The brain-computer interface market is estimated to be valued at US$ 859.7 million in 2022 and is expected to exhibit a CAGR of 11.4% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Brain-computer interface (BCI) uses signals from the brain to control and communicate with external devices, such as computers and neuroprosthetics for severely disabled patients. Brain signals transmit via electroencephalography sensors placed on the scalp or electrodes implanted in the brain. This technology allows individuals to control prosthetics or computer programs using thoughts alone.
Market Dynamics:
The brain-computer interface market is expected to witness significant growth over the forecast period. The key drivers for the market growth are growing applications in healthcare and high adoption in gaming and entertainment sector. Growing geriatric population and rising cases of neurological disorders have increased the demand for brain-computer interface technology in healthcare sector. It helps in developing prosthetics for paralyzed patients and aids communication in locked-in syndrome or complete paralysis. Additionally, rising usage of BCI technology in gaming and entertainment for augmented and virtual reality applications is also boosting the market growth. Companies are developing brain-controlled drones, robots and advanced communication assistance for disabled gamers.
SWOT Analysis
Strength: Brain computer interfaces have shown potential in restoring lost movement and communication abilities. Non-invasive BCIs offer ease of use without surgery. Technological advancements are improving accuracy and usability of BCIs.
Weakness: Invasive BCIs require surgery which can cause medical risks. Accuracy and data transmission rates of current BCIs are relatively low. Setting up BCIs requires extensive calibration and training which reduces usability. High cost of development and equipment limits widespread adoption.
Opportunity: Growing geriatric population suffering from paralysis and other disabilities increases the patient pool. Medical BCI applications in diagnosing and treating neurological diseases exhibit substantial growth opportunities. Non-medical uses in gaming and media offer expanded markets. Integration with augment reality and virtual reality expands usability of BCIs.
Threats: Stringent regulatory norms for medical devices delay market approvals and commercialization. Ethical issues around human augmentation and data privacy pose marketing challenges. Competition from alternative assistive technologies limits market potential of BCIs. Dependence on other computational and engineering disciplines restricts independent development of BCI technology.
Key Takeaways
The global Brain Computer Interface Market Share is expected to witness high growth, exhibiting CAGR of 11.4% over the forecast period, due to increasing prevalence of neurological disorders and rising development of non-invasive BCIs. North America is expected to dominate the brain computer interface market over the forecast period thanks to supportive regulatory environment, availability of advanced healthcare facilities, and presence of key market players in the region.
Regional analysis
Asia Pacific region is expected fastest growing market for brain computer interfaces due to rising medical tourism, increasing healthcare expenditure, and growing focus of international players on untapped Asian markets. China dominates the Asia Pacific BCI market owing to large patient pool, favorable government policies promoting indigenous medical technologies, and increasing collaborations between local startups and foreign BCI developers.
Key players
Key players operating in the brain computer interface market include Neuralink Corporation, Neurable, Emotiv Inc., BitBrain, Alpha Omega, Blackrock Microsystems, LLC, Femtonics Ltd, NeuroNexus, Opto Circuits (India) Limited, BIOTRONIK, Plexon Inc., Noldus Information Technology, NextMind, Nectome, and Paradromics. These players are increasingly focused on developing non-invasive BCIs as well as expanding to non-medical applications such as gaming.
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