According to the report published by Market Data Forecast, the global brain-computer interface market size is projected to grow at a CAGR of 16.01% during the forecast period and value USD 1.55 billion in 2021.
The COVID-19 outbreak significantly impacted the market because of lockdowns and alterations to supply chains and production processes. However, the COVID-19 pandemic has sped up the adoption of new technologies and increased end users’ dependency on them. The number of activities promoting advanced technology like artificial intelligence and the internet of things has risen. To reduce human contact between devices and provide revenue streams for service providers due to technological characteristics, brain-computer interface market trends are noticing increased popularity and attention from researchers in both industry and academia. Because there was less human-to-machine contact during the COVID-19 pandemic, firms that had already implemented brain-computer interfaces were better able to quickly adapt to the new virus variety and meet commercial objectives brought about by advancements in the healthcare sector. As a result, organizations can manage the ongoing pandemic and continue profitable operations with the brain-computer interface.
The global senior population is growing quickly, raising concerns about the diseases affecting persons in this age group. According to the World Health Organization, some of the most common ailments among the elderly are refractive errors, cataracts, chronic obstructive pulmonary disease, hearing loss, diabetes, back and neck pain, and dementia. Due to aging, most of these ailments result in severe physical and psychological problems and lower quality of life. The brain-computer interface (BCI) helps carry out the desired action by obtaining signals from the brain. The interface can be used by those unable to do their daily activities due to physical or mental disabilities.
The need for brain-computer interfaces is expected to rise over the forecast period as neurodegenerative disorders, including Alzheimer’s and Parkinson’s disease and epilepsy, are becoming more common. Dementia will affect 82 million people by 2030 and 152 million by 2050, according to a WHO report. This suggests that BCI may experience strong demand during the forecast term. One of the main factors that could spur the market’s growth during the forecast period is the rise in R&D activities by different firms and governments’ funding to develop brain-computer interface technology and new applications.
On the other hand, factors inhibiting the growth of this market are high costs and the lack of qualified technicians to handle these sophisticated devices. Technology for brain-computer interfaces has proven effective in various domains, including smart environments, games, safety, and others. However, several technical issues could impede commercial expansion in the near future.
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KEY TAKEAWAYS OF THE REPORT:
Based on the product, due to the significant application of this technology to products, such as headsets, amplifiers, and gaming sticks, which contributed to the vast revenue creation, non-invasive BCI held the largest revenue share in 2021. Furthermore, due to the less-invasive approach, this method is regarded as the safest, further fostering the segment’s growth. Additionally, there are several research efforts ongoing in this area. For instance, in June 2019, Carnegie Mellon University and the University of Minnesota created the first-ever mind-controlled robotic arm to track and follow a computer cursor. This arm uses BCI technology.
Based on the application, the healthcare sector accounted for the most significant revenue share of more than 66% in 2021 due to the multiple application of this technology in treating sleep disorders, neurological diseases, paralyzed patients, and in the research of neuroscience. Technical advancement and a rise in industry-wide activity are also helping to fuel the segment’s growth.
Based on the end-user, the medical sector is predicted to grow faster in revenue share in the worldwide brain-computer interface market throughout the forecast period due to the essential role BCI technology plays in treating patients with disabilities. For example, BCI can assist patients with epilepsy, Parkinsonism, paralysis, and Alzheimer’s disease to move around and do tasks like driving wheelchairs and using prosthetics on their own.
Over the forecast period, the Asia-Pacific brain-computer interface market will be expected to expand rapidly, especially in developing nations like China and Japan. Technological developments in the market are projected to lead to improved solutions for patients and healthcare professionals. A neural signal analysis system with memristor arrays was also created by Chinese researchers in 2020, opening the door for highly effective brain-machine interfaces. The system was used to filter and identify epilepsy-related neural signals, achieving an accuracy of over 93%.
This study also includes information on significant market players like Guger Technologies OG, iWinks, InteraXon, Mind Solutions Corp., Neuroelectrics, Compumedics Ltd., Interactive Productline, Emotiv Corp., NeuroSky, and ANT Neuro.
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