Brain Computer Interface Is Estimated To Witness High Growth Owing To Increased Research In Neurosci
Author : Leena Shedmake | Published On : 18 Jan 2024
A brain computer interface enables transmission of brain signals for external usage. It can be used to interpret brain activity for prosthetics, communication and other uses. Brain signals can be measured with electroencephalography using electrodes placed on the scalp. The market is witnessing increased adoption in paralysis treatment, gaming and virtual reality, and medical therapies. However, size constraints of current systems limit widespread usage.
The global brain computer interface market is estimated to be valued at US$ 1.4 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased Research in Neuroscience (One driver from heading) - Significant investments in neuroscience research by governments and private organizations are boosting the understanding of brain-computer interaction. Advancements in decoding neuron activity patterns, machine learning algorithms and wireless implant technologies are fuelling the market growth. This research is expected to enhance the capabilities of BCIs for broader applications in future.
Another driver for the growing brain computer interface market is its adoption in neuro rehabilitation. BCIs that can tap into muscle control centers using electrodes have potential to restore mobility in paralyzed patients. Startups are actively working on such technologies with support from neuroscience institutes. As the efficacy of BCIs is proven for motor functions, its acceptance is rising among patients as well as clinicians globally. The market is likely to continue swift growth trajectory driven by ongoing R&D innovation and growing use cases in healthcare and other sectors in the forecast period.
SWOT Analysis
Strength: Brain Computer Interface technology is gaining importance for healthcare applications such as assisting disabled patients. The ability to control devices with thought makes it beneficial for paralyzed individuals. It provides an alternative communication channel. Research is ongoing to expand applications such as in gaming and virtual/augmented reality.
Weakness: The technology is still in development phase and not widely available commercially. Accuracy and reliability needs to improve for real world use. High investment is required for research which impacts affordability. User experience needs enhancement for mass acceptance.
Opportunity: Growing geriatric population prone to neurological disorders and road accidents will boost demand. Increasing prevalence of mobility impairments and communication disorders drives the market. Applications in assistive technology, customized prosthetics and robotics offer significant opportunities.
Threats: Ethical issues around privacy of thoughts and data security risks restrain growth prospects. Lack of reimbursement policies impacts commercialization. Stiff competition from alternative assistive technologies threaten market share. Dependence on multidisciplinary expertise poses integration challenges.
Key Takeaways
The Global Brain Computer Interface Market Size is expected to witness high growth. Driven by rising incidence of neurological disorders, aging population and increasing acceptance of assistive technologies for independent living, the market is projected to grow at a CAGR of 5.0% during the forecast period of 2023 to 2030.
Regional analysis indicates North America dominates currently due to focus on research and presence of major players. Growing diagnostic rates and rising disability prevalence in countries like the US and Canada support regional growth. Asia Pacific is poised to rise as the fastest growing market attributed to robust healthcare spending, large patient population and presence of contract manufacturing hubs.
Key players operating in the Brain Computer Interface market are Neuralink Corp., InteraXon, OpenBCI, Mindmaze, g.tec medical engineering GmbH and Cortera Neurotechnologies. While early players focused on healthcare, newer entrants are expanding applications in consumer electronics and AR/VR devices. Partnerships for commercialization and distribution networks expansion remain key strategies.
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