CHICAGO, May 15, 2024 /PRNewswire/ -- 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 new
report by MarketsandMarkets™.
The growth in the brain computer interface market is driven by
the growing incidence & prevalence of neurological disorders
and increasing demand for non-invasive and wearable BCI devices.
The adoption of BCI technology is also expected to increase with
the growing applications of BCI technology. However, the data
security and privacy concerns may pose a challenge to the brain
computer interface market during the forecast period.
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Browse in-depth TOC on "Brain Computer Interface
Market"
105 - Tables
54 - Figures
300 -
Pages
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
|
2022–2029
|
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
Opportunities
|
Growth opportunities in
emerging markets
|
Key Market
Drivers
|
Growing need to
minimize medication errors
|
Hardware is the largest component of the brain computer
interface market in 2023.
Based on component, the brain computer interface market is
segmented into hardware and software. The hardware segment
accounted for the largest share of the brain computer interface
market in 2023, attributing to hardware forming the foundational
backbone of BCI functionality, providing essential components like
EEG headsets, neural implants, and sensors vital for capturing and
processing neural signals. Additionally, significant investment in
hardware development by companies and research institutions is
expected to drive the growth of this market.
Non-invasive brain computer interface segment is the largest
product type of the brain computer interface market in
2023.
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. Among these, non-invasive brain computer interface
segment accounted for the largest share of the brain computer
interface market in 2023. Non-invasive BCIs, such as EEG headsets,
eliminate the need for surgical implantation, thereby reducing
associated risks, rising prevalence of neurological diseases, and
an increasing awareness among patients leads to the higher adoption
of this segment.
Electroencephalography (EEG) segment is the largest
technology of the brain computer interface market in 2023.
Based on technology, the brain computer interface market is
segmented into Electroencephalography (EEG), Functional Magnetic
Resonance Imaging (fMRI), Magnetoencephalography (MEG),
Electrocorticography (ECoG), and Functional Near-Infrared
Spectroscopy (fNIRS). In 2023, Electroencephalography (EEG) segment
accounted for the largest share of the market. The large share of
this segment is attributed to the growing R&D in the field of
cerebral and spinal disorders, significant adoption of EEG among
researchers, and the large number of players involved in developing
EEG hardware.
Disabilities restoration/ rehabilitation is the largest
application segment of the brain computer interface market in
2023.
Based on application, the brain computer interface market is
segmented into disabilities restoration/ rehabilitation, assistive
technologies, and other applications. The growing demand for
rehabilitation solutions due to the increasing prevalence of
neurological conditions like stroke, spinal cord injury, and
amyotrophic lateral sclerosis (ALS) is expected to drive the growth
of the disability's restoration/ rehabilitation segment. In
addition, the growing healthcare spending and rising research and
development initiatives are other factors responsible for the
growth of this market.
By end user, hospitals & clinics are the largest end user
in the brain computer interface market in 2023.
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 large share of this segment can primarily be attributed
to the increasing use of brain computer interface solutions in
hospitals and the rising awareness of brain diseases and
conditions.
North America dominates the
global brain computer interface market in 2023.
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, North America accounted for the largest share
of the brain computer interface market. As this region is home to a
significant number of brain computer interface solution
manufacturers. Moreover, the increasing adoption of brain computer
interface solution by hospitals in the country, growing number of
clinical trials of brain computer interface solution, large patient
population for target diseases, and the availability of significant
R&D investments to support brain monitoring development.
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Brain Computer Interface Market Dynamics:
Drivers:
- Growing need to minimize medication errors
Restraints:
- High cost of brain computer interface systems
Opportunities:
- Growth opportunities in emerging markets
Challenge:
- Shortage of trained medical professionals
Key Market Players of Brain Computer Interface
Industry:
Prominent players in the brain computer interface market include
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),
Neurable (US), InteraXon (US), Open BCI (US), Neurolutions, Inc.
(US), BirgerMind (Latvia),
Cognixion (US), Artinis Medical Systems (Netherlands), MindMaze (Switzerland), Cortec GmbH (Germany), AAVAA Inc. (Canada), Nexstem (India), and Conscious Labs (France).
Breakdown of the supply-side, demand side, primary interviews
by company type, designation, and region:
- By Supply Side: Tier 1 (25%), Tier 2 (5%), and Tier 3
(70%)
- By Designation: C-level Executives (27%), Director-level (18%),
and Others (55%)
- By Region: North America
(40%), Europe (30%), Asia Pacific (20%), Latin America (5%), and Middle East and Africa (5%)
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Brain Computer Interface Market - Key Benefits of Buying the
Report:
The report can help established firms as well as new
entrants/smaller firms to gauge the pulse of the market, which, in
turn, would help them garner a greater share. Firms purchasing the
report could use one or a combination of the below-mentioned five
strategies.
This report provides insights into the following
pointers:
- Analysis of key drivers (growing incidence & prevalence of
neurological disorders, increasing demand for non-invasive and
wearable BCI devices, rising investments in research and
development), restraints (high cost of BCI devices, and stringent
regulatory requirements), opportunities (growth opportunities in
emerging markets, and growing applications of BCI technology) and
challenge (shortage of trained medical professionals, and data
security and privacy concerns)
- Product Development/Innovation: Detailed insights on upcoming
technologies, research and development activities, and product
launches in the brain computer interface market.
- Market Development: Comprehensive information about lucrative
emerging markets. The report analyzes the markets for various types
of brain computer interface solutions across regions.
- Market Diversification: Exhaustive information about solutions,
untapped regions, recent developments, and investments in the brain
computer interface market.
- Competitive Assessment: In-depth assessment of market shares,
strategies, products, distribution networks, and manufacturing
capabilities of the leading players in the brain computer interface
market.
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Companies and Brain Computer Interface Industry Growth
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