Industry: Healthcare
Published Date: May-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 167
Report ID: PMRREP34530
The global brain computer interface market is estimated to value at US$713.0 Mn by the end of 2031 from US$257.7 Mn in 2024. The market is predicted to expand at a CAGR of 13.8% during the forecast period from 2024 to 2031.
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Market Attributes |
Key Insights |
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Brain Computer Interface Market Size (2024E) |
US$257.7 million |
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Projected Market Value (2031F) |
US$713.0 million |
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Global Market Growth Rate (CAGR 2024 to 2031) |
13.8% |
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Historical Market Growth Rate (CAGR 2018 to 2023) |
12.0% |
Brain computer interface (BCI) is a novel communication method enabling brain signals to control or influence external devices or neural rehabilitation systems. BCI has become a useful tool, over the decade, to aid patients with basic movements and communication in cases of severe motor loss. BCI works as an alternative treatment for the cognitive and motor rehabilitation.
Various research findings have shown the therapeutic efficacy of BCI in patients with different level of motor impairment like amyotrophic lateral sclerosis (ALS), neuropathic pain, spastic cerebral palsy, etc., as well. It effectively works in improving behaviour in patients with cognitive conditions like ADHD.
Braincomputer interface technology has witnessed significant growth over the last few decades driven by advancement in the field of machine learning, neuroscience and signal processing. Increasing awareness of BCI’s potential in treatment of healthcare conditions, expanding research and development initiatives and technological breakthroughs brought in by several leading players have contributed significantly to the market’s growth.
In the field of brain-machine hybrid intelligence and human-computer interaction, BCI is a cutting-edge technology integrated with advanced theories from multiple disciplines. BCI has the potential to promote social and economic development. It also holds promising future applications including treating conditions like depression, and epilepsy; as well as decoding languages, and movement for patients with high paraplegia among others.
Development of neural engineering and rehabilitation engineering, artificial intelligence, psychology and cognitive neuroscience, and biomedical engineering has accelerated the engineering and industrialization of BCI. The market for brain computer interface is fueled by several factors such as:
Increased collaborations between healthcare institutions, academia and leading industry players are also accelerating the translation of BCI research into real-world clinical applications. All these factors contribute to the growing demand for BCI in healthcare sector.
Various studies pertaining to BCI field has been in focus over the years and are still continuing to demonstrate the impact of BCI in improving the quality of life for physically challenged people. For example,
Several government initiatives are also catalyzing growth, fostering innovation and expanding accessibility of brain computer interface technology. Government around the world is supporting BCI-led research and development initiatives by allocating significant fundings. For example,
Growing Incidence of Neurological Diseases
The market for brain computer interface is influenced by several factors such as growing incidence of neurological disorders and clinical applications of BCI in the treatment of motor and cognitive diseases including spinal cord injury, ALS, stroke, and ADHD.
BCI-enabled diagnosis and monitoring of neurological disease offers several therapeutic applications. Advanced signal processing algorithms help clinicians make accurate diagnosis and track disease progression by identifying patterns associated with specific neurological conditions.
BCI systems are used in neurofeedback training to provide real-time feedback on brain activity, helping patient self-regulate neural patterns associated with conditions like seizures or tremors. Increasing prevalence of neurological disorders is likely to increase the adoption of BCIs in medical applications, thereby driving the global market.
Growing Research and Development Investments Fuel New Product Development
There is a growing emphasis on translating the research findings of BCI into clinical practices to develop evidence-based interventions for neurological disorders. Industry players, academia and healthcare institutes are collaborating to increase research and development activities. Consequentlyfuelling innovation, improving efficacy of BCI technology and expanding the scope of commercial applications.
High Cost Associated with BCI Systems
Commercially available BCI devices are costly due to the construction material used and their complexity. This makes them suitable only for the industrial or laboratory settings, which consequently impeds the market growth.Further, implantable BCI systems require materials to sustainably operate over longer periods of time without deteriorating.
Brain’s aqueous nature affects the power-retention capability of the implants. This in turn, reduces the lifetime of BCI’s battery, limiting the amount of signals collected by electrodes and adding to the overall cost of the device. The development of cost-effective and portable BCI systems might help make BCI technology more accessible to the potential users of the technology.
Lack of Standardization for Regulatory Approval
Brain computer interface-based systems are registered as a medical device, thereby, falls under the jurisdiction of regulatory agencies like U.S.FDA. However, these systems are a new system of categories that require integration of multiple sub-components to measure and analyse neural activity and provide feedback through different means.
There is a lack of specific standards for neurotechnologies for BCI. This might hinder the interoperability and regulatory compliance of new device, in turn, creating barriers for the industrial applications of BCI to access a wide market.
Increasing Clinical Trials of BCI Solutions
BCI is an emerging and relatively new technology offering several promising opportunities for the market players. Several companies and universities are actively involved in conducting clinical trials of BCI products. For example,
Low-cost and Tailored BCI Solutions in Emerging Market
The burgeoning economies of emerging markets present lucrative opportunities for the market players within the brain computer interface sector. This is fuelled by significant rise in the demand for advanced healthcare solutions and growing research and development in the field of cerebral and spinal disorders.
The regulatory landscape in the developing economies is perceived less stringent, more adaptable, and conducive to the business. Furthermore, emerging markets present lucrative opportunities in terms of developing low-cost and scalable BCI solutions tailored to specific needs and preferences of users in the emerging market. Consequently, leading players are increasingly focusing on the operating in these regions to expand their presence and capitalize on the opportunities.
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Category |
Projected CAGR through 2031 |
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Non-Invasive Brain Computer Interface |
14.3% |
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Electroencephalography (EEG) |
14.5% |
Non-Invasive Brain Computer Interface Segment to Account for the Significant Share
The non-invasive brain computer interface segment accounted for one-third of the global market revenue in 2023 and is likely to maintain its dominance during in the forthcoming years recording a CAGR of 14.3%. %.
The non-invasive systems monitor and analyse brain signals working on the principal of electroencephalography (EEG), by capturing signals without any intrusive procedures or surgical intervention for placement of device. The system is portable, ease to use, does not cause any tissue damage or scar to the patient, and doesn’t require guidance from medical practitioners, hence maintain safety conditions.
Electroencephalography (EEG) Technology to Grow Notably for Non-Invasive BCI Systems
Electroencephalography (EEG) is a widely used neuroimaging modality for capturing brain activity among the various imaging technologies used in non-invasive BCI,owing to its ease of use, affordability, non-invasiveness and excellent temporal resolution. The use of EEG technology in the non-invasive BCI systems allows for the elicitation of several control signals, such as P300, MI, SSVEP etc.
Electroencephalography (EEG) is anticipated to expand at a CAGR of 14.5% in terms of value in the forthcoming years. Demand for electroencephalography (EEG) based non-invasive BCI is increasing due to its unique usability advantage over other types of brain signal recording making it apt for commercial use.
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Region |
CAGR through 2031 |
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North America |
13.5% |
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East Asia |
15.1% |
North America to Take Charge in the Market
North America is the most significant shareholder in the global market and is expected to secure a CAGR of 13.5% during the projection period. North America market accounts for the notable share owing to the factors such as growing adoption of brain computer interface systems in medical applications like neurorehabilitation.
Presence of leading academic and research institutions, and their collaboration with the key players in the region calls for robust investment for research and development activities in the areas of artificial intelligence, neuroscience research and related fields. This in turn, facilitates the innovation, and development and commercialization of innovative BCI technologies. Backed by region’s strong financial infrastructure, the collaboration activities facilitate the transfer of information from research labs to real-world applications in the marketplace.
East Asia to Record Prominent CAGR in the Market
East Asia Market is projected to secure a CAGR of 15.1% during forecast period from 2024 to 2031. Both the demographic and economic growth of this region contributes significantly to the brain computer interface industry development.
China market recorded the significant share in terms of revenue in 2023 with the the rising incidence of neurodegenerative disorders, significant investment in the technology sector, and continuously improving China's BCI innovation ecosystem.
Collaborations, and partnership to develop innovative products and accelerate the grant by regulatory bodies are the key growth strategies followed by the key players in the market. Companies are continuously investing in research and development to introduce innovative and break-through BCI systems.
The initiative aimed at accelerating the development, safety and accessibility of iBCI technologies bringing all the stakeholders together. These include medical device manufacturers, clinicians, researchers, individuals with lived experience of neurological condition and patient advocacy groups.
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Million for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled in the Report |
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Report Coverage |
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Customization & Pricing |
Available upon request |
By Component
By Product
By Technology
By End User
By Region
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Increasing incidence of neurological disorders is surging the demand for brain computer interface devices.
Some of the key players operating in the market are Neurolutions, Inc., Open BCI, Blackrock Neurotech, Bitbrain, MindMaze, and Advanced Brain Monitoring.
The non-invasive brain computer interface segment recorded the significant market share.
Increasing adoption of BCI in medical application like neuro-rehab are estimated to present opportunities for the market players.
North America is set exhibit significant share in the market.
