Brain Computer Interface: Current Analysis and Forecast (2023-2030)

Research, assistance, mapping, and augmentation are all common uses for the Brain Computer Interface (BCI) technology, which enables a functional brain to interface directly with peripheral electronic devices that are utilized to allow mobility in impaired persons. The main goal of BCI is to recover the vital functions of patients with neuromuscular illnesses who are incapacitated. One illustration of how the brain-computer interface is increasingly used is electroencephalography. One of the main drivers propelling the BCI market is the rising usage of BCI technology in the healthcare sector, where neurogenerative disorders including Alzheimer's, Parkinson's disease, and epilepsy are becoming more and more common.

The Brain Computer Interface is expected to grow at a strong CAGR of ~15% during the forecast period (2023-2030) with the increasing prevalence of neurodegenerative disorders, rising R&D activities by the companies to improve the brain-computer interface technology, and various technological advancements such as miniaturization of devices. Additionally, one of the main factors that may encourage the growth of the market during the projected period is the increase in Research and development activities by several firms and funding from governments in the development of BCI technology. For instance, in August 2020, according to an article titled "Funding for Brain-Computer Interface Ventures" published the Australian Federal Government granted a research consortium called Bionic Vision Australia a USD 42 million grant to develop bionic vision technology, a type of brain-computer interface technology.

Based on type, the market is segmented into invasive and non-invasive. The non-invasive category is expected to have a major market share over the projection period. Due to its widespread use in gadgets like headphones, gaming sticks, and amplifiers, the market is expanding. It is anticipated that the development of non-invasive brain-computer interface devices based on EEG would make BCI technology more widely available. Invasive BCIs are also utilized to recover the use of limbs by utilizing brain-controlled robotic arms and legs and to restore eyesight by linking the brain with external cameras. For example, the Food and Drug Administration (FDA) of the United States has authorized the use of a brain-computer interface device to help stroke patients with their hands.

Based on application, the market is divided into healthcare, smart home control, communication and control, and entertainment and gaming. The healthcare segment is anticipated to hold a significant share in the year 2022. BCI technology is currently gaining popularity as a treatment for neurological conditions and paralysis. From handling entertainment systems and appliances to preserving connectivity with smart home automation, people found greater comfort and convenience. There have been numerous technological advancements in the area of human-machine sensing, as well as increased use of BCI technology in entertainment, gaming, communication, and control.

Based on end-user categories, the market is segmented into medical, military, and other. In 2022, the medical industry accounted for a sizable portion of the market for brain computer interfaces since BCI technology helps people with conditions including paralysis, parkinsonism, epilepsy, and Alzheimer's disease move more freely. Followed by the military sector which is anticipated to develop at the quickest rate because of growing BCI technology utilization during combat operations. The development of robots that can serve as armed drones in conflict zones and cutting-edge communication technologies like the Defense Advanced Research Projects Agency's (DARPA) "Silent Talk" system, which would allow soldiers and military personnel to give orders through telepathic communication, is expected to support the expansion of this market.

The market is analyzed based on its global presence in countries like North America (U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and the Rest of the World in order to better understand the market adoption of the Brain Computer Interface (BCI) industry. Asia-Pacific is anticipated to have the market's highest growth throughout the anticipated timeframe. Factors such as rising healthcare costs, and patient awareness are anticipated to grow the BCIs in this region. As a result of favorable tax laws and affordable production locations, the Asia-Pacific market is drawing in foreign investors. New technology also includes a wide range of applications intended to transform security, automation, and communication workflows. For instance, in 2021, Tianjin University's neuro-engineering team was working on the research and development of the second-generation "BrainTalker" chip, which uses less power and offers higher system-on-chip integration, and the researchers reported that they were able to extract "good-quality" brain intentions from electroencephalogram signals that could meet application requirements.

Some of the major players operating in the market include: Brain Products Gmbh; OpenBCI; Medtronic; Emotiv; Neurosky; ANT Neuro; Neuroelectrics; G.Tec Medical Engineering Gmbh; NIRx Medical Technologies, LLC; and Ripple Neuro.