Brain-computer interfaces (BCIs) allow direct communication pathways between the brain and an external device, translating the neural signals through decoding algorithms and enabling interactions that bypass traditional peripheral nerves and muscles. BCIs have revolutionized brain research and enabled people suffering from neurodegenerative diseases to regain partial movement. They have immense potential to cure paralysis, treat epilepsy, and help those with impaired senses. The market is gaining huge momentum with applications in healthcare, gaming, virtual reality and augmented reality.
The global Brain-Computer Interface Market is estimated to be valued at US$ 959.29 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the BCI market is the advancement of non-invasive interfaces. Earlier BCIs required implants which posed risks. Now technologies like electroencephalography (EEG) allow decoding brain signals through scalp electrodes without surgery. This has increased accessibility and reduced risks. FDA clearance of non-invasive Emotiv Epoc+ headset marked a milestone.
Another trend is the integration of BCIs with augmented and virtual reality. Technologies like OptiMind have enabled controlling VR/AR apps just by thinking through BCIs. BCI-powered VR can help in rehabilitation, gaming and more. Rapid innovations are expected to make BCIs affordable mainstream technologies.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the brain computer interface market due to high research and development costs. Bargaining power of buyers: The bargaining power of buyers is medium as buyers have several options to choose from however customized solutions can be provided by vendors. Bargaining power of suppliers: The bargaining power of suppliers is medium as there are many global manufacturers who can supply the required components. Threat of new substitutes: The threat of new substitutes is medium as there are ongoing research and development activities to develop advanced brain computer interfaces. Competitive rivalry: The competitive rivalry is high among key players due to presence of few major players operating globally.
Key Takeaways
The Global Brain Computer Interface Market Size is expected to witness high growth.
Regional analysis: The North America region dominates the global brain computer interface market due to presence of several major players and faster adoption of advanced technologies. Asia Pacific is expected to witness fastest growth rate owing to increased investments by governments and private institutions in healthcare sectors.
Key players related content comprises 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. Neuralink Corporation develops implantable brain-machine interfaces which can connect human brains to computers. Neurable has developed machine learning models for brain-computer interface applications. Emotiv develops electroencephalography based brain-computer interface devices for consumer and enterprise applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it