Brain Computer Interface Industry Overview
The global brain computer interface market size was valued at USD 1.52 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 17.16% during the forecast period.
Key drivers of the brain computer interface (BIC) market include the increasing prevalence of neuroprosthetic conditions, rising global geriatric population base, and rapid technological developments facilitating communication and movement in paralytic patients. Furthermore, the use of this technology in virtual gaming, home control systems, and military communication enhance the applicability of the market, fueling its growth. The COVID-19 pandemic severely affected the market. Market players, such as Natus, reported an impact on their supply chain during the pandemic. This is because most of their materials are single source and need lengthy qualification periods.
Gather more insights about the market drivers, restrains and growth of the Global Brain Computer Interface Market
Disruptions in the supply chain negatively impacted their ability to produce and supply finished products. The increasing prevalence of neurodegenerative disorders, Alzheimer’s, Parkinson’s, and epilepsy are expected to create the demand for BCI over the forecast period. According to the WHO report, around 82 million people will be affected by dementia by 2030 and this number will reach 152 million by 2050. This shows the potential demand for BCI in the coming years. The BCI technology is increasingly being used in mobile virtual gaming industries by integrating within Virtual Reality (VR) headsets gaming content. According to the data published by MyGaming in 2018, there were about 1.8 billion gamers worldwide and over 171 million VR gamers.
Virtual gaming has unfolded new opportunities for mind-controlled headsets and gadgets, which is further fueling the adoption. The manufacturers are focusing on the development of BCI-enabled video games. For instance, in March 2019, Valve planned to launch video games using the BCI technology. Such innovations are anticipated to propel market growth over the forecast period. Brain computer interface systems are optimally suited for the control of smart home applications with high accuracy and reliability. Home control systems include an application of P300-based technology—an event-related potential component, which helps in decision-making; to carry out various activities.
Some of these activities include opening closing doors windows, switching on off lights, controlling the TV set music systems, and operating a video camera at the entrance. The aforementioned factors are expected to increase the market penetration in the coming years. The increasing global geriatric population is another growth propeller for the market. Presently, there are more than 52 million people of age 65 years and above in the U.S. alone, and the number is anticipated to double by 2060. The rising geriatric population is expected to heighten the susceptibility towards chronic conditions, such as diabetes, cardiovascular disorder, and sleep disorder, thereby creating the need for BCI technology for a better living style.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
- Clinical Trials Market - The global clinical trials market size was valued at USD 47.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030. However, the market growth was hindered in 2020 due to the COVID-19 pandemic. In 2020, Parexel and Synairgen plc formed a strategic collaboration for conducting a Phase III study of an Interferon-beta (IFN-beta) treatment for COVID-19 patients.
- Virtual Reality Market - The global virtual reality market size was valued at USD 21.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.0% from 2022 to 2030. Virtual Reality (VR) is a digitally produced experience that simulates a three-dimensional environment in the real world.
Brain Computer Interface Market Segmentation
Grand View Research has segmented the global brain computer interface market on the basis of product, application, end use, and region:
BCI Product Outlook (Revenue, USD Million, 2017 - 2030)
- Invasive BCI
- Partially invasive BCI
- Non-invasive BCI
BCI Application Outlook (Revenue, USD Million, 2017 - 2030)
- Healthcare
- Disabilities Restoration
- Brain Function Repair
- Smart Home Control
- Communication and Control
- Entertainment and Gaming
BCI End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Medical
- Military
- Others
BCI Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Market Share Insights
- June 2020: Ripple Neuro partnered with Brain Electrophysiology Laboratory Company, LLC. The partnership was anticipated to offer seamless integration of Ripple Neuromed’s Quest Nomad neurophysiology research platform with BEL’s Geodesic Head Web HD-EEG sensor technology.
- May 2020: The company partnered up with CGX, to provide CGX Quick System that is a dry electrode, high-grade, and wearable headset. Thus, enhancing the product portfolio.
- September 2019: Synchron Inc. launched Stentrode, a partially invasive neural interface technology to record brain activities wirelessly.
- June 2019: Carnegie Mellon University in collaboration with the University of Minnesota developed the first-ever mind-controlled robotic arm using BCI technology, which can track and follow a computer cursor.
- March 2019: Integra received approval for DuraGen Dural Regeneration Matrix in Japan, which helped in the company’s regional expansion.
- June 2018: Medtronic launched a new clinician programmer for deep brain stimulation therapy along with Activa (TM) Programming Application.
- May 2018: Compumedics collaborated with China-based Health 100 to improve its product portfolio in sleep technology.
Key Companies profiled:
Some prominent players in the global brain computer interface market include
- Natus Medical Inc.
- g.tec medical engineering GmbH
- Medtronic
- Compumedics Neuroscan
- Brain Products GmbH
- Integra Lifesciences Corp.
- Advanced Brain Monitoring, Inc.
- EMOTIV
- NeuroSky
- Interaxon, Inc.
- ANT Neuro
- Neuroelectrics
- Ripple Neuro
- NIRx Medical Technologies, LLC
- OpenBCI
- CGX, A Cognionics Company
Order a free sample PDF of the Brain Computer Interface Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
