The brain computer interface market is estimated to be valued at US$ 773.0 million in 2022 and is expected to exhibit a CAGR of 11.4% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Brain computer interface technology enables direct communication pathways between the brain and an external device, which allows disabled individuals to control external devices using their thoughts. It analyzes and records brain signals, helping paralyzed people control wheelchairs or prosthetic limbs, amongst other advantages. The growing demand for accurate and advanced neurotechnology for medical applications and the increasing consumer interest in enhancing the human brain are contributing to market growth.
Market key trends:
One major trend driving the growth of the BCI market is the increasing incorporation of artificial intelligence technology. AI helps analyze brain activity patterns and enhance command recognition capabilities. For instance, Neuralink Corporation is developing AI-powered brain-machine interfaces to connect humans and computers. Their technology involves tiny brain implants that could one day allow paralyzed people to control devices or empower people without disabilities to communicate at very high data rates. Such developments are expected to expand the applications of BCIs and make the interfaces more user-friendly.
Threat of new entrants: Low capital requirements and established industry players make it difficult for new players to enter. Bargaining power of buyers: Large player base increases buyer power and price sensitivity. Bargaining power of suppliers: Dependence on limited technology providers increase supplier bargaining power. Threat of new substitutes: Emerging alternative interface technologies pose potential threat. Competitive rivalry: Intense competition among key global players drives innovation.
Strengths: Growing research and development, rising healthcare expenditure.
Weaknesses: High costs, limited applications and invasive nature of implants.
Opportunities: Scope in gaming, virtual reality and communication assistance. Untapped emerging markets.
Threats: Ethical issues, data privacy concerns and regulatory hurdles.
The global Brain Computer Interface Market Share size is expected to witness high growth, exhibiting a CAGR of 11.4% over the forecast period, due to increasing application areas in healthcare and gaming. North America dominated the market in 2021 with a share of over 35%, due to the presence of major players and rising R&D investment in the region. Asia Pacific is anticipated to witness the fastest growth over the coming years, owing to increasing healthcare expenditure, expanding patient pool and growing medical tourism in countries such as China and India.
Key players operating in the brain computer interface market are 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.