. In 2022, the healthcare segment dominated the market with the highest share of 62.28% and revenue of 1.16 billion.
In 2022, the medical segment dominated the market with the largest share of 47.02% and revenue of 0.87 billion.
The end user segment is split into medical, military and others. In 2022, the medical segment dominated the market with the largest share of 47.02% and revenue of 0.87 billion.
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Advancement in market
In July 2022: Synchron, a company specializing in endovascular brain-computer interfaces (BCIs), has disclosed the successful implementation of the inaugural human BCI implant in the United States. This achievement marks a substantial technological breakthrough for scalable BCI devices. It is the first instance in the U.S. to utilize an endovascular BCI method, eliminating the need for invasive open-brain surgery. The groundbreaking procedure occurred at Mount Sinai West in New York under the guidance of clinical investigator Dr Shahram Majidi. Notably, the implantation procedure was conducted in the angiography suite, employing a minimally invasive endovascular approach, with coordination assistance provided by Mount Sinai’s Department of Rehabilitation and Human Performance.
Market Dynamics
Driver: Rising awareness and acceptance.
As awareness of Brain-Computer Interfaces (BCIs) continues to grow, paralleled by an increasing acceptance of these innovative technologies, a surge in demand is observed across diverse sectors. The heightened understanding of the multifaceted advantages, spanning medical and non-medical domains, catalyzes the substantial growth of the BCI market. In the medical realm, the expanding recognition of BCIs as valuable tools for diagnostics, treatment, and rehabilitation has become a driving force. Healthcare professionals, researchers, and patients alike are acknowledging the potential of BCIs to revolutionize the landscape of neurological care. Applications in neurorehabilitation, neurofeedback, and the development of brain-controlled prosthetics are gaining prominence, contributing to the market's upward trajectory. Simultaneously, the non-medical sectors are experiencing an increasing embrace of BCIs. The technology's integration into consumer electronics, gaming, and virtual reality is propelled by a growing understanding of its potential to redefine human-machine interaction. As BCIs find applications in entertainment, education, and various industries, the market expands its reach beyond traditional medical applications.
Restraint: Invasive nature of some BCIs.
Invasive brain-computer interfaces (BCIs) represent a category of neurotechnological devices that require surgical implantation. Despite their potential for groundbreaking applications, they encounter resistance primarily due to concerns about associated risks and invasiveness. The hesitancy towards invasive BCIs is rooted in apprehensions related to potential complications, including infections or device malfunction, which may act as significant deterrents for individuals considering such interventions. The key characteristic of invasive BCIs lies in the requirement for a surgical procedure to implant electrodes or other neural interface devices directly into the brain tissue. While this invasive approach offers the advantage of obtaining more direct and precise access to neural signals, the nature of the procedure introduces a set of challenges that contribute to resistance and reluctance from medical professionals and potential recipients.
Opportunity: Military and defense applications.
BCIs can augment cognitive abilities, providing military personnel with tools to enhance focus, decision-making, and situational awareness. By tapping into real-time neural data, BCIs have the potential to optimize cognitive performance under high-stress conditions, contributing to improved tactical decision-making. In addition, BCIs offer the possibility of direct brain-to-machine communication, enabling faster and more secure information exchange among military personnel. This factor can be particularly valuable when traditional communication methods are limited or compromised. BCIs could enhance communication efficiency, reducing response times and improving coordination. Furthermore, BCIs can be integrated into the control systems of uncrewed vehicles, drones, or robotic devices, allowing for direct brain-controlled operation. This technology could provide military operators with more intuitive and responsive control over uncrewed systems, enhancing their capabilities for reconnaissance, surveillance, and strategic missions.
Challenge: Accessibility in developing regions.
Developing regions may need more infrastructure to support the deployment of BCIs. This factor includes more power supply, internet connectivity, and technological resources. BCIs often rely on sophisticated equipment and connectivity, and the absence of robust infrastructure can hinder their effective implementation. Furthermore, access to healthcare facilities and expertise is critical in adopting BCI technologies. Developing regions may have limited healthcare resources, and specialized expertise in neurology and neurotechnology may be scarce. The absence of trained professionals to administer and support BCI applications can impede their integration into healthcare systems. Bridging the accessibility gap in these regions poses a significant barrier to the overall adoption of BCI technologies, as these regions often face systemic and resource-related barriers that affect the integration of advanced neurotechnologies.
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Some of the major players operating in the global Brain Computer Interfaces market are:
• Advanced Brain Monitoring, Inc.
• ANT Neuro
• Brain Products GmbH
• Compumedics Neuroscan
• CGX
• Cortech Solutions, Inc.
• Cadwell Industries Inc.
• EMOTIV
• G.Tec Medical Enginneering GmbH
• Integra Lifesciences Corporation
• Interaxon, Inc.
• Medtronic
• MindMaze
• NeuroSky
• Natus Medical Incorporated
• NIRx Medical Technologies, LLC
• Neuroelectrics
• Nihon Kohden Corporation
• Ripple Neuro
• OpenBCI
• Snap Inc.
Key Segments cover in the market:
By Component
• Hardware
• Software
By Product
• Invasive BCI
• Non-invasive BCI
• Partially Invasive BCI
• Others
By Application
• Brain Function Repair
• Communication & Control
• Disabilities Restoration
• Entertainment & Gaming
• Healthcare
• Smart Home Control
By End User
• Medical
• Military
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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