Global Brain Computer Interface Market Growth Analysis - Forecast Trends and Outlook (2024-2032)

Global Brain Computer Interface Market Size

The global brain computer interface market stood at a value of around USD 2.23 billion in 2023. The market is further expected to grow at a CAGR of 16% in the forecast period of 2024-2032 to attain a value of USD 8.47 billion by 2032.

Non-Invasive Segment to Account for a Substantial Market Share of the Global Brain Computer Interface Industry

Based on type, the non-invasive segment is predicted to hold a significant market share in the brain computer interface industry, owing to its feasibility in usage, as non-invasive BCI does not require a person to undergo surgery. These can be used in headsets and gaming sticks, among others. Meanwhile, in terms of application, the medical segment is estimated to make a considerable contribution to the overall growth of the global brain computer interface industry due to its increased research and development in the implementation of BCI mechanisms in helping patients with severe disorders such as Parkinson's, epilepsy, and Alzheimer's, among others.

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North America to Occupy a Significant Market Share in the Global Brain Computer Interface Industry

North America is estimated to hold a substantial share of the brain computer interface industry in the forecast period. This growth can be attributed to the increased investments in the research and development of the BCI technology and several clinical trials being conducted in the region. This is due to the rising number of cases of neurological disorders in the region and a growing geriatric population, as most cases of a neurological disorders can be attributed to old age. According to the World Population Report issued by the UN in 2019, population ageing is expected to increase exceedingly in all parts of the world. The ratio in North America is expected to rise from 30 persons aged above 65 per 100 people in 2019 to 49 people aged above 65 per 100 people in 2050. Another factor influencing the market growth is the increasing demand for virtual and immersive gaming experiences through devices such as VR headsets.

Brain Computer Interface Industry Segmentation

The brain computer interface (BCI) technology allows people to interact with digital devices through their brain activity. BCI analyses and measures brain activity, that is, the electrical signals in the brain from the electrodes present on the scalp, on the cortex or on the cortical surface, to derive inputs, which are then translated into commands and sent to the devices that carry out those commands. This is a beneficial mechanism for people with neuromuscular disabilities such as cerebral palsy and any spinal cord injury and also helps in rehabilitating patients who suffered a stroke. Multiple benefits associated with BCI include the ability to restore lost functions such as movement and the ability to enhance human functioning, like warning a sleepy driver to stay awake while driving. Some other uses of BCI include improving the gaming experience through VR (virtual reality) sets.

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By type, the market is categorised into:

• Invasive
• Non-Invasive
• Partially Invasive

On the basis of application, the market can be segmented into:

• Healthcare
• Communication and Control
• Gaming and Entertainment
• Smart Home Control
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Heightened Technological Advancements and the Growing Incidents of Neurodegenerative Conditions to Drive the Global Brain Computer Interface Industry

The brain computer interface industry is estimated to witness a significant growth in the forecast period due to the considerable investments being made in the research and development of BCI technology in multiple industry verticals. In addition, the rising problems of neurological illnesses around the globe are expected to provide a thrust to the overall growth of the market, as BCI technology offers potentially promising mechanisms that are expected to efficiently help in the rehabilitation and improvement of patients suffering from neurological disorders.

According to the Neurological Disorders Report published by the WHO in 2006, a 12% increase contributed by neurological disorders in the DALYs (disability-adjusted life years) is predicted in the year 2030, globally. Out of which, 66% increase is projected by Alzheimer's and Dementia cases between 2005 to 2030. DALYs are used to calculate the overall burden of disease by counting the number of years a person lost due to a disability, an illness, or early death.

Key Industry Players in the Global Brain Computer Interface Market

The report gives a detailed analysis of the following key players in the global brain computer interface market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Advanced Brain Monitoring, Inc.
• CorTec GmbH
• EMOTIV, Inc.
• Natus Medical Incorporated
• g.tec medical engineering GmbH
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report

Brain Computer Interface Market Report Snapshots

Brain Computer Interface Market Size

Brain Computer Interface Market Share

Brain Computer Interface Market Growth

Brain Computer Interface Companies