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Brain-Computer Interface market will attain a value of USD 5.34 billion by 2030.


STRATEGIC MARKET RESEARCH LLP

STRATEGIC MARKET RESEARCH LLP

The market’s value in 2020 was USD 1.307 billion, and with a phenomenal CAGR of 15.11%, the market’s value in 2030 is expected to be USD 5.340 billion according to Strategic Market Research.

New York, United States, July 06, 2022 (GLOBE NEWSWIRE) — Factors responsible for the tremendous growth are technological advancements, a surge in demand for biocompatible materials, rising neurological disorders, the gaming industry witnessing a surge, and the new capabilities to make smaller electric components. 

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Essential Insights into the Market:

  • By component, the hardware sector is the most dominant.

  • By type, the non-invasive category had the highest market share.

  • By application, the healthcare segment had dominated the market share.

  • By Region, North America dominated the market share. 

Factors that are driving the market:

Technological Advancements in the BCI field.

As compared to other lines of businesses, the technological advancements in the field of BCI have driven its growth. Neurosensory are being developed that can receive signals from the deeper regions in the brain – the subcortical and cerebellar regions. Their purpose is to receive and analyze the signals from these regions and parts, thereby improving the understanding of neuroscience.

Advancing research and Development 

Research and Development by organizations and government bodies are critical for the advancement of the BCI field. Initiatives such as the BRAIN Initiative by the U.S. government and the Human Brain Project by the E.U. will make investments of USD 6.6 billion and EUR 1.19 billion, respectively, in the coming years. In the APAC region, China will be investing USD 1 billion until 2030 in the China Brain Project, and Japan will invest JPY 40 billion in their Brain/MINDS initiative. In Canada, the Canada Brain Research Fund invested CAD 267 million in 2021. All of these initiatives will drive the R&D of the field.

A surge in demand for materials that are biocompatible.

A biocompatible material enables electrical components to interact with biological systems to give the desired output. The application of these materials resulted in products such as stents, menstrual cups and ventilators. The market value of the three abovementioned products run into billions of dollars. Menstrual cup sales reached USD 1.8 billion in 2021, a rise of 14% as compared to 2017. Therefore, the market for BCI products would also surge with patients requiring more stents, electrodes, sensors and other products that employ biomaterials.

Growing numbers of Neurological disorders

There is a sharp increase in patients with various neurological disorders such as Alzheimer’s, Parkinson’s, and stroke, amongst others. A report published by the WHO shows that over one billion people worldwide suffer from these disorders, which results in over 6.8 million deaths annually. In Europe, the economic cost of neurological disorders in the early 2000s was estimated at EUR 139 billion. With the number of occurrences of neuro disorders on a rising spree, it will further expedite the market for BCI and related devices.

Increase in the total number of gamers in the gaming industry

The gaming industry is booming. During the pandemic, the industry had seen a 45% rise in the number of hours played by gamers in the U.S. There were 1.9 billion active gamers in 2015, which had risen to 2.69 billion in 2020, of which 2.5 billion were mobile gamers. Thus, the BCI field would see robust growth with an increase in gamers and advancing technologies in the gaming industry.

Electrical components are getting smaller.

Over many years, electrical components tend to get smaller over the years, improving their overall efficiency and costs. With more efficient and economical components such as processors, screens and motherboards, the market for BCI software and devices would develop further.

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Descriptive Analysis of the Segmentation of the brain-computer interface market:

By Type

By Application

By End-User

By Component

By Region

North America

Europe

  • United Kingdom

  • Germany

  • France

  • Italy

  • Spain

  • Germany

  • Rest of Europe

Asia Pacific

  • Japan

  • China

  • South Korea

  • India

  • Australia

  • Rest of Asia Pacific

Latin America, Middle East, and Africa (LAMEA)

  • Argentina

  • Brazil

  • UAE

  • Saudi Arabia

  • Qatar

  • Nigeria

  • South Africa

  • Rest of LAMEA

To read the summary of the report, visit the website at
https://www.strategicmarketresearch.com/market-report/brain-computer-interface-market

Report Coverage

Details

Forecast Period

2020-2030

Forecast Period 2020 to 2030 CAGR

15.11%

 

2030 Value Projection

USD 5340.38 Million

Base Year

2020

 

Market Size in 2020

USD 1307.5 Million

Historical Data for

2015 – 2019

No. of Pages

135

 

Companies

Advanced Brain Monitoring, Cadwell Industries Inc, Cortech Solution Inc, Emotiv, G tec Medical Engineering Gmbh, Integra Lifesciences, Natus Medical Incorporated

Leading Segment By Component

Hardware

Leading Region

North America

Segments covered

By Component, By Type, By Application, By End User, By Region

Growth Drivers

 

 

Non-invasive devices dominated the market by type. The primary reason is the advancement in the application of EEGs, fMRI, MEG and PET scans. Additionally, there are developments of people being able to use these devices to control limbs and digits of the human body, which will further aid in the development of the market. In the U.S., there are over 185,000 limb amputations, a significant share of which enable the use of non-invasive devices, due to which the market will see established growth.

The healthcare segment dominated the application market. BCI devices are used in neurological disorders, paralysis cases, amputations, and sleep disorders. As asserted by the US Department of Health and Human Services (HHS), one in fifty Americans suffers from some form of paralysis. According to CDC, 50-70 million people suffer from at least one form of sleep disorder. Neurological disorder death rates in the U.S. were more than 47 deaths per 100,000. Therefore, with the various healthcare diseases and conditions on the rise, the application of BCI would further increase.

The medical industry was the dominant segment in the end-users section. This was due to accelerated R&D programs enabling patients to live better lifestyles from various medical conditions such as amputations, neurological diseases and other muscular conditions.

The component dominating the sector is Hardware due to its increased application in the field of healthcare as well as military segments. They are increasingly used to develop tools to help patients and defence personnel alike. The software segment will likely see tremendous growth due to the increasing use of BCI devices in the gaming industry.

By region, North America held the leading share in the market. This was primarily due to the number of companies investing in the field, which have co-established with the US Brain Research Through Advancing Innovative Neurotechnologies (BRAIN) Initiative. In 2021, the BRAIN Initiative invested approximately USD 2.4 billion in hundreds of researchers. The Canada Brain Research Fund invested CAD 267 million in new funding to more than a thousand researchers from 115 institutions, working on more than 300 projects. Through these programs, the region of North America is set to dominate the segment for the foreseeable future.

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Important Companies in the market:

  • Advanced Brain Monitoring, Inc.

  • Openbci

  • Cadwell Industries, Inc.

  • Nihon Koden Corporation

  • Cortech Solutions

  • Neurosky

  • Emotiv

  • Natus Medical Inc.

  • G. Tec Medical Engineering GmbH

  • Integra Lifesciences

Recent Developments:

  • In July 2022, Synchron, a BCI company, is beginning its clinical trial in paralyzed patients to use their device, Stentrode, to control digital devices using their minds. The device aims at helping patients with amyotrophic lateral sclerosis (ALS) first control prosthetic devices and, in the future, digital devices such as smartphones and laptops.

  • In July 2022, researchers at the Air Force Engineering University, Shaanxi, China, developed a new BCI technology that would have applications in the healthcare and military sectors. The technology would enable users to simultaneously influence radio and brain waves.   

  • In July 2022, an engineering professor at the University of Houston developed a new BCI device that aids stroke patients. The device was successfully tested by a stroke patient who controlled the robotic arm using his mind. 

  • In June 2022, researchers at U.C. -San Diego developed a new BCI device that is more flexible in nature and is equipped with micro-needles. The device’s aim is to receive more neurotransmissions with these additional features.

  • In June 2022, Blackrock Neurotech announced its partnership with the Neural Engineering Lab of the University of Pittsburgh to develop a BCI device that would enable patients to stay within their homes and participate in the trial. The concept is to further enhance the communication capabilities of BCI devices without participants physically coming to the labs.

  • In March 2022, researchers at the University of Alabama – Birmingham developed a new BCI program – the UAB Neuroengineering and Brain-Computer Interface Initiative. The program initially aimed at devising a data-sharing platform for researchers to better understand neurological disorders.

Kindly go through and get access to our comprehensive coverage of myriad number of Information and Communication Technology reports published in the last three months: 
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