Global Brain Computer Interface Market to Grow at a CAGR of 16.9% during Forecast Period

Published | 13 October 2022

The global Brain Computer Interface market is growing at a significant rate due to the rising neurological disorders. Some of the major factors anticipated to fuel the growth of the worldwide market revenue during the projected period include an aging population and technological advancements that help paralyzed people communicate and move. Additionally, the market's revenue expansion is fueled by the use of BCI technology in virtual gaming, home management systems, and military communication, which expands the systems' potential applications.

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global brain computer interface market was worth USD 1.6 billion in the year 2021. The market is projected to grow at a CAGR of 16.9%, earning revenues of around USD 4.7 billion by the end of 2028. The global brain computer interface market is booming due to the rising aging population and technological advancements that help paralyzed people communicate and move. Additionally, the market's revenue expansion is fueled by the use of BCI technology in virtual gaming, home management systems, and military communication, which expands the systems' potential applications.

Growing Geriatric Population, Rising Neurological Disorders Coupled With Expanding Virtual Gaming Is Driving Brain Computer Interface Market

The global geriatric population is growing quickly, raising concerns about the different diseases that affect persons in this age group. According to the World Health Organization, some of the most common ailments among the elderly are cataracts, hearing loss, diabetes, back and neck pain, chronic obstructive pulmonary disease, and dementia (WHO). Due to aging, the majority of these ailments result in serious physical and psychological problems and lower life quality. By obtaining signals from the brain, the brain-computer interface (BCI) helps carry out the desired action. The interface can be used by those who are unable to do their daily activities due to physical or mental disabilities. Over the course of the forecast period, a rise in the prevalence of epilepsy, neurodegenerative diseases like Alzheimer's and Parkinson's, and Parkinson's disease is anticipated to drive demand for brain-computer interfaces. A WHO report estimates that dementia will affect 82 million individuals by 2030 and 152 million by 2050. This suggests that BCI may have considerable demand during the forecast timeframe.

The integration of BCI into virtual reality (VR) headsets has led to a rise in the use of BCI in the mobile and virtual gaming industries. The use of brain-controlled interface technology is being accelerated by the proliferation of virtual gaming, which has created a plethora of new applications for mind-controlled headsets and devices. Video games with BCI support are where manufacturers are concentrating their efforts. For instance, Valve intended to release games in March 2019 that made use of BCI technology. The market for brain-controlled computer interface technology is anticipated to be driven by innovations like these over the forecast period.

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Healthcare Industry Accounted For The Largest Market Share By Application In 2021

The market has been divided into healthcare, disabilities restoration, brain function repair, smart home control, communication & control, entertainment & gaming, and other applications based on application. The healthcare industry accounted for the greatest revenue share in 2021 due to the high applicability of this technology in the treatment of sleep disorders, neurological diseases, paralyzed patients, and the study of neuroscience. Additionally, the category growth is being further fueled by technical development and an increase in industry-wide activities. As an illustration, Medtronic introduced the Activa (TM) Programming Application and a new clinician programmer for deep brain stimulation therapy in June 2018.

The National Institute on Aging awarded Advanced Brain Monitoring Inc. a grant in October 2018 to create robot-assistive interventions for dementia and aging. A significant share of the healthcare market is a result of initiatives like these. Due to growing consumer demand for a better lifestyle, the smart home control market is expected to have a profitable CAGR. People are enjoying greater comfort and convenience due to smart home controls, from maintaining connectivity to running entertainment systems and appliances to monitoring security. Over the course of the projected period, the aforementioned reasons are anticipated to fuel segment growth.

North America Is Anticipated To Hold The Largest Market Share In 2021

In comparison to other regional markets over the projected period, the brain computer interface market in North America is anticipated to provide the greatest revenue share. With the expanding demand for cutting-edge brain computer interface technologies from end-use sectors like the military, education & research, and healthcare, as well as a sizable pool of medical and non-medical device makers and technology companies, the existence of many major market players and investors in BCI technology in the United States, followed by Mexico and Canada, and high R&D expenditures are all propelling the global brain-computer interface market. During the assessment horizon, the APAC area is predicted to have the highest growth rate. The demand for BCI devices is predicted to be fueled by significant current opportunities, rising healthcare costs, and people becoming more aware of their options. Additionally, the region's reasonable manufacturing locations and supportive tax policies have attracted global businesses to invest in this advantageous market.

Impact of COVID-19 on Global Brain Computer Interface Market

The global geriatric population is growing quickly, raising concerns about the different diseases that affect persons in this age group. According to the World Health Organization, some of the most common ailments among the elderly are cataracts, hearing loss, diabetes, back and neck pain, chronic obstructive pulmonary disease, and dementia (WHO). Due to aging, the majority of these ailments result in serious physical and psychological problems and lower life quality. By obtaining signals from the brain, the brain-computer interface (BCI) helps carry out the desired action. The interface can be used by those who are unable to do their daily activities due to physical or mental disabilities. Over the course of the forecast period, a rise in the prevalence of epilepsy, neurodegenerative diseases like Alzheimer's and Parkinson's, and Parkinson's disease is anticipated to drive demand for brain-computer interfaces. A WHO report estimates that dementia will affect 82 million individuals by 2030 and 152 million by 2050. This suggests that BCI may have considerable demand during the forecast timeframe.

Competitive Landscape

The major players operating in the global brain computer interface market are Natus Medical Inc.; Medtronic; g.tec medical engineering GmbH; Compumedics Neuroscan; EMOTIV; Brain Products GmbH; Integra Lifesciences Corp.; Advanced Brain Monitoring, Inc; NeuroSky; Interaxon, Inc.; ANT Neuro, Neuroelectrics; Ripple Neuro; NIRx Medical Technologies, LLC; OpenBCI, CGX; A Cognionics Company and other prominent players. The players in the market for brain computer interfaces are very competitive. To maintain their place in the market, they are concentrating on methods like product launches, mergers and acquisitions, collaborations, and other innovations. The focus of the players is on making investments in cutting-edge technologies that will improve their product offerings.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global brain computer interface market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global brain computer interface market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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