The Brain Computer Interface Market is estimated for 2024 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Brain computer interfaces enable direct communication pathways between the human brain and an external device, allowing individuals to control devices using their brain signals alone. They have applications in medical, gaming and entertainment fields.
The brain computer interface market is expected to experience significant growth over the forecast period owing to rising demand for assistive technologies. Brain computer interfaces can help restore motor functions in patients suffering from neurological conditions like amyotrophic lateral sclerosis and spinal cord injuries. Additionally, increasing funding from both private and public organizations for brain computer interface research is also expected to fuel market growth during the forecast period. The development of non-invasive dry EEG electrodes has further enhanced usability and lowered costs making BCIs more accessible.
Driver: Increasing investment towards brain computer interface technology development and innovations
The brain computer interface market has seen huge investments from government as well as private organizations towards innovations and development of new technologies in this area. Over the past few years, significant funding has been received by BCI product manufacturers and research institutes aimed at advancing the BCI field. For example, the US Defense Advanced Research Projects Agency invested over $80 million between 2007 to 2011 to develop innovative brain interfaces. Similarly, companies like Facebook and Neuralink have invested billions towards developing BCIs that can enhance human capabilities as well as treat neurological disorders. These increased funding and investments have enabled organizations to hire more R&D staff, open new research facilities and accelerate their efforts to develop advanced BCIs. This growing interest and investments have played a major role in driving innovations in areas like brain signal acquisition techniques, brain imaging technologies and brain-like computing which will help commercialize a wide range of BCIs.
Driver: Increasing demand for BCIs from medical application areas
One of the major drivers of growth in the brain computer interface market has been the increasing demand for BCIs from medical application areas like neurology and neurorehabilitation. BCIs offer new hope to people suffering from severe neurological disorders and disabilities which makes medical sector a significant consumer of BCIs. Conditions like stroke, cerebral palsy, Parkinson’s disease, epilepsy and spinal cord injuries can potentially be treated using BCIs. For example, BCIs are helping paralyzed patients control external devices and communicate through thought alone. With an aging global population and rising incidence of neurological disorders, the demand for assistive BCIs is increasing tremendously which is fueling market growth. Various clinical trials demonstrating the medical effectiveness of BCIs in restoring lost motor or sensory functions in patients is further driving up their uptake in healthcare facilities. This growing medical application base acts as a strong market driver.
Restrain: High device costs limiting widespread adoption
One of the major challenges restraining the growth of the brain computer interface market currently is the very high costs associated with BCI devices and systems. Designing, prototyping and producing BCIs require specialized knowledge and expensive equipment as they involve highly complex neural engineering. Commercial BCIs today can cost anywhere between tens of thousands to hundreds of thousands of dollars, putting them out of reach of most individuals and smaller healthcare facilities. Additionally, since BCIs are still largely in research and development stage, manufacturing is done on small scales adding to the unit costs. This high pricing prevents many potential consumers from readily adopting even the most effective BCIs. Unless costs are significantly lowered through large scale and mass production techniques, affordability will remain a major adoption barrier, especially in developing nations. This high cost challenge, until addressed, will continue restricting broader use of BCIs.
Opportunity: Expanding applications in gaming, entertainment and consumer space
While medical applications are driving a major part of BCI demand currently, there is a huge opportunity for BCIs to expand their application base into gaming, entertainment and broader consumer segments. Many technology giants and startups are actively working on designing user-friendly and non-invasive BCIs targeted at healthy consumers rather than patients. These consumer BCIs aim at enhancing user experience while gaming, digital media consumption or online communication rather than treating disorders. For example, EEG headsets allowing users to control games or apps using just their thoughts offer intriguing value propositions. Such gaming and immersive media applications of BCIs can help garner mass-market appeal and adoption among consumers. This represents a substantial greenfield growth opportunity which if successfully tapped will help stimulate larger scale demand and wider commercialization of BCIs, benefitting the overall market.
Trend: Emergence of low-cost, non-invasive and portable BCIs
One of the major technology trends positively impacting the brain computer interface market is the emergence of low-cost, non-invasive and portable BCI devices. Traditionally, BCIs have been expensive equipment involving invasive surgical implants of electrodes on the brain. However, advances in electroencephalography, near-infrared spectroscopy and machine learning have enabled development of affordable, less complex BCIs which can be easily worn on the head surface without surgery. Examples include portable EEG headsets and wearable nodes which can detect brain activity through scalp. Such non-invasive BCIs also eliminate health and safety risks associated with implants.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it