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Brain Computer Interface Market Trends

ID: MRFR//6940-CR | 166 Pages | Author: Aarti Dhapte| January 2023

Brain Computer Interface Market Overview

Brain Computer Interface Market size is projected to grow from USD 1.78 Billion in 2024 to USD 3.26 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.80% during the forecast period (2024 - 2032). Additionally, the market size for brain computer interface was valued at  USD 1.64 Billion in 2023.

The growing prevalence of neuroprosthetic conditions, the growing global geriatric population base, and immediate technological developments enabling communication are the key market drivers enhancing market growth.

Figure 1: Brain Computer Interface Market Size, 2022-2032 (USD Billion)

Brain Computer Interface Market Overview

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Brain Computer Interface Market Trends

The growing usage of electroencephalography in diagnosing sleep disorders is driving market growth.

Market CAGR for brain computer interfaces is driven by the growing usage of electroencephalography in diagnosing sleep disorders. Electroencephalography (EEG) has been used to investigate and diagnose brain disorders such as strokes, seizures, tumors and dementia. Electroencephalography (EEG) is extensively used to detect electrical activity of the brain or abnormalities in the brain waves. In recent years, Electroencephalography (EEG) has been used to diagnose sleep disorders such as insomnia and narcolepsy. Doctors also use EEG as a part of a polysomnography or sleep study. Thus, the growing usage of electroencephalography in diagnosing sleep disorders is expected to drive the growth rate of the brain computer interface market revenue.

Additionally, increasing sensor and computational technology innovations will likely create immense opportunities for the growth of the brain computer interface market. Computational sensors are responsible for transforming the physical world into signals. It also transforms the information to remove excessive data and extract basic features. Before the information enters the processor, this is normally done in real-time and parallel. Chemical, magnetic, Visual, auditory, mechanical (tactile), and other sensing applications are all covered by computational sensors.

Virtual gaming has developed unique opportunities for mind-controlled headsets and gadgets, further fueling the adoption. The manufacturers are concentrating on the expansion of brain computer interface enabled video games. For instance, in March 2019, Valve established video games utilizing the brain computer interface technology. Such innovations are expected to propel market growth over the forecast period. Brain computer interface systems are optimally conformed for the control of smart home applications with increased accuracy and dependability. Home control systems contain applying P300-based technology, an event-related potential element that assists in decision-making; to carry out different activities.

The growing global geriatric population is another growth propeller for the market. There are more than 52 million people 65 years and above in the US. alone, and the number is expected to double by 2060. The growing geriatric population is expected to heighten the susceptibility towards chronic conditions, such as cardiovascular disorder, diabetes, and sleep disorder, thereby creating the requirement for brain computer interface technology for a better living style.

Brain Computer Interface Market Segment Insights

Brain Computer Interface Type Insights

The global brain computer interface market segmentation, based on type, includes non-invasive, invasive, and partially invasive. The non-invasive segment dominated the market, accounting for 35% of market revenue (0.57 Billion). In developing economies, category growth is driven by the high applicability of this technology to products, including headsets, amplifiers, and gaming sticks. However, invasive is the fastest-growing category owing to the ability of this technology to provide functionality to paralyzed people via brain-controlled robotic legs & arms.

Brain Computer Interface Component Insights

The global brain computer interface market segmentation, based on component, includes hardware {headsets, boards, sensors, and electrodes}, software, and service. The hardware category generated the most income due to the increased use of brain computer interface-related hardware and sensors in the digital industry. However, software is the fastest-growing category due to the increased adoption of brain computer interfaces among end-users.

Figure 2: Brain Computer Interface Market, by Component, 2022 & 2032 (USD Billion)

Brain Computer Interface Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Brain Computer Interface Application Insights

The global brain computer interface market segmentation, based on application, includes communication & control, user state monitoring, games & entertainment, disabilities & brain function repair, advertisement & marketing, smart environments, and others. The disabilities & brain function repair category generated the most income owing to the increased applicability of this technology in the therapy of sleep disorders. However, smart environments are the fastest-growing category due to increased demand for a better lifestyle.

Brain Computer Interface Industry Verticals Insights

The global brain computer interface market segmentation, based on industry verticals, includes healthcare, manufacturing & industrial, government, military & defense, media & entertainment, education, and others. The healthcare category generated the most income (70.4%) owing to its application in helping disabled patients. However, military & defense is the fastest-growing category due to increased usage of brain computer interfaces during war activities.

Brain Computer Interface Regional Insights

By region, the study delivers market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American brain computer interface market will dominate, owing to the high R&D investments and the large number of clinical trials conducted on brain devices, which will boost the market growth in this region. Further, the US brain computer interface market held the largest market share, and the Canadian brain computer interface market was the fastest-growing market in the North American region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: BRAIN COMPUTER INTERFACE MARKET SHARE BY REGION 2022 (USD Billion)Brain Computer Interface Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's brain computer interface market accounts for the second-largest market share due to the enhancing demand for immersive gaming led to the development of brain computer interface technologies. Further, the German brain computer interface market held the largest market share, and the UK brain computer interface market was the fastest-growing market in the European region.

The Asia-Pacific brain computer interface market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing demand for enhanced brain computer interface technologies from end-use industries, including military, education & research, and healthcare. Moreover, China’s brain computer interface market held the largest market share, and the Indian brain computer interface market was the fastest-growing market in the Asia-Pacific region.

Brain Computer Interface Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the brain computer interface market grow even more. Market participants are also undertaking numerous strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the brain computer interface industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global brain computer interface industry to benefit clients and increase the market sector. Major players in the brain computer interface market, including Cadwell Industries, Inc (U.S.), Cortech Solutions Inc (U.S.), Inc NIHON KOHDEN CORPORATION (Japan), CAS Medical Systems, Inc (U.S.), and others are attempting to increase market demand by investing in research and development operations.

EMOTIV is a company that specializes in developing and manufacturing wearable Brain computer interfaces (BCIs) and neuroinformatics solutions. Brain computer interfaces allow users to interact with computers and other devices using their brain activity. The company was founded in 2011 by Tan Le and Geoff Mackellar and is headquartered in San Francisco, California. The company has a strong focus on research and innovation. They actively collaborate with academic institutions, researchers, and developers to explore new applications and expand their technology capabilities. In October 2021, EMOTIV introduced the New EMOTIV Launcher and enhancements to EmotivPRO Suite 3.0. The product is a full end-to-end solution to streamline neuroscience research completely.

Huami Corporation is a Chinese technology company specializing in developing smart wearable devices. Founded in 2013, Huami is headquartered in Hefei, Anhui Province, China. The firm is publicly listed on the New York Stock Exchange under the "HMI." The company's products combine cutting-edge technology with stylish designs, aiming to provide users with convenient and innovative wearable solutions for fitness tracking, health monitoring, and smart connectivity. Their devices typically feature heart rate monitoring, sleep tracking, activity tracking, GPS, and smartphone notifications. In May 2020, Huami, the parent label of Amazfit, declared a collaboration with the USTC-IAT, to create a brain computer interface Joint Laboratory, leveraging Huami Technology's R&D forces in the field of smart wearables and USTC's research benefits in brain science, in an endeavor to achieve breakthroughs in critical technologies and build a unique model for vibrant health.

Key Companies in the Brain Computer Interface market include

Brain Computer Interface Industry Developments

April 2021: NEURABLE launched brain computer interface headphones, these new headphones, which give the utilizer insight into how their brain works. The device assists users in managing time by suggesting break periods to maximize daily focus.

Brain Computer Interface Market Segmentation

Brain Computer Interface Type Outlook

  • Invasive

  • Non-Invasive

  • Partially Invasive

Brain Computer Interface Component Outlook

  • Hardware

    • Headsets

    • Boards

    • Sensors

    • Electrodes

  • Software

  • Service

Brain Computer Interface Application Outlook

  • Communication & Control

  • Disabilities And Brain Function Repair

  • User State Monitoring

  • Games & Entertainment

  • Advertisement & Marketing

  • Smart Environments

  • Others

Brain Computer Interface Industry Verticals Outlook

  • Healthcare

  • Manufacturing & Industrial

  • Government

  • Military & Defense

  • Media & Entertainment

  • Education

  • Others

Brain Computer Interface Regional Outlook

  • North America

  • US

  • Canada

  • Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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