Aims to open up new avenue for Brain Computer Interface Market

Market Overview:
Brain computer interface technology allows direct communication between the brain and an external device. It detects electrical activity of the brain through electrodes placed on the scalp or implanted in the brain. Then, specialized algorithms are used to analyze brain signals and translate them into commands to operate a device such as a prosthetic, or to communicate. The technology holds potential for rehabilitation and improved quality of life in patients with neurodegenerative diseases and disabilities.
Market Dynamics:
Rising geriatric population suffering from neurodegenerative diseases is expected to accelerate growth of the brain computer interface market over the forecast period. For instance, according to World Health Organization, by 2050, the number of people aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. Further, increasing R&D investments by technology companies to develop advanced BCI solutions is also anticipated to propel the market growth. For instance, in 2021, Neuralink Corporation raised $205 million in funding to advance its brain-machine interface technology. Additionally, growing applications of BCI technology beyond medical use, such as in gaming and virtual reality is further expected to boost the market growth over the next few years.
Segment Analysis:-
The brain computer interface market can be segmented into invasive and non-invasive brain computer interfaces. The invasive brain computer interface segment currently dominates the market and is expected to continue its dominance over the forecast period. This is because invasive brain computer interfaces provide higher accuracy of brain signal recording compared to non-invasive ones due to direct contact with brain neurons.
PEST Analysis

  • Political: Governments across the globe are supporting development of brain computer interface technology through funding of research projects. For instance, the US government is investing millions of dollars annually for BCI research through Defense Advanced Research Projects Agency (DARPA).
  • Economic: Rising incidence of neurological disorders and increasing healthcare spending is expected to drive growth of the BCI market. However, high costs associated with invasive BCI systems hampers widespread adoption.
  • Social: Rising awareness about benefits of BCIs in improving quality of life of patients is positively impacting the market. However, social acceptability challenges remain for highly-invasive BCIs.
  • Technological: Advancements in areas such as neural implants, brain imaging, and brain signal processing have improved BCI performance. Development of high-resolution interfaces is key to achieving effective bidirectional brain-machine interaction.

Key Takeaways:-
The Global Brain Computer Interface Market Size is expected to witness high growth, exhibiting CAGR of 11 % over the forecast period, due to increasing incidence of neurological disorders. The market size for 2023 is estimated to be US$ 959.29 Mn.
North America region currently dominates the BCI market and is expected to maintain its lead position over the forecast period. This is attributed to presence of major players in countries like the US and high healthcare expenditures in the region.
Key players operating in the brain computer interface market include 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. Key players are focusing on developing minimally/non-invasive BCIs as well as collaboration activities to commercialize BCI technologies.

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