Global Brain-Computer Interface Market Size Astounding Growth to $6100 Billion by 2030, Growing at a CAGR of 16.5%

New York, NY, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Brain-Computer Interface Market By Product (Invasive BCI, Partially Invasive BCI, And Non-Invasive BCI), By Application (Healthcare, Disabilities Restoration, Brain Function Repair, Smart Home Control, Communication & Control, And Entertainment & Gaming), End-Use (Medical, Military, And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Brain-Computer Interface Market size & share in terms of revenue was valued at USD 1800 million in 2022 and it is expected to surpass around USD 6100 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 16.5% during the forecast period 2023 to 2030.”

What is Brain-Computer Interface? How big is the Brain-Computer Interface Industry?

Brain-Computer Interface Report Coverage & Overview:

A brain-computer interface (BCI) is a system that utilizes an artificial output device to capture, interpret, and translate brain signals into commands. This technology plays a crucial role in substituting, restoring, enhancing, supplementing, and refining central nervous system (CNS) activities. BCI is particularly valuable in replacing or reinstating functional abilities in individuals with neuromuscular disorders like cerebral palsy, amyotrophic lateral sclerosis, or spinal cord injuries. Additionally, it contributes significantly to the rehabilitation of patients following a stroke or other medical conditions.

Moreover, BCI is becoming increasingly vital in facilitating communication and assisting individuals with severe paralysis or those affected by locked-in syndrome (LIS). This rising demand for BCI is evident on a global scale.

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Global Brain-Computer Interface Market: Growth Dynamics

The expansion of the gaming industry fuels market growth.

An increasing number of gaming sectors are integrating brain-computer interface (BCI) technology to enhance the allure and engagement of video games. A notable example is Emotiv, Inc., which has developed video games leveraging Neurogaming, a non-invasive BCI approach that analyzes users' moods and adjusts visual elements and music accordingly. Neurogaming represents a novel gaming paradigm that dispenses with traditional controls, significantly enhancing the overall gaming experience and revenue potential for gaming companies.

Furthermore, the integration of BCI technology into virtual reality (VR) headsets is gaining traction within the mobile and virtual gaming industries. This technology also opens up numerous possibilities for mind-controlled devices, which are poised to propel the growth of the brain-computer interface market throughout the forecast period.

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Report Scope

Brain-Computer Interface Market: Segmentation Analysis

The global Brain-Computer Interface (BCI) industry is categorized based on product type, application areas, end-use sectors, and geographical regions.

Regarding product types, the market is divided into three segments: Invasive BCI, Partially Invasive BCI, and Non-Invasive BCI. The Non-Invasive BCI segment is poised to dominate in terms of revenue share during the forecast period. This is primarily due to the extensive application of this technology in products like headphones, amplifiers, and gaming peripherals, contributing significantly to revenue generation. Additionally, the non-invasive approach is considered the safest, further boosting the growth of this segment. Ongoing research activities in this field, such as the development of mind-controlled robotic arms, as demonstrated by Carnegie Mellon University and the University of Minnesota in June 2019, are expected to further drive growth in this segment.

In terms of applications, the global BCI industry encompasses healthcare, disability restoration, brain function repair, smart home control, communication & control, and entertainment & gaming. The healthcare sector is anticipated to lead the market over the forecast period. This is attributed to the wide-ranging applications of BCI technology in the treatment of sleep disorders, neurological conditions, paralysis, and neuroscience research. Technological advancements and initiatives by major industry players, like EMOTIV's launch of the New EMOTIV Launcher and improvements to EmotivPRO Suite 3.0 in October 2021, are contributing to the segment's growth.

Regarding end-use sectors, the global Brain-Computer Interface market is divided into medical, military, and other industries. The medical segment is expected to secure the largest market share during the forecast period. It plays a pivotal role in assisting patients with disabilities, enabling them to move independently using devices like operational wheelchairs and prosthetic limbs. This segment addresses a range of disorders, including Parkinsonism, epilepsy, paralysis, and Alzheimer's disease. On the other hand, the military segment is poised for rapid growth, driven by innovations such as mobile robots serving as armed drones in conflict zones and advanced communication systems like DARPA's "Silent Talk," which facilitates telepathic communication for soldiers and military personnel.

These segments collectively define the multifaceted landscape of the global Brain-Computer Interface industry, offering diverse opportunities for growth and technological advancement.

The global Brain-Computer Interface market is segmented as follows:

By Product

• Invasive BCI
• Partially Invasive BCI
• Non-Invasive BCI

By Application

• Healthcare
• Disabilities Restoration
• Brain Function Repair
• Smart Home Control
• Communication & Control
• Entertainment & Gaming

By End-use

• Medical
• Military
• Others

Browse the full “Brain-Computer Interface Market By Product (Invasive BCI, Partially Invasive BCI, And Non-Invasive BCI), By Application (Healthcare, Disabilities Restoration, Brain Function Repair, Smart Home Control, Communication & Control, And Entertainment & Gaming), End-Use (Medical, Military, And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/brain-computer-interface-market

Competitive Landscape

Some of the main competitors dominating the global Brain-Computer Interface market include - 

• Medtronic
• Natus Medical Incorporated
• g.tec medical engineering GmbH
• Compumedics Neuroscan
• Integra Lifesciences Corporation
• Advanced Brain Monitoring Inc.
• Brain Products GmbH
• NeuroSky
• EMOTIV
• Interaxon Inc.
• ANT Neuro
• Neuroelectrics
• Ripple Neuro
• NIRx Medical Technologies LLC
• OpenBCI
• CGX
• A Cognionics Company

Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global Brain Computer Interface market is estimated to grow annually at a CAGR of around 16.5% over the forecast period (2023-2030).
• In terms of revenue, the global Brain Computer Interface market size was valued at around USD 1800 million in 2022 and is projected to reach USD 6100 million, by 2030.
• The global Brain Computer Interface market is expected to be driven by several factors such as the increasing prevalence of neurological disorders and technological advancements.
• Based on the product, the Non-Invasive BCI segment is expected to hold the largest revenue share over the forecast period.
• Based on the application, the healthcare segment is expected to dominate the market over the forecast period.
• Based on the end-use, the medical segment is expected to capture the largest market share over the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Brain-Computer Interface industry?
• What are the main driving factors propelling the Brain-Computer Interface Market forward?
• What are the leading companies in the Brain-Computer Interface Industry?
• What segments does the Brain-Computer Interface Market cover?
• How can I receive a free copy of the Brain-Computer Interface Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Product, By Application, By End-use, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North America is poised to assert its dominance in the global brain-computer interface market during the forecast period. This anticipated dominance is attributed to the increasing prevalence of conditions such as epilepsy and neurodegenerative diseases like Alzheimer's and Parkinson's in developed countries like the United States and Canada. Furthermore, the market is expected to experience substantial revenue growth, driven by the continual product innovations from major companies operating in this region.

As an example of this innovation, Synchron, a company specializing in endovascular brain-computer interfaces (BCI), announced the first human BCI implant in the United States in July 2022. This breakthrough procedure, which utilizes an endovascular BCI approach without the need for invasive open-brain surgery, marks a significant technological advancement in scalable BCI devices. The procedure was conducted in an angiography suite, utilizing a minimally invasive endovascular technique. Consequently, these developments are expected to propel market growth in the region.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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