Brain Computer Interface Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The global brain-computer interface market was valued at USD 1,584.58 million in 2020 and is expected to reach USD 3,212.74 million by 2026, registering a CAGR of 12.56 % during the forecast period (2021 - 2026).

The impact of Covid-19 on the market will be significant in the short run as the global supply chain is disrupted and manufacturing facilities are under complete shutdown, however, with the rising usage of Brain-computer interface (BCI) technology for the treatment of many elderly patients suffering from physical impairments will enhance the patients’ quality of life. BCI can be used as an assistive technology to monitor brain activity and translate specific signal features that reflect the elderly’s intent into commands and enable them to improve their motor and cognitive abilities which can be a promising tool for rehabilitation medicine during COVID-19.

The brain-computer interface market will show rapid growth due to the increasing prevalence of neurodegenerative disorders, rising R&D activities by the government to improve the brain-computer interface technology and various technological advancements such as miniaturization of devices.

Among all the factors an increasing prevalence of neurodegenerative disorders is the foremost factor attributing to the growth of the brain-computer interface market over the forecast period. According to the Parkinson's Foundation, more than 930,000 people in the United States are likely to be suffering from Parkinson’s Disease in 2020.

Moreover, the report by the foundation also predicted that the number of people with Parkinson’s disease is expected to rise to 1.2 million by 2030. This represents a projected increase by about 1.8 times in Parkinson’s prevalence since 2010, highlighting the need for optimized care and treatment strategies for this patient population to diminish the burden of care on caregivers and ease the economic burden on the healthcare system. Therefore most of these patients eventually require continuous care and monitoring or help which can be facilitated by the use of brain-computer interface devices.

The increase in R&D activities by various governments over brain-computer interface technology development and new applications is a chief factor promoting the growth of the market during the forecast period.

Key Market Trends

Non Invasive Brain Computer Interface is Expected to Dominate the Market During the Forecast Period

The non-invasive brain-computer interface has found to dominate the overall market owing to the high applicability of the technology and increasing of the neurological disorders that contributes to the massive revenue generation by this market. According to the Federal Interagency Forum on Aging-Related Statistics, 2018, 35.8% of persons aged 85 years and older have moderate or severe memory impairment.

Furthermore, there is also an increasing usage of the product for home control and communication that is expected to boost the segment growth. The development of non-invasive brain-computer interface devices based on an EEG is expected for future mainstream accessibility of BCI technology. On the other hand, an invasive brain-computer interface is therefore anticipated to witness substantial growth.

Asia Pacific is Found to be the Fastest Growing Segment of the Brain Computer Interface Market

The Asia Pacific, brain-computer interface industry is anticipated to grow significantly over the forecast period particularly in developing regions such as Japan and China. The market is characterized by technological advancements occurring which are expected to result in the availability of better options for healthcare personnel and individuals. Furthermore, in 2020, Chinese researchers have developed a neural signal analysis system with memristor arrays, paving the way for high-efficiency brain-machine interfaces, and used the system to implement the filtering and identification of epilepsy-related neural signals, achieving an accuracy of over 93 percent. The system draws upon work from researchers in the fields of electronics and medical research.

New technology encompasses a wide array of applications designed to revolutionize the security, automation, communication, and entertainment experience. There is a rising BCI demand in military end-use that is anticipated to drive the growth over the forecast period.

Competitive Landscape

The brain-computer interface market is moderately competitive and has the presence of well-diversified international, regional, and local players. However, some big international players, such as Nihon Kohden Corporation, Compumedics Ltd, Emotive Incorporation, g.tec medical engineering GmbH, Medtronic Plc, etc. dominate the market owing to their brand image and market reach. With the rising market growth rate and increase in its demand, this sector is attracting more players to enter the market resulting in a more competitive brain-computer interface market. The companies are found investing in new technologies to experience a digital change for their customers.

Additionally, many companies are increasing their market presence thereby expanding their business footprint across the new markets. For instance, in 2020, Naxon Labs has launched the Brain to Computer Interface Solution. This neurofeedback system is a useful tool for professionals in the fields of Engineering and Information Technology, Neuroscience, and Medicine. These advancements are expected to drive market growth in the future.

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