A brain-computer interface is a technology in which the thoughts of the human mind are translated into real interactions without using normal neural pathways and muscles. Brain imaging technologies are fused with a brain-machine interface system to capture electric signals sent by the human brain. The main purpose of the brain-computer interface is to restore various useful functions in people impaired by neuromuscular diseases and spinal cord injury. WHO has announced that around 700 million mental and neurological disorders are reported annually.
The global brain computer interface market in 2021 was $1505.06 Million by 2030, it is expected to reach $5340.30 Million at a CAGR of 15.11% from 2021-2030.
Brain-Computer Interface Market Outlook
The brain-computer interface works in three steps firstly, they gather the brain signal, interpret them and then send the command to the machine on their signal. There are two types of Brain-computer interfaces Non-invasive and invasive. The non-invasive brain-computer interface is placed on the scalp. The brain-computer invasive needs surgery to implant electrodes under the scalp for communication.
The market will likely be expanded by continued computing and sensor technology innovations. In addition, ongoing research to develop treatments for life-threatening conditions such as brain diseases and injuries, sleep disorders, and cerebrovascular disease is likely to drive market growth. Additionally, clinical trials, research institutes, and government agencies are providing support through investments, funding, and grants to stimulate research efforts to advance the use of brain-computer interfaces. The increasing prevalence of neurodegenerative diseases like Alzheimer’s and Parkinson’s is expected to drive the brain-computer interface market during the forecast period. According to the Parkinson’s Foundation, more than 930,000 people in the United States are expected to have Parkinson’s disease by 2020. In addition, the foundation’s report predicts that the number of people with Parkinson’s disease will rise to 1.2 million by 2030.
Brain-Computer Interface Market Application
The application of this technology in virtual gaming, smart home control, financial support, rising old age population will fuel the market’s growth in the forecasted period. Virtual games offer immense possibilities for mind-controlled gadgets and headsets. BCI-enabled video games open up new possibilities with advances in machine learning, artificial intelligence tools, and increasing computer processor power. The continued growth of mobile gamers is also positively impacting the demand for AR, VR, and cloud gaming. Older people are likely more prone to sleep disorders, back and neck pain, cataracts, and diabetes. Most of these disorders cause physical and mental complications resulting in poor quality of life. The brain-computer interface carries out the desired actions by gaining signals from the brain. Brain-computer interfaces are suitable for controlling smart home devices. Smart home applications use p300-based technology and are used in home management systems to help turn lights on and off, manage TV and audio systems, and operate security video cameras.
Key Market Segmentation Analysis
The market is segmented by component, type, application, and region. The component segment is divided into a hardware segment and a software segment. The type segment includes invasive BCI, non-invasive BCI, and partially invasive BCI. Based on application, the BCI market is segmented into communications and control, healthcare, smart home control, entertainment and gaming, and others. Based on region, the market is analysed in North America, Europe, Asia-Pacific, and LAMEA.
By component, the hardware sector dominates the market due to the increasing use of BCI-related devices and sensors in the digital industry. Most healthcare organizations have started using this technology to coordinate and integrate all their healthcare processes, such as improving the productivity of medical staff and patient testing and services. By type, the non-invasive brain-computer interface segment has dominated the market share. By application, the healthcare segment dominates the industry with its wide range of applications in treating sleep disorders, neurological disorders, paralyzed patients, and neuroscience research.
By region, North America leads the industry due to significant R&D investment and clinical trials of many brain devices in this field. Additionally, the continued increase in the prevalence of neurological diseases such as Parkinson’s, Alzheimer’s, and Huntington’s disease may boost the industry’s growth.
Key companies dominating the market are Advanced Brain Monitoring, Inc., Nihon Kohden Co., Guger Technologies Natus Medical Incorporated, Cadwell Laboratories Inc., OpenBCI, Cortech Solutions, Inc., NeuroSky, Inc., Emotiv, Inc., Integra LifeSciences.
