Chicago, June 03, 2024 (GLOBE NEWSWIRE) -- Brain Computer Interface market in terms of revenue was estimated to be worth $262 million in 2024 and is poised to reach $506 million by 2029, growing at a CAGR of 14.1% from 2024 to 2029 according to a latest report published by MarketsandMarkets™.
The growth in this market is fuelled by the growing incidence & prevalence of neurological disorders, and rising Investments in research and development. Furthermore, the increasing demand for non-invasive and wearable BCI devices is expected to increase the adoption of brain computer interface solutions in future.
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Brain Computer Interface Market Scope:
| Report Coverage | Details |
| Market Revenue in 2024 | $262 million |
| Estimated Value by 2029 | $506 million |
| Growth Rate | Poised to grow at a CAGR of 14.1% |
| Market Size Available for | 2018–2029 |
| Forecast Period | 2024–2029 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Product Type, Technology, Application, End User, and Region |
| Geographies Covered | North America (US, Canada), Europe (Germany, France, UK, Italy, Spain, and the Rest of Europe), Asia Pacific (Japan, China, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, And Rest of Latin America), and Middle East & Africa (GCC Countries, and Rest of MEA) |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Growth opportunities in emerging markets |
| Key Market Driver | Growing need to minimize medication errors |
Based on component, the brain computer interface market is segmented into hardware and software. In 2023, the hardware segment accounted for the largest share in the market. The largest share of the segment can be attributed due to hardware forming the foundational backbone of BCI functionality, and rising investment in hardware development by companies and research institutions.
Based on product type, the brain computer interface market is segmented into non-invasive brain computer interface, partially invasive brain computer interface, and invasive brain computer interface. The non-invasive brain computer interface segment accounted for the largest share of the brain computer interface market in 2023, attributed to the rising prevalence of neurological diseases, and lower risks of complications, infections, and side effects compared to invasive procedures.
Based on technology, the brain computer interface market is segmented into hospitals & clinics, ambulatory surgery centers, pharmacies, rehabilitation centers, and other end users. The Electroencephalography (EEG) segment accounted for the largest share of the brain computer interface market, attributing to the large number of players involved in developing EEG hardware and growing R&D in the field of cerebral and spinal disorders.
Based on application, the brain computer interface market is segmented into disabilities restoration/ rehabilitation, assistive technologies, and other applications. In 2023, disabilities restoration/ rehabilitation segment accounted for the largest share in the market. One of the primary drivers contributing significantly to the substantial market share of this segment is the increasing prevalence of neurological conditions like stroke, spinal cord injury, and amyotrophic lateral sclerosis (ALS). Moreover, the growing healthcare spending and rising research and development initiatives are also responsible for the growth of this market.
Based on end user, the brain computer interface market is segmented into hospitals & clinics, rehabilitation centers, homecare settings, and other end users. In 2023, the hospitals & clinics segment accounted for the largest share in the market. The higher patient volumes in hospitals than smaller clinics and other end users amplify the demand for brain computer interface solutions for this end user segment.
The brain computer interface market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2023, Asia Pacific was the fastest growing segment in Brain computer interface market attributed to the growing incidence of neurological conditions, rapidly growing geriatric population, and rising government initiatives.
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Prominent Players of Brain Computer Interface Market
- Neurable (US)
- InteraXon (US)
- Open BCI (US)
- Neurolutions, Inc. (US)
- BirgerMind (Latvia)
- Advanced Brain Monitoring, Inc. (US)
- ANT Neuro (Netherlands)
- Bitbrain (Spain)
- Kernel (US)
- Paradromics (US)
- BrainCo (US)
- Blackrock Neurotech (US)
- G.Tech Medical Engineering GmbH (Austria)
- Emotiv (US)
- Neurosky (US)
- Brain Products GmbH (Germany)
- CGX (US)
- Ripple Neuro (US)
- Cognixion (US)
- Artinis Medical Systems (Netherlands)
- MindMaze (Switzerland)
- Cortec GmbH (Germany)
- AAVAA Inc. (Canada)
- Nexstem (India)
- Conscious Labs (France)
- and Among others
The study categorizes the Brain computer interface market into the following segments and subsegments:
Brain Computer Interface Market, By Component
- Hardware
- Software
Brain Computer Interface Market, By Product Type
- Non-Invasive Brain Computer Interface
- Partially Invasive Brain Computer Interface
- Invasive Brain Computer Interface
Brain Computer Interface Market, By Technology
- Electroencephalography (EEG)
- Functional Magnetic Resonance Imaging (fMRI)
- Magnetoencephalography (MEG)
- Electrocorticography (ECoG)
- Functional Near-Infrared Spectroscopy (fNRIs)
Brain Computer Interface Market, By Application
- Disabilities Restoration/ Rehabilitation
- Assistive Technologies
- Other Applications
Brain Computer Interface Market, By End User
- Hospital & Clinics
- Rehabilitation Centers
- Home Care Settings
- Other End Users
Brain Computer Interface Market, By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Rest of the Middle East & Africa
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Key Market Stakeholders:
- Manufacturers of brain computer interface solutions
- Suppliers and distributors of brain computer interface solutions
- Third-party refurbishers/suppliers
- Clinical settings
- Educational institutions
- Group purchasing organizations (GPOs)
- Academic research centers and universities
- Corporate entities
- Rehabilitation centers
- Market research & consulting firms
- Contract manufacturing organizations (CMOs)
- Venture capitalists & investors
Report Objectives:
- To define, describe, and forecast the brain computer interface market by component, product type, technology, application, end user, and region
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall brain computer interface market
- To analyze the opportunities in the market for stakeholders and provide details of
- the competitive landscape for market leaders
- To profile the key players in the market and comprehensively analyze their market shares and core competencies2
- To forecast the size of the market segments with respect to five main regions:
- North America, the Asia Pacific, Europe, Latin America, and the Middle East & Africa
- To track and analyze competitive developments, such as partnerships, product launches & approvals, and expansions
- To benchmark players within the brain computer interface market using the Competitive Evaluation Matrix, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offering
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