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Brain Computer Interface Market

Brain Computer Interface Market Size, Share and Growth Analysis by Component, by Product, by End User, by Technology, and by Region for 2024-2031

Brain Computer Interface Market

Brain Computer Interface Market Size and Share Analysis

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.

Market Attributes

Key Insights

Brain Computer Interface Market Size (2024E)

US$257.7 million

Projected Market Value (2031F)

US$713.0 million

Global Market Growth Rate (CAGR 2024 to 2031)

13.8%

Historical Market Growth Rate (CAGR 2018 to 2023)

12.0%

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Market Introduction

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.

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Historical Growth and Course Ahead

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:

  • Growing demand for innovative healthcare solutions and assistive technologies
  • Ongoing advancements in BCI technologies
  • Rising government initiatives in emerging countries

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.

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Key Trends and Innovations in the Market

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,

  • A metadata analysis of 25,336 publications from Scopus on August 2022, revealed that between 2016 and 2021, the number of BCI publications increased steadily by nearly 1.5 times. The United States. was the leading country in terms of total BCI publications followed by China, whereas East Asia generated more publications on BCI over the years.

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,

  • The China Brain Project (also known as the Brain Science and Brain-Inspired Intelligence project) is a collaboration among AI researchers and neuroscientists. The project funds BCI research and is the most comprehensive state-backed initiative ((Medical Review, June 30, 2022)
  • In 2023, National Institute on Deafness and Other Communication Disorders (NIDCD) supported and funded two research groups for studies using a brain–computer interface. The study demonstrated BCI’s capability to convert person’s thoughts into speech at over 60 words per minute with an error rate of 25%, albeit with vocabularies of limited sizes. (The Brain Initiatives - National Institute of Health, March 2024).
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Dynamics Shaping the Brain Computer Interface Market

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.

  • As per the Cerebral Palsy Alliance Research Foundation (CPARF) statistics 2023, nearly 1 million people in the United States have cerebral palsy, while around 18 million people have this condition globally.
  • Autism and Developmental Disabilities Monitoring (ADDM) Network states the prevalence of cerebral palsy to be 1 in 345 children in the United States..
  • The National ALS Registry (CDC), which collects data on ALS patients in the United States, reported the number of people living with ALS in the United States (prevalence) in 2018 was around 29,824. Whereas the incidence of ALS during 2014-2016 was around 4,861 to 6,045.
  • As per the World Health Organization (WHO) data, globally around 15 million people suffer from stroke every year, of which 5 million die, while the remaining 5 million are left permanently disabled.

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.

  • In March 2024, Onward Medical N.V. announced its acceptance into the US FDA’s new Total Product Lifecycle Advisory Program (TAP) for its brain-computer interface (BCI) technology.
  • In March 2022, Nexstem debuted V1- a non-invasive EEG recording device across universities to gather crucial feedback on necessary improvements. Furthermore, Nexstem created Nexstem Instinct—a suite encompassing an advanced EEG recording headset with adjustable electrodes with plans to launch in 2024.

Factors Impeding the Market Growth

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.

Future Opportunities for the Market Players

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,

  • Initiative by University of Pittsburgh is aimed at demonstrating the sensorimotor microelectrode brain–machine interface, somatosensory feedback-enabled neural control of high degree-of-freedom assistive devices.
  • As published in journal Nature in May 2023, "Walking naturally after spinal cord injury using a brain-spine interface", Neuroscientists and neurosurgeons from EPFL/CHUV/UNIL and CEA/FDD Clinatec/CHUGA/UGA reported to have re-established the brain-spinal cord communication via a wireless digital bridge - implantable WIMAGINE® device. Itallows walking capabilities in a paralyzed person.

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.

Category-wise Analysis

Category

Projected CAGR through 2031

Non-Invasive Brain Computer Interface

14.3%

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.

Region-wise Analysis

Region

CAGR through 2031

North America

13.5%

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.

  • In early 2023, an intelligent BCI enhancement program was initiated by the Chinese Institute for Brain Research, Beijing. The program aimed to achieve initial clinical applications using key technologies in invasive BCI.
  • During a clinical trial in Jan 2024, a wireless brain-computer interface (BCI) processor was successfully implanted into the skull of a paralyzed man, by a team of Beijing-based Xuanwu Hospital affiliated to Capital Medical University and a team at Tsinghua University (Qiushi Journal).

Competitive Landscape for the Brain Computer Interface Market

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.

Top Industry Players Profiled

  • ANT Neuro
  • MindMaze
  • Cortec GmbH
  • BirgerMind
  • Conscious Labs
  • Paradromics
  • Advanced Brain Monitoring, Inc.
  • Bitbrain
  • Kernel
  • BrainCo
  • Blackrock Neurotech
  • Emotiv
  • Neurosky
  • Brain Products GmbH
  • Ripple Neuro
  • CGX
  • Nexstem
  • Artinis Medical Systems
  • Neurable
  • Neurolutions, Inc.
  • Open BCI
  • InBrain Neuroelectronics S.L.
  • Onward Medical N.V.

Recent Developments in the Brain Computer Interface Market

  • In September 2023, InBrain Neuroelectronics S.L. received Breakthrough Device Designation (BDD) for its Intelligent Network Modulation System from the U.S.FDA as an adjunctive therapy for treating Parkinson’s disease.
  • In November 2023, Neurolutions, Inc. collaborated with Kandu Health to use BCI in post-stroke rehabilitation. The collaboration is likely to offer streamlined, expert clinical assessment for the FDA-cleared IpsiHand system from Neurolutions for chronic stroke patients with an impaired upper extremity, thereby, helping regain function post stroke.
  • In March 2024, Mass General Brigham in a groundbreaking initiative established the first collaborative community in the clinical neurosciences - the Implantable Brain-Computer Interface Collaborative Community (iBCI-CC)- in participation with U.S.FDA.

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.

Brain Computer Interface Market Report Scope

Attributes

Details

Forecast Period

2024 to 2031

Historical Data Available for

2019 to 2023

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • The Middle East and Africa

Key Market Segments Covered

  • Component
  • Product
  • Technology
  • End User
  • Region

Key Companies Profiled in the Report

  • ANT Neuro
  • MindMaze
  • Cortec GmbH
  • BirgerMind
  • Conscious Labs
  • Paradromics
  • Advanced Brain Monitoring, Inc.
  • Bitbrain
  • Kernel
  • BrainCo
  • Blackrock Neurotech
  • Emotiv
  • Neurosky
  • Brain Products GmbH
  • Ripple Neuro
  • CGX
  • Nexstem
  • Artinis Medical Systems
  • Onward Medical N.V.
  • Neurable
  • Neurolutions, Inc.
  • Open BCI
  • InBrain Neuroelectronics S.L.

Report Coverage

  • Market Forecast and Trends
  • Company Share Analysis
  • Competitive Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Brain Computer Interface Market Segmentation

By Component

  • Hardware
  • Software

By Product

  • Invasive Brain Computer Interface
  • Non-invasive Brain Computer Interface
  • Partially Invasive Brain Computer Interface

By Technology

  • Functional Magnetic Resonance Imaging (fMRI)
  • Electrocorticography (ECoG)
  • Electroencephalography (EEG)
  • Magnetoencephalography (MEG)
  • Functional Near-Infrared Spectroscopy (fNRIs)

By End User

  • Hospitals & Clinics
  • Homecare Settings
  • Rehabilitation Centers
  • Others

By Region

  • North America
  • Europe
  • East Asia
  • South Asia and Oceania
  • Latin America
  • The Middle East and Africa

- Companies Covered in This Report -

  • ANT Neuro
  • MindMaze
  • Cortec GmbH
  • BirgerMind
  • Conscious Labs
  • Paradromics
  • Advanced Brain Monitoring, Inc.
  • Bitbrain
  • Kernel
  • BrainCo
  • Blackrock Neurotech
  • Emotiv
  • Neurosky
  • Brain Products GmbH
  • Ripple Neuro
  • CGX
  • Nexstem
  • Artinis Medical Systems
  • Neurable
  • Neurolutions, Inc.
  • Open BCI
  • InBrain Neuroelectronics S.L.
  • Onward Medical N.V.

- Frequently Asked Questions -

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.

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