Brain-Computer Interface Market
Brain-Computer Interface Market Analysis by Eye Attached Tracking, Optical Tracking, and Electrooculography for Healthcare, Retail, Research, Automotive, and Consumer Electronics from 2023 to 2033
Analysis of Brain-Computer Interface Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Brain-Computer Interface Market Outlook (2023 to 2033)
The newly released brain-computer interface market analysis report by Fact.MR reveals that the global revenue of the brain-computer interface market in 2022 was held at US$ 1.6 billion. With a 13.6% projected CAGR from 2023 to 2033, the market is expected to reach a US$ 6.5 billion valuation by the end of the forecast period.
Brain-Computer Interface revenues in the healthcare sector are expected to generate significant revenue and are projected to grow at a CAGR of over 13.1% from 2023 to 2033.
| Report Attributes | Details |
|---|---|
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Brain-Computer Interface Market (2023) |
US$ 1.8 billion |
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Brain-Computer Interface Market (2033) |
US$ 6.5 billion |
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Brain-Computer Interface Market CAGR (2023-2033) |
13.6% |
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U.S Brain-Computer Interface Market CAGR (2023 – 2033) |
13.7% |
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Key Companies covered |
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Brain-Computer Interface Market Revenue from 2022 Compared to Demand Outlook for 2023 to 2033
As per brain-computer interface market research by Fact.MR - a market research and competitive intelligence provider, the market value increased by around 15.6% CAGR from 2018 to 2022. With an absolute dollar opportunity of US$ 4.7 billion during the forecast period, the market is projected to reach a US$ 6.5 billion valuation by 2033.
What Key Factors are Influencing the Market Expansion?
Brain-computer interfaces (BCIs) offer potential benefits in stroke rehabilitation by providing real-time feedback and facilitating neuro-feedback training. BCIs can detect brain activity patterns associated with motor function, allowing stroke patients to visualize and modulate their brain signals during rehabilitation exercises to enhance recovery. Moreover, BCIs hold promise in rehabilitating individuals with spinal cord injuries or paralysis. By decoding neural signals from the brain, BCIs can enable individuals to control external devices, such as robotic arms or assistive technology, to regain functional abilities and improve independence.
BCIs can assist in cognitive rehabilitation for individuals with conditions such as traumatic brain injury or cognitive impairments. They can be used to monitor brain activity patterns associated with attention, memory, and cognitive processing. By providing real-time feedback, they can help individuals enhance their cognitive abilities through targeted training exercises. They also hold promise in treating neurological disorders by establishing direct communication between the brain and external devices.
BCIs can enable individuals with conditions such as paralysis, stroke, or spinal cord injuries to regain motor control, enhance rehabilitation outcomes, and improve quality of life. Through the decoding and interpretation of neural signals, BCIs can facilitate the control of assistive technologies, prosthetic limbs, or exoskeletons, enabling individuals to perform movements and tasks that were previously inaccessible. They also offer the potential for cognitive rehabilitation, augmentative communication, and pain management. Ongoing research and advancements in BCI technology aim to further refine and expand their applications in treating neurological disorders.
Around 15 million people suffer from stroke, of which about 5 million people die and another 5 million people are left permanently impaired. BCIs hold potential in stroke treatment by enabling direct communication between the brain and external devices. BCIs can assist in stroke rehabilitation, facilitating motor control and enhancing functional recovery through the decoding and interpretation of neural signals. With the rise in the cases of stroke throughout the world, the demand for BCI is projected to increase, therefore expanding the market during the assessment period.
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Which Region is Projected to Add Significant Revenues to the Market?
Asia Pacific held a market size of US$ 800 million in 2022. The region is expected to have a market worth US$ 3.4 Billion by 2033. The market is forecasted to grow with a CAGR of 51.9% from 2023 to 2033.
In 2019, the Asia Pacific region had around 12.2 million stroke cases. In severe cases, stroke can cause partial or full paralysis of the body. BCIs can assist in stroke rehabilitation, facilitating motor control and enhancing functional recovery through the decoding and interpretation of neural signals. With the rise in stroke cases globally, the demand for BCIs is projected to increase, therefore expanding the market during the assessment period.
Country-wise Analysis
The United States Brain-Computer Interface Market Analysis:
The market in the United States is expected to grow to be worth US$ 1.4 billion with an absolute dollar growth of US$ 1 billion. The market in the United States has grown at a CAGR of 15.5% from 2018 to 2022 and is expected to grow at a CAGR of 13.7% from 2023 to 2033.
Over 1 million Americans were diagnosed with Parkinson's disease in the United States of America in 2020 which is projected to increase to around 1.2 million people by 2030. BCIs hold the potential in treating Parkinson's disease by monitoring and modulating brain activity. BCIs can provide real-time feedback and deliver targeted electrical stimulation to alleviate symptoms such as tremors and rigidity, improving motor control and quality of life for individuals with Parkinson's. Therefore, with the rise in cases of Parkinson’s in the country, the demand for BCIs is projected to increase, therefore expanding the market during the assessment period.
The U.K. Brain-Computer Interface Market Analysis
The market in the U.K. is expected to grow to be worth US$ 254.8 million with an absolute dollar growth of US$ 181.7 million. The market in the U.K. has grown at a CAGR of 15.2% from 2018 to 2022 and is expected to grow at a CAGR of 13.3% from 2023 to 2033.
In 2022, there were around 145,000 people in the United Kingdom suffering from Parkinsons' disease which is projected to reach around 172,000 people by 2030. With the rise in the cases of Parkinsons' disease in the country, the demand for Brain-Computer Interfaces is projected to increase, therefore expanding the market during the assessment period.
China Brain-Computer Interface Market Analysis:
The market in China is expected to grow to be worth US$ 1.7 billion with an absolute dollar growth of US$ 1.2 billion. The market in China has grown at a CAGR of 15.4% from 2018 to 2022 and is expected to grow at a CAGR of 13.5% from 2023 to 2033.
In 2020, China had around 3 million people suffering from Parkinsons' disease. BCIs hold the potential in treating Parkinson's disease by monitoring and modulating brain activity. BCIs can provide real-time feedback and deliver targeted electrical stimulation to alleviate symptoms such as tremors and rigidity, improving motor control and quality of life for individuals with Parkinson's. Owing to these factors, the market for BCI is projected to increase during the assessment period.
Japan Brain-Computer Interface Market Analysis:
The market in Japan is expected to grow to be worth US$ 1.4 billion with an absolute dollar growth of US$ 1 billion. The market in Japan has grown at a CAGR of 15.4% from 2018 to 2022 and is expected to grow at a CAGR of 13.6% from 2023 to 2033.
Around 150,000 people are suffering from Parkinson's disease in Japan in 2020 and is projected to increase with the aging population in the country. As Brain-Computer Interface is being used for treating Parkinson's, with the increase in the number of cases in the country, their demand is projected to increase, therefore expanding the market during the assessment period.
South Korean Brain-Computer Interface Market Analysis:
The market in South Korea is expected to grow to be worth US$ 408.2 million with an absolute dollar growth of US$ 290.7 million. The market in South Korea has grown at a CAGR of 14.9% from 2018 to 2022 and is expected to grow at a CAGR of 13.3% from 2023 to 2033.
In 2020 around 110,00 people were suffering from Parkinson's in South Korea. With the rise in the geriatric population, this number is projected to increase and as Brain-Computer Interface is being used for the treatment of Parkinson's disease the market for Brain-Computer Interface is projected to expand during the assessment period.
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Category-wise Analysis
Which Product of Brain-Computer Interface is Projected to Witness Significant Growth?
The Invasive BCI is projected to witness significant growth with a CAGR of 15.5% from 2018 to 2022 and is expected to grow at a CAGR of 13.4% from 2023 to 2033.
Invasive BCIs hold great potential for a wide range of applications across various fields. Invasive BCIs can help individuals with paralysis or spinal cord injuries regain control over their motor functions. By decoding neural signals related to movement intention, these BCIs enable users to control robotic limbs, prosthetic devices, or even their paralyzed limbs. This technology has the potential to significantly enhance the quality of life for people with disabilities.
Invasive BCIs are also being investigated as a potential treatment for neurological conditions such as Parkinson's disease, epilepsy, and chronic pain. By recording and analyzing neural activity, these BCIs can provide real-time feedback and deliver targeted electrical stimulation to specific brain regions, helping alleviate symptoms and improve the patient's condition.
Invasive BCIs have the potential to enhance cognitive functions by directly interfacing with the brain. Researchers are exploring using these BCIs to improve memory, attention, and learning processes. By stimulating specific brain regions or delivering neurofeedback, invasive BCIs could potentially assist individuals with cognitive impairments or enhance the performance of healthy individuals in tasks that require heightened cognitive capabilities.
Which Application of Brain-Computer Interface is Expected to be Lucrative for Market Revenue?
Brain-Computer Interface demand for healthcare is projected to witness significant growth with a CAGR of 15.1% from 2018 to 2022 and is expected to grow at a CAGR of 13.1% from 2023 to 2033.
Brain-Computer Interfaces are being increasingly employed in healthcare for various applications such as gathering valuable information about brain activity and patterns. They can aid in the detection and monitoring of neurological disorders, such as epilepsy or sleep disorders, by recording and analyzing brain signals. BCIs can provide insights into brain function, helping clinicians make more accurate diagnoses and tailor treatment plans accordingly.
BCIs also offer innovative approaches for patients with motor disabilities or neurological conditions. They enable individuals with paralysis or limb loss to control assistive devices like prosthetics or robotic limbs using their thoughts. BCIs can also facilitate neuro-rehabilitation by providing targeted stimulation or feedback to specific brain areas, aiding in motor recovery after stroke, or assisting in pain management.
Competitive Analysis
The market players are investing heavily in expanding their presence in various segments around the world. The companies are also focussing on collaborations to augment their market positions.
The key players in the market are Natus Medical Incorporated, g.tec medical engineering GmbH, Medtronic, Compumedics Neuroscan, Brain Products GmbH, integra life sciences corporation, Advanced Brain Monitoring, EMOTIV, NeuroSky, Interaxon, Inc, ANT Neuro, Neuro electrics, Ripple Neuro, NIRX Medical Technologies, LLC, Open BCI, and CGX.
A few of the recent developments in the market are:
- In May 2023 – Neura Link announced that it has received FDA approval for human trials for its brain implants. These trials will be conducted to study the safety and efficacy of these devices in humans.
- In November 2018 – During a study being conducted at Brown University, 3 people with paralysis were able to control tablet devices using BCI Enabling them to perform basic tasks.
Segmentation of the Brain-Computer Interface Market
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By Product :
- Invasive BCI
- Partially Invasive BCI
- Non-invasive BCI
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By Application :
- Healthcare
- Disabilities Restoration
- Brain Function Repair
- Smart Home Control
- Communication & Control
- Entertainment & Gaming
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By End Use :
- Medical
- Military
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By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- FAQs -
What was the global market size for 2022?
The global market was worth US$ 1.6 billion in 2022.
What value is the market estimated to reach in 2023?
The global market is projected to witness a Market size of US$ 1.8 billion in 2023.
What valuation is the market expected to reach by 2033?
The market valuation in 2033 is expected to reach US$ 6.5 Billion.
What value CAGR did the Market exhibit over the last 4 years?
The CAGR growth of the market over the last 4 years was 15.6%.
What is the projected CAGR for the market from 2023 to 2033?
The projected CAGR for the market is 13.6%.
Which application in the market will garner a significant value share by 2023?
The Brain-Computer Interface demand in healthcare will garner a significant value share by 2023.
Brain-Computer Interface Market
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