Neurotechnology Brain Computer Interface Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 0.53 Million |
| Market Size (2029) | USD 0.9 Million |
| CAGR (2024 - 2029) | 10.99 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Neurotechnology Brain Computer Interface Market Analysis
The Neurotechnology Brain Computer Interface Market size is estimated at USD 0.53 million in 2024, and is expected to reach USD 0.9 million by 2029, at a CAGR of 10.99% during the forecast period (2024-2029).
Key factors driving the market's expansion include the increasing prevalence of neurological disorders and rising investments in research and development.
The global rise in neurological disorders, driven by aging populations, lifestyle changes, and advancements in diagnostics, is becoming a significant concern and is substantially fueling the growth of the neurotechnology brain-computer interface (BCI) market. For instance, a report published by Parkinson’s Australia in September 2024 highlighted that over 150,000 Australians are living with Parkinson's disease, with 50 new diagnoses occurring daily. Additionally, more than 1,100 Australians under the age of 65 are diagnosed with young-onset Parkinson's each year. BCIs are poised to transform the diagnosis, treatment, and rehabilitation of such conditions, thereby significantly contributing to the growth of the neurotechnology brain-computer interface market.
Similarly, a report published by the World Health Organization in February 2024 noted that approximately 5 million individuals are diagnosed with epilepsy worldwide each year. Thus, the rising prevalence of neurological conditions such as Parkinson's disease and epilepsy is driving the demand for advanced diagnostic and therapeutic solutions, thereby propelling the growth of the neurotechnology brain-computer interface market by enabling more effective management and rehabilitation of these disorders.
Furthermore, new growth strategies adopted by key players are also expected to boost the growth of the neurotechnology brain-computer interface market. Major players in the market are working on introducing growth strategies to develop innovative solutions. For instance, in August 2023, Neuralink secured USD 280 million in Series D funding, supporting its ongoing development of brain-computer interface (BCI) technology. The company focuses on creating an implantable device, the N1, and a specialized robot for precise implantation. This funding signals significant investor confidence in the neurotechnology BCI market, further driving advancements in neural implant technologies and their integration into medical applications.
Moreover, in January 2023, Precision Neuroscience Corporation secured USD 41 million in Series B funding, bringing its total funding to USD 53 million. The round was led by Forepont Capital Partners, with participation from several notable investors, including Alumni Ventures, Draper Associates, and Mubadala Capital. This significant investment highlights the growing interest in neurotechnology, driving innovation and competition in the brain-computer interface market.
Therefore, the increasing prevalence of neurological diseases and rising investments in research and development drive advancements in brain-computer interface technologies, fostering innovative solutions that transform diagnosis, treatment, and rehabilitation, fueling market growth.
However, the high cost of brain-computer interface systems is expected to restrain the growth of the neurotechnology brain-computer interface market.
Neurotechnology Brain Computer Interface Market Trends
The Electroencephalography Segment is Expected to Witness Significant Growth Over the Forecast Period
Electroencephalography (EEG) noninvasively records the brain's electrical activity. Traditionally, it has been utilized in clinical settings to diagnose and monitor neurological conditions. However, with technological advancements and broader application areas, EEG is increasingly being adopted in the neurotechnology brain-computer interface (BCI) market.
Technological advancements are driving the rapid expansion of the EEG segment. Enhancements in EEG hardware, particularly the development of portable, comfortable, and cost-effective devices, have increased the technology's accessibility for both researchers and consumers. For instance, in July 2023, Neurotechnology introduced its BrainAccess HALO headband in Lithuania. This electroencephalography (EEG) solution, designed for portable brain-computer interface (BCI) applications, integrates dry-contact electrodes, adjustable headwear, and Bluetooth connectivity into a single semi-flexible design, representing a significant advancement in the electroencephalography domain.
Additionally, according to a report published in Neurology Journal in April 2022 highlighted that advancements in electroencephalography (EEG) technology, such as refined signal processing algorithms and superior sensor designs, enable more accurate detection of brain activity. These innovations facilitate the development of brain-computer interfaces (BCIs) that can seamlessly convert neural signals into actionable commands, enhancing user interaction and rehabilitation outcomes. Consequently, the integration of these advanced EEG technologies into neurotechnology applications is expected to significantly drive segment growth by expanding the functionality and accessibility of BCIs for individuals with neurological conditions.
Furthermore, increasing technological investments are expected to boost the segment's growth. For example, in April 2023, Seiko Epson Corporation, along with its subsidiary Epson X Investment Corporation, made a strategic investment in the startup Neurable, Inc. through their joint fund, EP-GB Investment Limited Partnership. This investment highlights the growing interest in electroencephalography (EEG) technology within the neurotechnology brain-computer interface market, particularly as BCI applications expand beyond medical treatment and rehabilitation to include innovative consumer and industrial uses.
In conclusion, owing to major factors such as rising investments in EEG and new product launches, the electroencephalography segment is expected to grow at a significant rate.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is projected to experience substantial growth in the neurotechnology brain-computer interface market during the forecast period. This anticipated expansion is primarily attributed to the well-established healthcare technology sector in the United States and Canada, along with the region's high adoption rate of brain-computer interface services.
The increasing prevalence of neurological disorders in the United States further drives this market growth. For instance, a report published by Spinal Cord, Inc. in May 2023 indicated that approximately 302,000 individuals in the United States are currently living with traumatic spinal cord injuries, with about 18,000 new cases occurring annually. This rising incidence highlights the growing demand for innovative solutions within the neurotechnology brain-computer interface market.
Similarly, a report published by the Government of Canada in May 2024 revealed that epilepsy affects individuals across all age groups in Canada. Specifically, 13% of those living with the condition are children and youth aged 1 to 19 years, 63% are adults aged 20 to 64 years, and 24% are older adults aged 65 and older. This diverse demographic underscores the widespread impact of epilepsy on the population, suggesting that the varying needs of these age groups will drive advancements in the neurotechnology brain-computer interface market in Canada.
The neurotechnology brain-computer interface market is poised for significant growth, driven by the increasing focus of key players in the region. For example, in November 2022, Blackrock Neurotech launched its advanced neural interface, Neuralace, which features ultra-high channel counts and flexible electrodes. This launch demonstrated the innovative technology that will propel the company's future brain-computer interfaces (BCIs). Such developments reflect significant advancements in neurotechnology, underscoring the market's growth potential.
In conclusion, considering the aforementioned factors, such as the rising prevalence of neurological disorders and the strategic activities of companies, the neurotechnology brain-computer interface market in North America is expected to grow robustly during the forecast period.
Neurotechnology Brain Computer Interface Industry Overview
The neurotechnology brain computer interface market is competitive and consists of several major players. In terms of market share, some significant players currently dominate the market. With technological advancements and quality service provisions, mid-size to smaller companies are increasing their market presence by introducing new products. Some of the key players in the market are NeuroSky, Inc., EMOTIV, Inc., Ant Neuro, g.tec medical engineering GmbH, and Neurable Inc., among others.
Neurotechnology Brain Computer Interface Market Leaders
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NeuroSky, Inc.
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EMOTIV, Inc.
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Ant Neuro
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g.tec Medical Engineering GmbH
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Neurable Inc.
*Disclaimer: Major Players sorted in no particular order
Neurotechnology Brain Computer Interface Market News
- September 2024: Neurable Inc. formed a partnership with the premium audio brand Master & Dynamic to launch the MW75 Neuro. These state-of-the-art smart headphones incorporate Neurable’s brain-computer interface (BCI) technology, allowing users to derive valuable insights. This introduction represents the first consumer-grade devices to feature integrated BCI technology.
- September 2024: INBRAIN Neuroelectronics, a key player in brain-computer interface therapeutics (BCI-Tx) utilizing graphene-based neural technologies, has successfully completed one of the initial human procedures involving its cortical interface. This procedure was performed on a patient undergoing brain tumor resection. The BCI technology demonstrated its ability to precisely differentiate between healthy and cancerous brain tissue at the micrometer scale.
Neurotechnology Brain Computer Interface Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Prevalence of Neurological Diseases
4.2.2 Rising Investment in Research and Development Initiatives
4.3 Market Restraints
4.3.1 High Cost of Brain-Computer Interface Systems
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (in USD)
5.1 By Product
5.1.1 Hardware
5.1.2 Software
5.2 By Technology
5.2.1 Electroencephalography (EEG)
5.2.2 Magnetoencephalography (MEG)
5.2.3 Electrocorticography (ECoG)
5.2.4 Functional Magnetic Resonance Imaging
5.2.5 Other Technologies
5.3 End- User
5.3.1 Hospitals and Clinics
5.3.2 Rehabilitation Centers
5.3.3 Other End Users
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle-East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Advanced Brain Monitoring, Inc.
6.1.2 Artinis Medical Systems
6.1.3 Brain Products GmbH
6.1.4 CorTec GmbH
6.1.5 EMOTIV, Inc.
6.1.6 g.tec medical engineering GmbH
6.1.7 Neurable Inc.
6.1.8 Neuromotion Group
6.1.9 NeuroSky, Inc.
6.1.10 OpenBCI
6.1.11 Ripple Neuro
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Neurotechnology Brain Computer Interface Industry Segmentation
As per the scope of this report, neurotechnology brain-computer interface (BCI) refers to systems that enable direct communication between the brain and external devices by interpreting neural signals. These interfaces are used to assist, augment, or repair sensory and motor functions and facilitate interaction with technology.
The neurotechnology brain-computer interface market is segmented by product, technology, end-user, and geography. The product segment is further bifurcated into hardware and software. The technology segment is further segmented into electroencephalography, magnetoencephalography, electrocorticography, functional magnetic resonance imaging, and other technologies. Other technologies include near-infrared spectroscopy and transcranial magnetic stimulation, among other technologies. The end user segment is further divided into hospitals and clinics, rehabilitation centers, and others. The other end users include research institutions and academic centers, among others. The geography segment is divided into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value in USD for the above segments.
| By Product | |
| Hardware | |
| Software |
| By Technology | |
| Electroencephalography (EEG) | |
| Magnetoencephalography (MEG) | |
| Electrocorticography (ECoG) | |
| Functional Magnetic Resonance Imaging | |
| Other Technologies |
| End- User | |
| Hospitals and Clinics | |
| Rehabilitation Centers | |
| Other End Users |
| Geography | ||||||||
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Neurotechnology Brain Computer Interface Market Research FAQs
How big is the Neurotechnology Brain Computer Interface Market?
The Neurotechnology Brain Computer Interface Market size is expected to reach USD 0.53 million in 2024 and grow at a CAGR of 10.99% to reach USD 0.9 million by 2029.
What is the current Neurotechnology Brain Computer Interface Market size?
In 2024, the Neurotechnology Brain Computer Interface Market size is expected to reach USD 0.53 million.
Who are the key players in Neurotechnology Brain Computer Interface Market?
NeuroSky, Inc., EMOTIV, Inc., Ant Neuro, g.tec Medical Engineering GmbH and Neurable Inc. are the major companies operating in the Neurotechnology Brain Computer Interface Market.
Which is the fastest growing region in Neurotechnology Brain Computer Interface Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Neurotechnology Brain Computer Interface Market?
In 2024, the North America accounts for the largest market share in Neurotechnology Brain Computer Interface Market.
What years does this Neurotechnology Brain Computer Interface Market cover, and what was the market size in 2023?
In 2023, the Neurotechnology Brain Computer Interface Market size was estimated at USD 0.47 million. The report covers the Neurotechnology Brain Computer Interface Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Neurotechnology Brain Computer Interface Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Neurotechnology Brain Computer Interface Industry Report
Statistics for the 2024 Neurotechnology Brain Computer Interface market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Neurotechnology Brain Computer Interface analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
