The global Brain Computer Interface Market is estimated to be valued at US$ 959.29 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Brain computer interface is a direct communication pathway between a human brain and an external device. It helps people with severe motor disabilities to communicate their thoughts and desires. BCI captures the bioelectric signals using Electroencephalography (EEG), Electrocorticography (ECoG), and other neuroimaging techniques. These signals are then translated into commands by specialized algorithms to communicate with and control assistive devices and prosthetics, thereby providing enhanced independence to disabled people. Growing investments in BCI research from governments as well as private players worldwide is expected to drive the market growth during the forecast period.
Market key trends:-
One of the key trends in the brain computer interface market is growing demand for non-invasive BCIs. Non-invasive BCIs that rely on Electroencephalography (EEG) are gaining popularity as they do not require implanting electrodes inside the brain and are hence safer. The EEG technique reads brain signals through electrodes placed on the scalp. Various companies are focusing on developing advanced EEG headsets with high number of electrodes and refined algorithms for improved accuracy. For instance, in 2021, Neuralink launched a wireless brain implant that could enable paralyzed people to walk again and help tackle conditions like dementia and depression. The implant does not require surgery and can be implanted and removed without pain. Such innovations are expected to boost the adoption of non-invasive BCIs over the forecast period.
Porter’s Analysis:-
- Threat of new entrants: The presence of technology giants like Neuralink Corporation and Blackrock Microsystems LLC make the market competitive. Other startups need significant funding to develop advanced technologies and gain market foothold.
- Bargaining power of buyers: Individual consumers have low bargaining power due to the highly specialized nature of BCIs. However, large healthcare facilities and research organizations can negotiate on price and delivery terms.
- Bargaining power of suppliers: Key technology providers like chipmakers and medical device part manufacturers hold strong bargaining power given the specialized skills required and new product development dependencies of BCI companies.
- Threat of new substitutes: Though alternative assistive technologies exist, BCIs offer novel solutions for conditions like paralysis. Potential substitutes are currently limited.
- Competitive rivalry: Major players compete on technology innovations to gain first-mover advantages. Startups challenge incumbents with disruptive products.
Key Takeaways:-
The Global Brain Computer Interface Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing incidence of neurological disorders, rise in funding for BCI research, and technological advancements.
Regional analysis: North America dominates the global market currently due to presence of major players and advanced healthcare infrastructure. Asia Pacific is expected to grow at the fastest pace owing to rising medical expenditures, growing geriatric population, and increasing investments by regional startups.
Key players: Key players operating in the Brain Computer Interface market are Neuralink Corporation, Neurable, Emotiv Inc., BitBrain, Alpha Omega. Neuralink Corporation is a leading player focused on developing high-bandwidth BCIs for medical applications.
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