July 24, 2024

Brain Computer Interface Market Poised to Surpass US$ 1.8 Bn by 2028

The global Brain computer interface market is estimated to be valued at US$ 773.0 million in 2022 and is expected to exhibit a CAGR of 11.4% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Brain-computer interface (BCI) technology enables the interaction between the human brain and external devices that can be used to replace, restore, enhance, supplement, or improve natural neural pathways and signals. BCI technology has applications in healthcare, entertainment, communication, and control. Currently, major application areas of BCI include restoring lost functions caused by neurologic injuries or disease, improving quality of life for disabled individuals, assisting in prosthetics, enhancing or improving cognitive performance, and aiding in research applications.

Market key trends:

One of the major trends witnessed in the brain-computer interface market is the increasing funding and investments in research and development activities. For instance, in 2021, Neuralink Corporation raised US$ 205 million in funding to develop brain-machine interfaces that connect brains to computers. Furthermore, in 2020, Kernel Flow, a startup developing a non-invasive BCI system raised US$ 53 million in Series B funding to further develop its BCI technology. Such rising investments reflect increasing interest of companies and research organizations in developing innovative BCI solutions. This is expected to drive the brain-computer interface market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the brain computer interface market is moderate. Developing this technology requires significant capital investment and expertise in neuroscience which poses challenges for new players to enter.

Bargaining power of buyers: The bargaining power of buyers is moderate. While there are many players offering brain computer interface solutions, technological expertise and clinical data advantages give some power to larger players.

Bargaining power of suppliers: Suppliers of core technologies like electrodes and neuroimaging tools have some bargaining power given the specialized nature of components. This power is balanced as buyers can choose from various alternative suppliers.

Threat of new substitutes: Being an emerging technology, threat of substitutes is low currently. However, ongoing research in brain-tech interfaces may yield alternate solutions in the long run.

Competitive rivalry: The competitive rivalry in the market is high given the presence of technology giants as well as university spin-offs offering proprietary solutions.

Key Takeaways

The global Brain Computer Interface Market Share is expected to witness high growth, exhibiting CAGR of 11.4% over the forecast period 2021-2028, due to increasing applications in healthcare and gaming. North America currently dominates the market owing to presence of major players and high adoption of neurotechnology products.

The regional analysis indicates that North America will continue dominating the brain computer interface market through 2028 with the US being the major revenue generator. Asia Pacific is expected showcase fastest growth during the forecast period with China and India emerging as major hubs of development. Government initiatives for neuroscience research and rising private investments are driving regional growth.

Key players operating in the brain computer interface market are Neuralink Corporation, Neurable, Emotiv Inc., BitBrain, Alpha Omega, Blackrock Microsystems, LLC, Femtonics Ltd, NeuroNexus, Opto Circuits (India) Limited, BIOTRONIK, Plexon Inc., Noldus Information Technology, NextMind, Nectome, and Paradromics. Major players are focusing on product innovations and partnerships to gain leadership in this evolving market

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it