According to the statistics by the World Bank, the population aged 65 and above as a share of the total population around the globe touched 9.318% in the year 2020, up from 6.874% in the year 2000. Moreover, according to the statistical report titled “World Population Ageing 2019” published by the United Nations, stated that the number of persons aged 65 or over globally is expected to touch 1548.9 Million by the end of 2050, up from 702.9 Million in the year 2019, registering a growth of 120% during the period.
The elderly population around the globe is growing at a significant pace and with it is raising the concern for the different diseases that effects the population group. According to the World Health Organization (WHO), the most common conditions among the elderly population include cataracts, refractive errors, hearing loss, chronic obstructive pulmonary disease, diabetes, back & neck pain, and dementia among others. Most of these health diseases often result in numerous physical and mental complexities amongst the elderly, ultimately leading to poor quality of life.
In the geriatric population, brain-computer interfaces are used in training elderly people’s motor/cognitive abilities for preventing the aging effects, controlling home appliances, communicating with others during daily activities, controlling an exoskeleton to enhance the strength of the body’s joints, and other day-to-day tasks.
Brain-computer interfaces allow people to communicate with computers by thinking. Brain-computer interface (BCI) refers to a computer-based system that collects brain signals, analyses them, and converts them into commands that are sent to an output device to perform a desired activity.The interface enables a direct communication pathway between the brain and the object to be controlled. BCI make it possible for humans to control machines without the physical constraints or movement of the body directly.
The technology might benefit people with disabilities or illnesses who have trouble using computers or devices. The main goal of BCI is to replace or restore useful function to people disabled by neuromuscular disorders such as amyotrophic lateral sclerosis, cerebral palsy, stroke, or spinal cord injury. People who face physical or mental complexities, and are unable to perform their day-to-day actions on a daily basis, can use the interface to carry out their desired action.
As per estimates, every year, around the world, between 250,000 and 500,000 people suffer a spinal cord injury (SCI), and it is associated with lower rates of economic participation and carries a substantial societal burden. Similarly, annually, around 15 million people worldwide suffer a stroke and nearly 5 million die, and another 5 million are left permanently disabled, placing a burden on family and community. Amyotrophic lateral sclerosis (ALS) is a major neurodegenerative disease that affects nerve cells in the brain and spinal cord. The worldwide average incidence rate of ALS is estimated at about one in 50,000 people per year, which equates to about 5,760 to 6,400 new diagnoses per year.
The main types of brain-computer interfaces are invasive brain-computer interface, partially invasive brain-computer interface, non-invasive brain-computer interface, and other types.Invasive brain-computer interface (BCI) refers to a computer-based system in which electrodes are implanted directly onto the brain of the patient via surgery to collect brain signals, analyze them, and convert them into commands to form a communication channel with external devices.
Moreover, BCI systems’ mental state monitoring function has also helped predict and detect health issues such as abnormal brain structure (such as brain tumor), seizure disorder (such as epilepsy), sleep disorder (such as narcolepsy), and brain swelling (such as encephalitis).
Apart form healthcare, they can be employed in the fields of neuroergonomics and smart environments, neuromarketing, and advertising, education, games and entertainment, and security. Brain Machine Interface also allows for excellent collaboration between the Internet of Things and BMI technologies, resulting in smart environments such as smart homes, transportation, and workplaces.
Technological advancements are the key trend that is gaining popularity in the brain-computer interfaces market going forward.Major companies operating in the market are focused on product innovations to reinforce their position.
In April 2021, a device that uses a wireless EEG headset to help stroke patients regain arm and hand control became the first wearable BCI for rehabilitation to receive market authorization from the Food and Drug Administration. A number of other wearable and implanted BCIs for medical uses are currently in clinical trials.
For instance, in March 2022, NexStem, a US-based company operating in mind-controlled brain-computer interface (BCI) solutions, introduced a non-invasive NexStem headset and NexStem Wisdom software kit that uses machine learning algorithms in real-time and enables the system to make fast computations and calculations of EEG data using GPUs in its algorithms for accurate data interpretation. Non-invasive NexStem headset consists of 15-pin dry Electroencefalography (EEG) electrodes and 16-channel EEG sensors which are capable of capturing and delivering accurate EEG signals and also offer 6 hours of battery life it is WiFi and luetooth enabled.
Brain-Computer Interface Market
According to Precedence Research, the global brain computer interface market size is expected to hit around USD 9.31 billion by 2030 from valued at USD 2.79 billion in 2022 and growing at a CAGR of 16.26% from 2022 to 2030.
The brain-computer interface (BCI) market consists of sales of electroencephalogram (EEG)-based BCI, BCI based on electrocorticography (ECoG), intracranial electroencephalography (Ieeg), magnetoencephalography (MEG)-based BCI, functional magnetic resonance imaging (Fmri), functional near-infrared spectroscopy (Fnirs), convolutional neural network (CNN), and magnetic resonance imaging-CBI.
The increasing prevalence of chronic disorders such as Epilepsy disorders, Parkinson’s disorder, and Alzheimer’s disorder are the neurodegenerative disorders with increased demands from the customers for the brain computer interface which led to a rise in the market rate to a larger extent.
Another growth driver for the Brain-Computer Interfacing market is the growing global geriatric population. The growing geriatric population is expected to increase susceptibility to chronic conditions such as diabetes, cardiovascular disease, and sleep disorders, necessitating the use of BCI technology to promote a healthier lifestyle.
Continuous advances in computational and sensor technology are expected to drive the Brain-Computer Interfacing market. Furthermore, ongoing research to develop treatments for fatal conditions such as brain disorders and injuries, sleep disorders, and cerebrovascular diseases is expected to drive Brain-Computer Interfacing market growth. Moreover, clinical trials, research institutes, and government bodies have extended their assistance in the form of investments, funds, and grants, stimulating research activities to increase the use of Brain-Computer Interfaces. The use of Brain-Computer Interfaces is also expected to increase as the demand for biocompatible materials rises.
Additionally, virtual gaming has opened up new possibilities for mind-controlled headsets and gadgets, which is fueling adoption even further. Manufacturers are concentrating on the creation of BCI-enabled video games. Brain-Computer Interface systems are well suited for the precise and dependable control of smart home applications. To carry out various activities, home control systems use P300-based technology—an event-related potential component that aids in decision-making. These activities include opening and closing doors and windows, turning on and off lights, controlling the TV and music systems, and operating a video camera at the entrance.
Brain computer interface Market Challenges
Paralyzed patients can regain control and communication using BCI technology. There are, however, significant challenges associated with BCI on the market.
The first challenge is that most people can use no commercially available BCI system. The reason for this is the high cost of equipment and software required for BCI and the lack of trained personnel who can use it effectively. As a result of concerns over potential safety risks, many people are sceptical about its effectiveness.
The second challenge is the unreliability of BCI systems. Several factors can contribute to this, including user error or interference from other electromagnetic fields. There has also been evidence that BCI systems are susceptible to “false positives,” – where the system incorrectly identifies a signal as brain activity.
However, a lack of skilled technicians to handle these complex devices is a factor limiting the Brain-Computer Interfacing market growth. Moreover, personhood, stigma, autonomy, privacy, research ethics, safety, responsibility, and justice are some of the ethical issues that have arisen as a result of the implementation of BCI technologies that will further hinder the Brain-Computer Interfacing market growth.
Although BCI technology faces these challenges, it has the potential to improve cognitive abilities and disability-related symptoms. Paralyzed people have shown that BCI systems effectively restore communication and motor function.
The global brain computer interface (BCI) market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in North America registered the largest revenue of USD 648.41 Million in the year 2020 and is further expected to reach USD 1726.31 Million by the end of 2030. Moreover, the market in Europe is projected to garner the second-largest revenue of USD 1618.70 Million by the end of 2030, up from a revenue of USD 506.73 Million in the year 2020.
The global brain computer interface (BCI) market is segmented on the basis of application into medical, games & entertainment, smart home control, communication & control, military & defense, educational & self-regulation, and others. Amongst all these segments, the medical segment registered the largest revenue of USD 1014.39 Million in the year 2020 and is further projected to touch USD 3401.06 Million by the end of 2030. The segment is also anticipated to grow with the highest CAGR of 13.58% during the forecast period.
On the other hand, the games & entertainment segment is expected to garner the second-largest revenue of USD 399.07 Million by the end of 2030 and further grow with a CAGR of 12.26% during the forecast period. The medical segment is further sub-divided into detection & diagnosis, and rehabilitation & restoration. Amongst these segments, the detection & diagnosis segment is expected to garner the largest revenue by the end of 2030, and also grow with the highest CAGR of 15.07% during the forecast period.
The North American region dominates the Brain Computer Interface Market, followed by Europe. During the forecast period, Asia Pacific is expected to grow at the highest CAGR. Several factors contribute to the growth of the BCI market, such as increased demand for BCI technology owing to its numerous benefits, including improved communication, safety, and fatigue reduction.
Beyond governments, the private-sector neurotechnology industry is also picking up steam; 2021 is already a record year for funding of BCI projects. Estimates put the industry at US$10.7 billion globally in 2020, and it’s expected to reach US$26 billion by 2026. In the private sector, a number of companies are working to develop effective brain-machine interfaces for a wide range of uses.
Key Companies in the Brain-Computer Interface (BCI) Market Are NextMind SAS, Blackrock Neurotech, Advanced Brain Monitoring, Inc., NIHON KOHDEN CORPORATION, g.tec medical engineering GmbH, Natus Medical Incorporated, Cadwell Industries Inc., OpenBCI, Inc., Cortech Solutions, Inc., NeuroSky, Inc., EMOTIV, Inc., Integra LifeSciences Corporation, and other key market players.
In May 2022, Blackrock Neurotech, a US-based company operating in brain-computer interfaces acquired MindX for an undisclosed amount.Through this acquisition, Blackrock Neurotech aims to strengthen its product portfolio in neurocomputing technology to boost interaction between patients, their physical environments, and the digital world to offer increased quality of life and autonomy. MindX is a US-based company that provides advanced brain-computer interface products.
Elon Musk’s newest venture, Neuralink’s vision is to insert thousands of tiny threads into the neurons of your brain. The other ends of the threads are attached to chips, embedded under the skin on your head and wirelessly connected to a detachable Bluetooth ‘pod’ behind your ear, enabling you to control a phone or another device with your thoughts. The company has already successfully tested the technology in monkeys and aims to start testing it in humans.
Neuralink’s brain-machine interface could potentially help people with brain and spinal cord injuries who have lost the ability to move or sense, as Musk highlighted at the company’s livestreamed launch event. Even more ambitiously, Musk said his long-term goal is “to achieve a sort of symbiosis with [artificial intelligence].” He wants to build what he calls a digital superintelligence layer to complement the parts of the brain responsible for thinking and planning (the cerebral cortex) and for emotions and memory (the limbic system). In fact, he said, “you already have this layer.” It is your phone and your laptop. But you are limited by how quickly you can process what you see, and how quickly you can type a response. The answer, Musk says, is to increase the band-width of the brain-machine interface.
Neuralink is just one of the organizations developing cutting-edge neurotechnology, although others like teams at Carnegie Mellon, Rice University, and Battelle, are not proposing drilling through people’s skulls and inserting microscopic threads into their brains, opting instead for electromagnetics, light beams, and acoustic waves.
Neuralink, Elon Musk’s computer to brain interface firm, has released a video in March 2021 it claims shows a monkey playing the video game Pong with its mind. Its brain signals were sent wirelessly via an implanted device. The hope is that the interface could eventually allow people with neurological conditions to control phones or computers remotely.
One expert said the fact no wires were used represented “significant progress”, but more data was needed. The macaque monkey, named Pager, was first taught to play the video game with a joystick, and was rewarded with a fruit smoothie. During this process, the Neuralink device recorded the information about which neurons were firing to control which movements.
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