Non-Invasive Brain-Computer Interface Key Factor in The Growth of The Brain-Computer Interface Market
A brain-computer interface translates the thoughts of the human mind into real interactions without using normal neural pathways and muscles. Brain imaging technologies coupled with brain-machine interface system to capture electric signals sent by the human brain.
Brain-computer interface is to restore useful functions in people impaired by neuromuscular diseases and spinal cord injury. As per data from WHO, there are around 700 million cases of mental and neurological disorders annually.
The global brain computer interface market in 2021 was $1505.06 million by 2030. Tt will grow to reach $5340.30 million at a CAGR of 15.11% 2021-2030.
Hereditary Angioedema Treatment Market by Size, Demand, Share, Growth Outlook upto 2026
Tuberculosis Testing Market Trends and Growth Factors Analysis
Types of brain computer interface:
- Invasive BCI: directly into the brain to measure the activity of neurons.
- Non-invasive BCI: The sensors are placed on the top of the head to measure the electrical potentials. Because of the obstruction of the skull, these Flexible devices can only capture “weaker” human brain signals.
- Partially invasive BCI: The electrodes are connected to the exposed surface of the brain Electrodes in Electrocorticography monitor electrical activity from the cerebral cortex.
Bone Growth Stimulators Market Overview and Regional Outlook Study
COVID-19 impact analysis
Most countries’ lockdowns have placed an economic strain on the private healthcare sector. Healthcare providers are facing challenges like additional manpower, equipment, supplies and equipment etc. ensure hospital safety and treat patients with other diseases.
Moreover, the coronavirus pandemic has hindered the development, production, and supply of drugs and other medical supplies, as well as the growth of various companies’ healthcare businesses around the world.
Rising neurological disorders to drive the growth
The incidence of neuroprosthetic conditions and neurodegenerative disorders such as Alzheimer’s, epilepsy are increasing. According to the Parkinson’s Foundation and the World Health Organization, over 10 million people have Parkinson’s disease. Also, 44 million have Alzheimer’s disease, and approximately 55 million have dementia, with more than 60% living in low- and middle-income countries.
Technological advancements
Computational and sensor technology advancements. Computational sensors are responsible for converting physical reality into signals. It also modifies the data to remove unnecessary information and extract basic features. Computational sensors cover visual, auditory, mechanical (tactile), chemical, magnetic, and other sensing applications.
Research and development to boost and enhance market growth is ongoing research to develop treatments for fatal conditions such as sleep disorders, cerebrovascular diseases, brain disorders, and injuries.
A rise in the gaming industry
Implementing BCI technologies in gaming is an important component in the brain computer interface market report’s acceleration. According to a new Accenture study, the global gaming industry has added 500 million new competitors in the last three years, and its value now exceeds €250 billion.
Component Miniaturization
The trend is to make even smaller mechanical, optical, and electronic devices. Miniaturization of mobile phones, computers, and vehicle engines are examples.
Brain computer interface market restraints
- Lack of skilled labour: The scarcity of qualified technicians to handle these complex devices obstructs the market’s growth. According to Gartner Inc.’s report, 64% of IT executives believe that skills shortage is the most significant impediment to emerging technology adoption, up from 4% in 2020.
- Ethical issues: Personhood, stigma, autonomy, privacy, research ethics, safety, responsibility, and justice are among the ethical issues that have arisen as a result of the implementation of BCI technologies.
Opportunities
- Virtual reality: Virtual gaming opens many possibilities for mind-controlled gadgets and headsets. BCI-enabled video games are creating new possibilities. With the advancement of machine learning and artificial intelligence tools, as well as the increasing capacity of computer processors, neurotechnologies for these companies may not be far off. The continuous increase in the number of mobile gamers has also boosted demand for AR games, VR games, and cloud gaming. According to ARtillery Intelligence and Tech Republic (2020), virtual reality will reach 25% (70.2 million) of internet users in the United States by 2023, and 91% of businesses are either using or planning to use VR or AR technology.
- Smart home control: BCI devices are ideal for controlling smart home applications because of their high stability and accuracy. In-home management systems, P300-based technology assists with closing and opening doors, turning off and on lights, managing TV and audio systems, and operating security video cameras.
- Financial support: Government bodies and research institutes, as well as various clinical trials, have offered their assistance through investments, grants, and funds, boosting and augmenting research activities to increase the use of the brain-computer interface.
Key market trends
- The non-invasive brain-computer interface market to experience massive growth in terms of type. Due to the broad range of applications for the technology and the growing incidences of neurological illnesses, the non-invasive brain-computer interface sector is likely to dominate the entire market. The development of non-invasive brain-computer interface devices based on EEG would make BCI technology more easily accessible. Additionally, an increase in approvals to drive the industry growth. The FDA of the United States approved using a brain-computer interface device to help stroke patients with hand, wrist, and arm disabilities in their recovery in April 2021. Neurolutions created the IpsiHand Upper Extremity Rehabilitation System (IpsiHand System), which uses non-invasive electroencephalography (EEG) electrodes to monitor brain activity (rather than the more typical electrodes implanted into the brain).
- Asia-Pacific brain-computer interface market will expand rapidly, especially in developing nations like China and Japan. Technological developments in the market to lead to improved solutions for patients and healthcare professionals.
Furthermore, Chinese researchers developed a neural signal analysis system with memristor arrays in 2020, which opened the way for high-efficiency brain-machine interfaces, and used the system to filter and identify epilepsy-related neural signals, achieving an accuracy of more than 93%. The system is based on the work of researchers in the fields of electronics and medicine. Such developments are expected to positively impact market growth in the Asia-Pacific region.
Market segmentation
The global brain computer interface market is segmented based on type, application, and end-users.
- By type, the market is segmented into invasive, partially invasive, and non-invasive brain computer interfaces.
- By application, the brain computer interface is segmented into healthcare, brain function repair, smart home control, communication & control, entertainment and gaming, and others.
- By end-user, the brain computer interface market is segmented into manufacturing, military, medical, and others.
- Regionally the brain computer market is studied across North America, Europe, The Middle East, Africa, Latin America, and the Asia Pacific.
Competitive landscape
The brain-computer interface market is highly competitive, with a diversified set of international, regional, and local players. Market players are constantly investing in new technologies to provide digital transformations to their customers.
Some of the major players in the brain computer interface market are:
- Natus Medical Incorporated
- Compumedics LTD
- EMOTIV
- NeuroSky
- Integra Lifesciences
- Openbci
- Advanced Brain Monitoring
- Cadwell Industries, Inc.
Contraceptive Pills Market Size, Analysis, Growth Outlook upto 2026
Recent developments
- EMOTIV introduced the New EMOTIV Launcher and enhancements to EMOTIVPRO Suite 3.0 in October 2021. The product is a complete end-to-end solution for streamlining neuroscience research.
- NeuraMatrix, a brain-computer interface platform company, completed a CNY 100 million financing in November 2021.
- On March 16th, 2022, NexStem, a Robotics startup based in California, report BCI headset’s launch in the US, APAC, and Europe. The headset can be readily control the thoughts of the user. The launch comes after receiving funding from companies like InfoEdge based in India and BITS Spark.
- In January 2022, Shanda Group and Sequoia Capital contribute $15.2 million in pre-Series A funding to NeuroXess, a Chinese BCI firm. The company’s BCI device could enable surgeons to locate target areas in the brain more precisely during surgery and allow paralyze patients to perform everyday functions like feeding and walking with robotic arms or exoskeletons.
