Brain Computer Interface Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

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Brain Computer Interface Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

Status : August, 2021 | Healthcare IT

Report Digest


Brain Computer Interface Market: Overview

There have been bewildering research studies into brain computer interfaces (BCIs) for using them for real-world environments. The potential of leveraging BCI for making desired changes on various interactions between the CNS and its external or the internal environment is profound. profound and wide. The astonishingly intense drive for the brain computer interface market has stemmed mainly from this aspect, thereby opening wide spectrum of applications.

Scientists, clinicians, and the research community in general have been pursuing product development avenues where BCI can be used for therapeutic applications, thus underpinning growth in the BCI market. In initial years, the use of BCIs was demonstrably for electroencephalography-based spelling Equally interesting are the applications of BCI in controlling the external environment, notably communication devices. In recent years, researchers in the brain computer interface market have also focused on developing motor learning-assist device. Over the years, the direction of research in the BCI market has shifted toward novel applications, such as for harnessing BCI for neuro-tools that can be used in range of human cognitive augmentation.

Brain Computer Interface Market: Key Trends

The strides of BCI market have been fueled increasingly by the groundswell of public attention BCI research has attracted. The high public awareness can be ascribed to the aspect that brain computer interfaces have shown restorative effects in various neuromuscular diseases. Chief among them is the potential of BCIs in helping patients suffering from strokes, amyotrophic lateral sclerosis, cerebral palsy, and spinal cord injury.

Advances made in the technologies for highly complex signal processing methods and the growing understanding of the brain signal along with the characterization of activity are two key technological developments that have enriched the landscape of the BCI market. New development avenues also emerge from continuous advances in activity-dependent brain plasticity. The growing scope of assistive technology is a key driver for research into the BCI market.

Brain Computer Interface Market: Competitive Dynamics and Key Developments

Over the past few years, numerous pieces of research have been made into therapeutic applications of BCI, such as for improving the lives of patients with severe disabilities. The nature of research has markedly guided investments in the BCI market. One of the key areas influencing the recent strategic landscape in the market is the use of BCI in rehabilitation. The application area is gaining international recognition. To accomplish the goal, researchers have equipped robots with brain computer interfaces.

One such studies is being made by researchers in The Department of Neurology in Tongji Hospital, China, where they aim to demonstrate the use of stroke rehabilitation robots equipped with BCI technology. The studies are a part of NCyborg Project, where the researchers intend to use BCI technology to help patients make hand movement, a part of limb that is commonly left inactive after strokes. Another amusing research that might expand the broaden the horizon of applications in the brain computer interface market is for decoding thoughts of handwriting into text. A study by researchers in Stanford University hopes to develop artificial intelligence technology equipped with BCI to act as mental-handwriting-to-text converter. The study will be useful for patients with amyotrophic lateral sclerosis (ALS) and spinal cord injuries, thus expanding horizon in the BCI market.

Some of the key industry players looking for stronghold in the brain computer interface market are:

  • Paradromics
  • NextMind
  • Noldus Information Technology
  • Plexon Inc.
  • Femtonics Ltd.
  • Blackrock Microsystems
  • Emotiv Inc
  • Neurable Inc.
  • Neuralink Corporation

Brain Computer Interface Market: Regional Assessment

On the regional front, North America has been a promising region in overall BCI market. The vast amount of research into developing BCI technology for therapeutic applications is a key driver for avenues in the regional market. Meanwhile, Asia Pacific has also been emerging with new revenue streams.

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The reports offer answers to the top 7 questions that revolve around the growth of the market

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  • How has COVID-19 affected the market?
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  • What are the major threats that will dent the growth prospects of the market?