Brain Computer Interface Market Is Expected To Grow At A Significant CAGR In The Upcoming Years 2022 - 2030.

The global brain computer interface market size is expected to reach USD 6.18 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 17.16% over the forecast years. Brain Computer Interface (BCI) is a revolutionary technology that facilitates direct contact between peripheral electronic devices calibrating the movement and a functional brain in physically challenged people. This system records the brain signal from the sensors that are placed over the scalp or devices implanted in the brain. Compumedics, in its annual report 2021, stated that it is demonstrating strong signs of growth in the future and is returning to its normal business after the COVID-19 pandemic.

Furthermore, growing R&D investments and the presence of government projects, such as DECODER (European project that used BCI to detect consciousness in non-responsive patients), coupled with the rising focus of major market players on emerging economies, such as Japan and China, are expected to propel market growth over the forecast period. The ongoing technological advancements in the field of virtual reality and increasing applications of BCI in the communication, gaming, and entertainment industry are some of the key contributors to the market growth. The technology encompasses a wide array of applications designed to revolutionize the communication, automation, security, and entertainment experience.

Brain Computer Interface Market Segmentation

Grand View Research has segmented the global brain computer interface market on the basis of product, application, end use, and region:

Based on the Application Insights, the market is segmented into Healthcare, Smart Home Control, Communication and Control and Entertainment and Gaming.

·       The healthcare segment captured the largest revenue share of more than 62.00% in 2021 owing to the high applicability of this technology in the treatment of sleep disorders, neurological diseases, paralytic patients, and in studying neuroscience.

·       The smart home control segment is projected to witness a lucrative CAGR due to increased demand for a better lifestyle.

Based on the Product Insights, the market is segmented into Invasive BCI, Partially invasive BCI and Non-invasive BCI.

·       Non-invasive BCI held the largest revenue share of over 86.00% in 2021 owing to the high applicability of this technology to products, such as headsets, amplifiers, and gaming sticks, contributing to the massive revenue generation.

·       The invasive segment is expected to witness the fastest CAGR over the forecast period owing to the ability of this technology to provide the functionality to paralyzed people through brain-controlled robotic legs & arms and restore vision by connecting the brain to an external camera.

·       Partially invasive BCI is also expected to show significant growth over the forecast period owing to its easy adaptability and various technological advancements.

Based on the End-use Insights, the market is segmented into Medical, Military and Others.

·       The medical end-use segment dominated the market in 2021 and accounted for the maximum share of more than 45.5% of the global revenue owing to its application in assisting disabled patients.

·       The military end-use segment is expected to register the fastest growth rate over the forecast period on account of to increased usage of BCI during war activities.

Brain Computer InterfaceRegional Outlook

• North America
• Europe
• Asia-Pacific
• Latin America
• MEA

Key Companies Profile& Market Share Insights

The industry players are increasing their focus on strategic partnerships, such as mergers and acquisitions, new product launches & partnerships & collaborations to get maximum revenue share in this sector.

Some prominent players in the Brain Computer Interface market include

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

Order a free sample PDF of the Brain Computer Interface Market Intelligence Study, published by Grand View Research.