Brain-Computer Interface Market Growth Accelerated by Increased Demand for Medical Use
Brain computer interfaces, also known as BCIs are direct communication pathways between a human brain and an external device which helps in decoding brain signals to operate external devices like computers and robotic limbs. BCIs enable patients with neurological diseases like stroke, spinal cord injury, amputation, and paralysis to regain motor and cognitive functions. They provide an alternative communication channel for those who cannot speak or use their hands or limbs. These devices have immense potential to treat several medical conditions of the nervous system as well as neurodegenerative diseases like Parkinson's.
The global Brain Computer Interface Market is estimated to be valued at US$ 959.29 Mn in 2024 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 key trends:
The accelerated demand for BCIs can be attributed to the growing cases of neurological disorders worldwide. According to World Health Organization, over 50 million people suffer from epilepsy and close to 50 million people have Alzheimer's dementia. The growing elderly population and rising number of road accidents are expected to propel demand for BCIs to restore motor functions. Neurological diseases pose a huge social and economic burden. BCIs offer hope to patients in regaining their mobility and motor skills which is a key driver boosting their uptake in the medical industry. Their ability to provide an alternative pathway for communication also augments their demand. Significant research is underway to develop non-invasive BCIs which can make them safer and more effective for clinical use.
Segment Analysis
The global brain computer interface market is dominated by non-invasive BCI segment as these systems have a better user-experience, are cost-effective and have a lower setup time. Non-Invasive BCIs work by detecting signals through the scalp and skull using electrodes placed on the head allowing tremendous flexibility.
Key Takeaways
The Global Brain Computer Interface Market Size is expected to witness high growth over the forecast period 2023 to 2030. The market size for 2024 is projected to reach US$ 959.29 Mn, indicating significant opportunities.
Regional analysis: North America region currently dominates the global BCI market owing to ongoing research and presence of leading players in the US. Further, Asia Pacific region is expected to grow at the fastest pace on account of increasing focus on research related to BCIs for treatment of neurological diseases and growing consumer demand for assistive technology from China and India.
Key players: 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. Neuralink Corporation is a prominent player focused on developing high bandwidth brain-machine interfaces to connect humans and computer systems. The company is working on creating BCIs that are safe, effective and achievable for patients.
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