Global Brain-Computer Interface in Healthcare Market Size (2023 - 2030)

The Global Brain-Computer Interface in Healthcare Market was valued at USD 26.56 Billion and is projected to reach a market size of USD 34.37 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 3.75%.

Industry Overview:

A brain-computer interface (BCI), additionally recognized as the neural-control interface (NCI), mind-machine interface (MMI), direct neural interface (DNI), or brain-machine interface (BMI), and Genius computing device interface, is an interactive platform or direct verbal exchange pathway between the Genius and an exterior device. Brain imaging applied sciences such as Magnetoencephalography (MEG), practical Magnetic Resonance (fMRI), Electrocorticography (ECOG), and Electroencephalography (EEG), are built-in with Genius computer interface structures to seize electrical indicators dispatched by way of the human brain.

The brain-computer interface system is one of the best technologies to maintain and track the activities of patients and what is going on inside their bodies. The BCI science is increasingly being used in cellular & digital gaming industries by way of integrating inside Virtual Reality (VR) headsets & gaming content. According to the facts posted by means of MyGaming in 2018, there had been about 1.8 billion game enthusiasts global and over 171 million VR gamers. Disruptions in the grant chain negatively impacted their capacity to produce and grant completed products. The growing occurrence of neurodegenerative disorders, Alzheimer’s, Parkinson’s, and epilepsy are predicted to create the demand for BCI over the forecast period. According to the WHO report, around eighty-two million humans will be affected by means of dementia by means of 2030 and this variety will attain 152 million by 2050. This suggests the doable demand for BCI in the coming years.

The medical end-use phase dominated the market in 2021 and accounted for the most share of extra than 45.5% of the international income owing to its utility in helping disabled patients. The BCI technological know-how assists in the motion of sufferers struggling with diseases, such as Parkinsonism, epilepsy, paralysis, and Alzheimer’s, to raise out things to do independently, such as a working wheelchair, prosthetics, and a number of different instruments.

MARKET DRIVERS:

The use of BCI in many diseases is driving the growth of the market

BCI or Brain-Computer Interfaces is technology to treat people with medical conditions using neural therapy, there are many ways in which this technology can be used in the healthcare sector, People with decreased physique disabilities can make use of this science to power their wheelchairs and obtain a degree of independence. With an aggregate of BCI and prosthetics, sufferers can use their prosthetics to the smallest part. Surgeons can use BCI science to function tricky surgical procedures and minimize the probabilities of human errors. Dumb and deaf human beings trying to speak can use BCI-enabled verbal exchange devices. There are uses of this technology in healthcare which is why this market is estimated to grow during the forecast period.

MARKET RESTRAINTS:

High costs and lack of awareness are restraining the growth of the market

High cost related to the Brain Computer interface system is restraining the growth of the market. BCI requires a very costly setup which is why this market is being restrained by this factor, the equipment used in BCI is very costly. Also, there is a lack of awareness about the system which is also restraining the growth of the market. People are not aware of the technology and moreover, this requires a lot of time to work and monitor the changes that are happening in the body of an individual.

BRAIN-COMPUTER  INTERFACE IN HEALTHCARE MARKET REPORT COVERAGE:

Segmentation Analysis

Brain-Computer Interface in Healthcare Market - By Product:

• Non-invasive BCI
• Invasive BCI
• Partially Invasive BCI

Non-invasive BCI held the biggest income share of over 86.00% in 2021 owing to the excessive applicability of this science to products, such as headsets, amplifiers, and gaming sticks, contributing to the large income generation. This machine is regarded to be the most secure as the strategy is much less intrusive, which is similarly fueling phase growth. In addition, several lookup initiatives are going on in this field. A product like this is estimated to enhance the market increase in the foreseeable future. The invasive phase is predicted to witness the quickest CAGR over the forecast length owing to the capacity of this technological know-how to furnish the performance to paralyzed humans via brain-controlled robotic legs & palms and fix imaginative and prescient via connecting the intelligence to an exterior camera. The invasive machine is located in the gray depend and is inclined to construct up scar tissue. Partially invasive BCI is additionally anticipated to exhibit a large boom over the forecast length owing to its effortless adaptability and more than a few technological advancements.

Brain-Computer Interface in Healthcare Market - By Application:

• Healthcare
• Disabilities Restoration
• Brain Function Repair
• Smart Home Control
• Communication & Control
• Entertainment & Gaming

The healthcare phrase captured the greatest income share of greater than 62.00% in 2021 owing to the excessive applicability of this science in the cure of sleep disorders, neurological diseases, paralytic patients, and in analyzing neuroscience. Moreover, technological development & growing range of initiatives with the aid of the key enterprise gamers are in addition fueling the section growth.

Advanced Brain Monitoring Inc. obtained a provide from the National Institute on Aging to improve robot-assistive interventions in growing old & dementia. \The clever domestic management phase is projected to witness a profitable CAGR due to elevated demand for a higher lifestyle. With clever domestic controls, human beings are experiencing higher comfort and alleviation proper from safety monitoring, working enjoyment structures & home equipment to preserving connectivity. The aforementioned elements are anticipated to propel the section boom over the forecast period.

Brain-Computer Interface in Healthcare Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East
• Africa

Geographically, North America accounted for the biggest income share of extra than 40.00% in 2021, in particular, due to the excessive R&D investments and a massive wide variety of medical trials being performed on talent units in this region. In addition, the rising incidence of neurodegenerative conditions, such as Parkinson’s, Alzheimer’s, and Huntington’s sickness in this vicinity are anticipated to propel market growth. In addition, the rising demand for immersive gaming is predicted to lead to the improvement of technologies, such as augmented brain-computer interfaces that in addition raise the adoption of BCI science in this region.

The market in the Asia Pacific vicinity is anticipated to show off the quickest CAGR over the forecast period. Significant untapped opportunities, growing healthcare expenditure, and developing recognition amongst sufferers are predicted to force the demand for BCIs in this region. Low-cost manufacturing websites and favorable taxation insurance policies in these international locations have attracted overseas gamers to make investments in this profitable market. Intensive R&D had led to the launch of many revolutionary products.

Brain-Computer Interface in Healthcare Market Share by Company

1. Natus Medical Inc.

2. g.tec medical engineering GmbH

3. Medtronic

4. CompumedicsNeuroscan

5. Brain Products GmbH

6. Integra Lifesciences Corp.

7. Advanced Brain Monitoring, Inc.

8. EMOTIV

9. NeuroSky

10. Interaxon, Inc

11. ANT Neuro

12. Neuroelectrics

13. Ripple Neuro

14. NIRx Medical Technologies, LLC

15. OpenBCI, CGX

16. A Cognionics Company

Recently, Ripple Neuro collaborated with Brain Electrophysiology Laboratory Company, LLC. The collaboration was estimated to offer seamless integration of Ripple Neuromed’s Quest & Nomad neurophysiology research platform with BEL’s Geodesic Head Web HD-EEG sensor technology.

Also, Integra received approval for DuraGen Dural Regeneration Matrix in Japan, which helped in the company’s regional expansion.

There are a number of small- and large-scale producers providing products, ensuing in extreme opposition amongst the manufacturers. The enterprise gamers are increasing their center of attention on strategic partnerships, such as mergers and acquisitions, new product launches & partnerships & collaborations to get the most income share in this region

COVID-19 impact on the Brain-Computer Interface in Healthcare Market

The pandemic has triggered a recession in the financial system that has pressured a range of businesses throughout the globe to dramatically and hastily shift their operations. Industries around the globe are being severely affected with the aid of the COVID-19-induced recession, however, the influence on the technological know-how area for the duration of the disaster was once comparatively lesser than the relaxation of the economy. The rundown of activities encouraging the proliferation of new-age technologies, such as synthetic talent and net of matters has increased.

Brain pc interface market tendencies are starting at developing recognition and interest of researchers in each enterprise and academia as a capability to minimize human contact between units and produce the income streams for provider carriers due to the facets in technology. During the COVID-19 pandemic, companies that deployed talented laptop interfaces previously have been in a position to shortly regulate the new variant of virus due to lesser contact between the human and desktop that will assist to acquire commercial enterprise necessities that have been ensuing due to development in the healthcare industry. Brain pc interface assists agencies to cope with the ongoing pandemic and keep economically superb operations.

NOTABLE HAPPENINGS IN THE GLOBAL BRAIN-COMPUTER INTERFACE IN HEALTHCARE MARKET IN THE RECENT PAST:

• Partnership - In May 2020, the company collaborated with CGX, to provide CGX Quick System which is a dry electrode, high-grade, and wearable headset. Thus, enhancing the product portfolio