Brain computer interface market

Brain Computer Interface Market, by Product (Invasive, Non-invasive, and Semi-invasive), by Application (Prevention, Detection and Diagnosis, and Rehabilitation and Restoration), by End User (Hospitals, Academic Institutes, and Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

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Jun 2021
CMI4467
187 Pages
Excel & Pdf
Healthcare IT

Summary

Brain computer interface (BCI) is an emerging technology, which provides a direct communication between the brain and external device bypassing the normal neuromuscular pathways and helps in detecting and diagnosing various brain disorders such as epilepsy, brain tumors, as well as can restore the impaired motor functions.

The increasing prevalence of brain disorders, brain tumors, and disabilities due to stroke is expected to drive growth of the global brain computer interface market over the forecast period.

For instance, according to the study by Epilepsy Action Australia statistics in 2017, around 50 million people globally had epilepsy with around 80% of the people living in emerging economies such as India, Brazil, and China.

The global brain computer interface market is estimated to be valued at US$ 773.0 million in 2021 and is expected to exhibit a CAGR of 11.4% over the forecast period (2021-2028).

Figure 1. Global Brain Computer Interface Market Share (%) in Terms of Value, By Region, 2021

Increasing investment & funding to accelerate researches in the field of brain computer interface is expected to drive the market growth over the forecast period

Market players are focusing on various growth strategies such as investments and funding to accelerate researches in the field of brain computer interface, which is expected to boost growth of the global brain computer interface market over the forecast period.

For instance, in December 2020, researchers of Bioelectronics Laboratory of Department of Engineering, University of Cambridge received funding from the European Innovation Council (EIC) for their project MITICS – Mixed Ionic and electronic transport in conjugated polymers for bioelectronics, which is being carried out to develop microelectronics, in order to enhance signal quality of a new generation of less invasive brain-computer interfaces (BCIs).

Brain Computer Interface Market Report Coverage

Report Coverage	Details
Base Year:	2020	Market Size in 2021:	US$ 773.0 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2021 to 2028
Forecast Period 2021 to 2028 CAGR:	11.4%	2028 Value Projection:	US$ 1,649.9 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Product: Invasive, Non-invasive, Semi-invasive By Application: Prevention, Detection and Diagnosis, Rehabilitation and Restoration By End User: Hospitals, Academic Institutes, Research Institutes
Companies covered:	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
Growth Drivers:	Increasing investment & funding to accelerate researches in the field of brain computer interface Increasing prevalence of brain disorder
Restraints & Challenges:	Challenges associated with brain computer interface

Figure 2. Global Brain Computer Interface Market Share (%), by Product, 2021

The increasing prevalence of brain tumors is another major factor, which is expected to drive the market growth. For instance, according to the National Brain Tumor Society, a non-profit organization in the U.S., around 84,170 cases of primary brain tumor are expected to be diagnosed in 2021 in the U.S., out of which around 59,040 tumors are estimated to be benign (non-malignant), while 25,130 will be malignant.

Global Brain Computer Interface Market – Impact of Coronavirus (Covid-19) Pandemic

The lockdown imposed in most of the countries has placed an economic burden on the private healthcare sector. Healthcare providers are facing challenges in terms of additional manpower, equipment, consumables, and other resources required to ensure safety in hospitals and to provide treatment to patients with other diseases.

Moreover, the coronavirus pandemic has hampered the development, production, and supply of drugs and other healthcare products, and affected growth of healthcare businesses of various companies across the globe.

Considering the implication of social distancing measure, the footfall in clinics and health institutions has fallen by over 70% during this pandemic. Owing to this, the adoption of digital health services has increased by three-fold.

However, healthcare IT industry has witnessed paradigm shift in the adoption of healthcare IT solutions across the ecosystem including drug discovery, drug development, diagnostics, data management, marketing, and patient engagement. Artificial Intelligence, electronic health record (EHR), revenue cycle management, reimbursement data management, and clinical data management solutions are being rapidly adopted by companies, including Contract research organization (CROs), insurers, diagnostics, and research institutes for remote data monitoring.

Global Brain Computer Interface Market Restraint

Brain computer interfaces technology has proven to be useful for both medical as well as non-medical fields such as smart environment, games, safety, and others. However, there are several challenges associated with the technology, which can hinder the market growth in the near future. The challenges are summarized in the following categories:

Neuro-psycho-physiological issues: Brain is the most complex organ of human body. Hence, the genetic complexity and diversity of brain creates neurological challenges, while using the brain computer interfaces technology. Psychological challenges include parameters such as attention, fatigue, stress, and other emotions, which depend on individual personality.

Key Players

Major players operating in the global brain computer interface market include 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

Table of Content

Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

Market Purview

Report Description

Market Definition and Scope

Executive Summary

Market Snippet, By Product
Market Snippet, By Application
Market Snippet, By End User
Market Snippet, By Region

Coherent Opportunity Map (COM)

Market Dynamics, Regulations, and Trends Analysis

Overview of Brain Computer Interface
Market Dynamics

Drivers
Restraints
Market Opportunities
Market Trends

Impact Analysis
Recent Product Approval/Launch
Mergers, Acquisitions and Collaboration Scenario
Mind Uploading
Porter’s Analysis

Global Brain Computer Interface Market – Impact of Coronavirus (Covid-19) Pandemic

COVID-19 Epidemiology
Impact of COVID-19 on Overall Healthcare Market
Impact of COVID-19 on Brain Computer Interface Market

Global Brain Computer Interface Market, By Product, 2021 – 2028, (US$ Mn)

Introduction

Market Share Analysis, 2021 and 2028 (%)
Y-o-Y Growth Analysis, 2018 – 2028
Segment Trends

Invasive

Introduction
Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Mn)

Non-invasive

Introduction
Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Mn)

Semi-invasive

Introduction
Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Mn)

Global Brain Computer Interface Market, By Application, 2021 – 2028, (US$ Mn)

Introduction

Market Share Analysis, 2021 and 2028 (%)
Y-o-Y Growth Analysis, 2018 – 2028
Segment Trends

Prevention

Introduction
Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Mn)

Detection and Diagnosis

Introduction
Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Mn)

Rehabilitation and Restoration

Introduction
Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Mn)

Global Brain Computer Interface Market, By End User, 2021 – 2028, (US$ Mn)

Introduction

Market Share Analysis, 2021 and 2028 (%)
Y-o-Y Growth Analysis, 2018 – 2028
Segment Trends

Hospitals

Introduction
Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Mn)

Academic Institutes

Introduction
Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Mn)

Research Institutes

Introduction
Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Mn)

Global Brain Computer Interface Market, By Region, 2021 – 2028, (US$ Mn)

Introduction

Market Share Analysis, By Region, 2021 and 2028 (%)
Y-o-Y Growth Analysis, For Regions, 2017–2028

North America

Market Size and Forecast, By Product, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By Application, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By End User, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By Country, 2021 – 2028, (US$ Mn)

U.S.
Canada

Latin America

Market Size and Forecast, By Product, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By Application, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By End User, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By Country, 2021 – 2028, (US$ Mn)

Brazil
Mexico
Argentina
Rest of Latin America

Europe

Market Size and Forecast, By Product, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By Application, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By End User, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By Country, 2021 – 2028, (US$ Mn)

Germany
U.K.
France
Italy
Spain
Russia
Rest of Europe

Asia Pacific

Market Size and Forecast, By Product, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By Application, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By End User, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By Country, 2021 – 2028, (US$ Mn)

China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific

Middle East

Market Size and Forecast, By Product, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By Application, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By End User, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By Country, 2021 – 2028, (US$ Mn)

GCC
Israel
Rest of Middle East

Africa

Market Size and Forecast, By Product, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By Application, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By End User, 2021 – 2028, (US$ Mn)
Market Size and Forecast, By Country/Region, 2021 – 2028, (US$ Mn)

South Africa
Central Africa
North Africa

Competitive Landscape

Market Share Analysis

Neuralink Corporation*

*Browse 36 market data tables and 29 figures on "Brain Computer Interface Market” - Global forecast to 2028

N/A

- Frequently Asked Questions -

What is the current market size and compound annual growth rate (CAGR) of the market during the forecast period (2021-2028)?

The market size is estimated to be valued at US$ 773.0 million in 2021 and is expected to exhibit a CAGR of 11.4% between 2021 and 2028.

What are the major factors driving the market growth?

Increasing investment & funding to accelerate researches in the field of brain computer interface and increasing prevalence of brain disorders are expected to drive the market growth over the forecast period.

Which is the leading product segment in the market?

Non-invasive product segment is expected to hold the major market share during the forecast period.

Which region holds the largest market share in the market?

North America is expected to hold the largest market share in the global brain computer interface market.

What are the key factors hampering growth of the market?

Major factors hampering growth of the market include challenges associated with brain computer interface.

Which are the major players operating in the market?

Major players operating in the market include 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