Future Market Insights predicts that the brain computing interfaces (BCI) market will reach US$ 1.8 billion in 2023 and US$ 6.5 billion by 2033. It is projected that sales of brain computing interfaces will increase by 13.6% over the projection period. The global market for brain-computer interfaces is expected to grow due to an increasing number of brain diseases, brain tumors, and disabilities associated with strokes.
Growth in the market is expected to be driven by an increase in investments and funding in the field of brain-computer interfaces. These devices provide increased levels of freedom by enhancing or replacing human peripheral work capacities in fields such as healthcare, affective computing, gaming, robotics, and neuroscience.
Video gaming devices with BCI enhancements are in high demand, and BCI research in the defense industry will continue to drive the market. A global scientific effort has led to the development of common platforms for standardizing technology and helping to solve the problem of highly complex, nonlinear brain dynamics, including how to identify and classify them.
A growing number of BCI applications are being explored in fields such as neurorehabilitation and emotional and perceptual computing, including the restoration of communication and motor functions in people with conditions such as ALS.
Furthermore, there are many challenges and opportunities associated with brain-computer interfaces, such as ethical concerns and the need for more research. With ongoing research and development, brain-computer interfaces appear to have a promising future.
Key Takeaways from this Market:
- By-product demand for the invasive BCI market is forecasted to expand at a CAGR of 13.4% by 2033.
- According to the research conducted by FMI, the United States is expected to reach a value of US$ 1.4 billion by the end of 2033.
- The South Korean market for brain computing interfaces is expected to grow at a CAGR of 13.3% from 2023 to 2033.
- According to industry reports, China’s brain computing interface sector will reach US$ 1.7 billion by 2033.
- According to the forecast period, the market for brain computing interfaces in Japan is projected to grow at a CAGR of 13.6%.
- According to industry forecasts, the healthcare segment will dominate the brain computing interface market by 2033 with a CAGR of 13.1%.
- Brain computing interfaces will be dominated by the United Kingdom by 2033 at a CAGR of 13.3%.
BCI Manufacturing: How are Key Players Transforming it?
Industry participants, to gain a competitive edge over their competitors, also fund research and development projects. Market players face several challenges, including rising costs and a highly competitive environment, as well as little awareness of brain computing interfaces. Businesses are conducting marketing campaigns to raise consumer awareness of brain computing interfaces that are low-cost and highly effective.
Recent Developments:
- In February 2023, Synechron employees are working on technology designed to improve the lives of people living with paralysis in a Brooklyn lab equipped with 3D printers and pickleball courts. With only their minds, patients can operate technology through a system implanted in their blood vessels.
- In June 2023, Unicon, the leading developer of the hardware-agnostic operating system eLux, announced the appointment of Gregori Martnez to the position of OEM Partner & Sales Asia Pacific and Mads Skalbo to the position of Chief Revenue Officer. Unicon’s key acquisitions position the company to continue its growth and international expansion.
