The Brain-Computer Interfaces Market is predicted to reach USD 3.26 Billion by 2032, registering a 9.00% CAGR during the forecast period, 2023–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global brain-computer interfaces market is expected to witness substantial growth during the forecast period, primarily due to the rising incidence of brain disorders affecting the movement of the body, and the miniaturization of components is propelling the growth of BCI technology.
Initially, BCI technology was developed to help people with paralysis control assistive devices with their thoughts. The number of use cases is constantly increasing, however. BCIs, for example, can now be used as a tool for improving cognitive performance through neurofeedback. BCI tools are expected to improve the productivity of a growing number of professionals. It may, for example, be possible for brain-computer interfaces to detect clients' low attention levels in relation to the importance of a meeting or task and trigger an alert accordingly. Also, users could be prevented from using the company car if they are drowsy based on how stressed they are.
In December 2022, Synchron awarded USD 75 million in Series C funding by ARCH Venture Partners. Gates Frontier, Bezos Expeditions, Reliance Digital Health Limited, Greenoaks, Alumni Ventures, Moore Strategic Ventures, and Project X joined ARCH as new additional investors. Similarly, in July 2021, Paradromics Inc., was awarded USD 20 million in funding by Prime Movers Lab, including investment from Westcott Investment Group, Dolby Family Ventures, Synergy Ventures, Pureland Global Venture, IT-Farm, and Alpha Edison. There has been continuous development in the market of brain-computer interfaces. Companies with funding have also started clinical trials. The costs associated with brain computing interface startups that focus on skill development are also very high. Key players functioning in the market are more focused on enchasing the opportunities of the market. During the forecasted period, major investments with mergers and acquisitions are likely to increase the market's growth as well.
The scope of the global brain-computer interfaces market has been segmented based on type, component, application, and industry vertical.
Based on type, the global brain-computer interfaces market is segmented into Invasive, Non-Invasive, and Partially Invasive. The non-invasive segment is expected to exhibit the fastest CAGR during the projected period.
Based on components, the global brain-computer interfaces market is segmented into Hardware, Software, and Service. The Hardware sub-segment is again bifurcated into Headsets, Boards, Sensors, and Electrodes. The software segment will experience the highest CAGR.
Based on Application, the global brain-computer interfaces market is segmented into Communication & Control, Disabilities and Brain Function Repair, User State Monitoring, Games & Entertainment, Advertisement & Marketing, Smart Environments, and Others. Smart Environments is expected to exhibit the fastest CAGR during the projected period.
Based on Industry Vertical the global brain-computer interfaces market is segmented into Healthcare, Manufacturing & Industrial, Government, Military & Defense, Media & Entertainment, Education, and Others. The Healthcare segment is expected to grow at the highest CAGR during the forecast period. It is anticipated that the healthcare sector will grow at a rapid pace due to brain-computer interface (BCI) technology's high applicability for treating neurological disorders and sleep disorders.
Geographically, the global brain-computer interfaces market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
As a result of high R&D investments and a large number of clinical trials being conducted on brain devices in North America, North America accounted for the largest share of revenue in 2021. A rising incidence of neurodegenerative diseases in this region, such as Parkinson's, Alzheimer's, and Huntington's disease, is also expected to drive market growth. Further, the growing demand for immersive gaming is expected to drive the development of technologies, such as augmented brain-computer interfaces, which will further boost BCI adoption.
During the forecast period, the Asia Pacific region is expected to exhibit the fastest CAGR. The demand for BCIs in this region is expected to increase due to rising healthcare expenses, increasing awareness among patients, and significant untapped opportunities. Foreign investors are attracted to these countries because of their low-cost manufacturing sites and favorable tax policies. Research and development had resulted in several innovative products.
The key players in the global brain-computer interfaces market are OpenBCI, Cadwell Industries, Inc., Cortech Solutions, Inc., Integra Lifesciences, Natus Medical Incorporated, Neurosky, Nihon Kohden Corporation, Pantech ProLabs India Pvt Ltd, Neuralink, Neurable, Kernel, NextMind, Thync, Halo Neuroscience, Synchron, BrainCo, Inc., Neurable, Cognixion, Bitbrain Technologies, Paradromics, and other.