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Brain Computer Interface Industry Overview
The global brain computer interface market size was valued at USD 1.52 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 17.16% during the forecast period.
Key drivers of the brain computer interface (BIC) market include the increasing prevalence of neuroprosthetic conditions, rising global geriatric population base, and rapid technological developments facilitating communication and movement in paralytic patients. Furthermore, the use of this technology in virtual gaming, home control systems, and military communication enhance the applicability of the market, fueling its growth.
The COVID-19 pandemic severely affected the market. Market players, such as Natus, reported an impact on their supply chain during the pandemic. This is because most of their materials are single source and need lengthy qualification periods.
Gather more insights about the market drivers, restrains and growth of the Global Brain Computer Interface Market
Disruptions in the supply chain negatively impacted their ability to produce and supply finished products. The increasing prevalence of neurodegenerative disorders, Alzheimer’s, Parkinson’s, and epilepsy are expected to create the demand for BCI over the forecast period. According to the WHO report, around 82 million people will be affected by dementia by 2030 and this number will reach 152 million by 2050. This shows the potential demand for BCI in the coming years. The BCI technology is increasingly being used in mobile & virtual gaming industries by integrating within Virtual Reality (VR) headsets & gaming content. According to the data published by MyGaming in 2018, there were about 1.8 billion gamers worldwide and over 171 million VR gamers.
Virtual gaming has unfolded new opportunities for mind-controlled headsets and gadgets, which is further fueling the adoption. The manufacturers are focusing on the development of BCI-enabled video games. For instance, in March 2019, Valve planned to launch video games using the BCI technology. Such innovations are anticipated to propel market growth over the forecast period. Brain computer interface systems are optimally suited for the control of smart home applications with high accuracy and reliability. Home control systems include an application of P300-based technology—an event-related potential component, which helps in decision-making; to carry out various activities.
Some of these activities include opening & closing doors & windows, switching on & off lights, controlling the TV set & music systems, and operating a video camera at the entrance. The aforementioned factors are expected to increase the market penetration in the coming years. The increasing global geriatric population is another growth propeller for the market. Presently, there are more than 52 million people of age 65 years and above in the U.S. alone, and the number is anticipated to double by 2060. The rising geriatric population is expected to heighten the susceptibility towards chronic conditions, such as diabetes, cardiovascular disorder, and sleep disorder, thereby creating the need for BCI technology for a better living style.
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Brain Computer Interface Market Segmentation
Grand View Research has segmented the global brain computer interface market on the basis of product, application, end use, and region:
Market Share Insights
Key Companies profiled:
Some prominent players in the brain computer interface market include
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About the author
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco.
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