REPORT DESCRIPTION

Market Size and Overview:

The Healthcare Market for Global Brain-Computer Interface attained a valuation of USD 26.56 Billion, with a forecasted expansion to reach USD 34.37 Billion by the conclusion of 2030. Anticipated over the 2024-2030 forecast period, the market is expected to exhibit a Compound Annual Growth Rate (CAGR) of 3.75%.

Industry Overview:

The field of Brain-Computer Interface (BCI), also known as Neural-Control Interface (NCI), Mind-Machine Interface (MMI), Direct Neural Interface (DNI), or Brain-Machine Interface (BMI), and Genius Computing Device Interface, serves as an interactive platform or direct communication pathway connecting the brain to an external device. Brain imaging technologies such as Magnetoencephalography (MEG), Functional Magnetic Resonance Imaging (fMRI), Electrocorticography (ECOG), and Electroencephalography (EEG) are integrated with Genius computer interface systems to capture electrical signals emitted by the human brain.

BCI technology stands out as a highly effective means to monitor and track patients' activities and physiological processes. Its application extends to the mobile and digital gaming industries through integration with Virtual Reality (VR) headsets and gaming content. According to MyGaming's 2018 data, there were approximately 1.8 billion gamers worldwide, with over 171 million engaging in VR gaming. Disruptions in the supply chain adversely affected their ability to produce and deliver finished products. The rising prevalence of neurodegenerative disorders, Alzheimer's, Parkinson's, and epilepsy is expected to drive the demand for BCI in the foreseeable future. The World Health Organization (WHO) report estimates that around 82 million people will be affected by dementia by 2030, reaching 152 million by 2050, indicating potential demand for BCI in the coming years.

The medical end-use segment dominated the market in 2021, contributing to over 45.5% of global revenue due to its application in assisting disabled patients. BCI technology aids patients with conditions such as Parkinsonism, epilepsy, paralysis, and Alzheimer's in performing activities independently, including operating wheelchairs, prosthetics, and various other instruments.

Market Drivers:

The utilization of BCI in various medical conditions propels market growth.

BCI, or Brain-Computer Interfaces, represents a technological approach for treating individuals with medical conditions using neural therapy. In the healthcare sector, this technology finds applications in empowering individuals with physical disabilities to control wheelchairs and achieve a level of independence. Through the combination of BCI and prosthetics, patients can manipulate their prosthetics with precision. Surgeons can leverage BCI technology for intricate surgical procedures, minimizing the risk of human errors. BCI-enabled communication devices facilitate speech for individuals with hearing and speech impairments. The diverse applications of this technology in healthcare contribute to the estimated growth of this market during the forecast period.

Market Restraints:

High costs and lack of awareness impede market growth.

The substantial cost associated with Brain-Computer Interface systems acts as a hindrance to market expansion. The expensive setup required for BCI poses a constraint on market growth. Additionally, the lack of awareness about the technology further restricts its adoption. The intricate nature of the technology, coupled with the time required for monitoring and observing changes in an individual's body, contributes to the existing limitations on market growth.

Brain-Computer Interface in Healthcare Market - By Product:

• Non-invasive BCI
• Invasive BCI
• Partially Invasive BCI

The Non-invasive BCI segment dominated the market with a significant revenue share exceeding 86.00% in 2021. This dominance is attributed to the widespread applicability of non-invasive BCI technology in products such as headsets, amplifiers, and gaming sticks, contributing substantially to revenue generation. The non-invasive approach is considered the safest, as it is less intrusive, thereby fueling segmental growth. Ongoing research initiatives in this domain further contribute to the anticipation of market expansion in the near future. The Invasive BCI segment is projected to witness the fastest Compound Annual Growth Rate (CAGR) over the forecast period, driven by its capacity to provide functionality to paralyzed individuals through brain-controlled robotic limbs and hands, as well as restoring vision by connecting the brain to an external camera. Despite its effectiveness, the invasive method, situated in the gray matter, is prone to scar tissue development. Additionally, the Partially Invasive BCI segment is expected to demonstrate substantial growth, benefiting from its easy adaptability and various technological advancements.

Brain-Computer Interface in Healthcare Market - By Application:

• Healthcare
• Disabilities Restoration
• Brain Function Repair
• Smart Home Control
• Communication & Control
• Entertainment & Gaming

The Healthcare segment commanded the highest revenue share, exceeding 62.00% in 2021, primarily due to the extensive applicability of BCI technology in the treatment of sleep disorders, neurological diseases, assistance for paralytic patients, and advancements in neuroscience research. Technological advancements and increasing initiatives by key industry players further fuel the growth of this segment. Advanced Brain Monitoring Inc. received a grant from the National Institute on Aging to enhance robot-assisted interventions in aging and dementia. The Smart Home Control segment is anticipated to experience a lucrative CAGR, driven by the growing demand for an enhanced lifestyle. Smart home controls offer increased convenience, from security monitoring to operating entertainment systems and appliances, contributing to the expected growth of this segment over the forecast period.

Brain-Computer Interface in Healthcare Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East
• Africa

In terms of geographical distribution, North America held the largest revenue share, exceeding 40.00% in 2021. This dominance is primarily attributed to high research and development (R&D) investments and a significant number of clinical trials focusing on skill sets in this region. Moreover, the increasing prevalence of neurodegenerative conditions, including Parkinson's, Alzheimer's, and Huntington's disease, is anticipated to drive market growth. The rising demand for immersive gaming is also expected to lead to the development of technologies such as augmented brain-computer interfaces, further enhancing the adoption of BCI technology in North America. The Asia-Pacific region is poised to exhibit the fastest CAGR over the forecast period, driven by significant untapped opportunities, growing healthcare expenditure, and increasing awareness among patients. Favorable taxation policies and low-cost manufacturing sites in these countries have attracted foreign investments, contributing to the growth of the BCI market. Intensive research and development efforts have led to the introduction of numerous innovative products in the region.

Brain-Computer Interface in Healthcare Market Share by Company:

• Natus Medical Inc.
• g.tec medical engineering GmbH
• Medtronic
• CompumedicsNeuroscan
• Brain Products GmbH
• Integra Lifesciences Corp.
• Advanced Brain Monitoring, Inc.
• EMOTIV
• NeuroSky
• Interaxon, Inc
• ANT Neuro
• Neuroelectrics
• Ripple Neuro
• NIRx Medical Technologies, LLC
• OpenBCI, CGX - A Cognionics Company

Recently, Ripple Neuro entered into a collaborative effort with Brain Electrophysiology Laboratory Company, LLC. This collaboration aimed to achieve seamless integration between Ripple Neuromed's Quest & Nomad neurophysiology research platform and BEL's Geodesic Head Web HD-EEG sensor technology.

Additionally, Integra Lifesciences Corp. secured approval for DuraGen Dural Regeneration Matrix in Japan, marking a significant milestone for the company's regional expansion efforts.

The Brain-Computer Interface market is characterized by both small- and large-scale producers, fostering intense competition among manufacturers. Industry players are strategically focusing on partnerships, including mergers and acquisitions, as well as launching new products and engaging in collaborations to secure a prominent market share.

Impact of COVID-19 on the Brain-Computer Interface in Healthcare Market:

The global economic recession induced by the COVID-19 pandemic has compelled businesses worldwide to swiftly and drastically alter their operations. While various industries have been severely affected, the technology sector has experienced a comparatively lesser impact. The crisis has accelerated the adoption of new-age technologies, such as artificial intelligence and the Internet of Things.

Notably, the Brain-Computer Interface market has witnessed increasing attention and interest from researchers in both industry and academia. This technology's potential to reduce human contact between devices aligns with current health and safety concerns. Companies that had deployed brain-computer interfaces prior to the pandemic were able to adapt swiftly to the new virus variant, showcasing the technology's capability in maintaining business continuity and addressing evolving healthcare requirements.

Recent Developments in the Global Brain-Computer Interface in Healthcare Market:

• Partnership (May 2020): The company partnered with CGX to offer the CGX Quick System, a dry electrode, high-grade, and wearable headset. This strategic collaboration enhances the product portfolio, showcasing a commitment to staying at the forefront of technological advancements in the Brain-Computer Interface market.