Neurotechnology Boom: Brain-Computer Interface Market Forecast to Double by 2029

"Brain-Computer Interfaces (BCIs) are revolutionizing industries like healthcare, gaming, and education by enabling thought-controlled devices, opening up new business opportunities and advancing us toward a mind-powered future."

BOSTON, Jan. 14, 2025 /PRNewswire/ -- According to the latest study, the demand for Brain-Computer Interface: Global Markets was valued at $2.1 billion in 2023. The market is expected to grow from $2.3 billion in 2024 to $4.5 billion by the end of 2029 at a compound annual growth rate (CAGR) of 14.2% from 2024 through 2029.

This report analyzes global Brain-Computer Interface (BCI) market trends, using 2023 as a baseline to forecast market value from 2024 to 2029. It includes revenue projections by component, technology, type, application, and region, while focusing on emerging technologies and the leading companies shaping the market during the forecast period.

Interesting facts:

Recent advances in technology are making it easier to combine different brain-computer interface (BCI) methods, such as fNIRS and EEG, for better results in motor rehabilitation. These improvements, along with deep learning, aim to help people with severe disabilities interact with their environment and support their recovery through assistive devices in any setting.

Factors contributing to the growth of the market include:

1. AI and BCI product development: AI and BCI product development focuses on creating products that merge artificial intelligence with brain-computer interfaces, allowing the brain to control digital devices using only thoughts. This technology aims to help people perform tasks or control devices through their brain signals.
2. Growing prevalence of neurodegenerative disorders: The growing prevalence of neurodegenerative disorders means that more people are being diagnosed with brain diseases like Alzheimer's, Parkinson's and ALS, which progressively damage brain cells and affect memory, movement and thinking abilities. These conditions are becoming increasingly common worldwide.
3. Increasing support from government agencies and associations: Increasing support from government agencies and organizations means that more funding, resources, and programs are being provided to boost fields such as healthcare and technology. This support includes grants, research funding, and initiatives to accelerate progress and innovation.
4. Increase in funding from venture capitalists and private entities: Investors and private companies are putting more money into certain projects or businesses. These investments help startups and companies grow, develop new products, and bring innovative ideas to market faster.

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Report Synopsis

This report addresses the following key questions:

1. What is the projected size and growth rate of the market?
   The market is projected to reach $4.5 billion by the end of 2029, growing at a CAGR of 14.2%.
2. What are the key factors driving the growth of the market?
   These Include an increase in fundings, technological advances in AI and components such as sensors, electrodes used in developing BCI, and the integration of AR and VR.
3. What market segments are covered in the report?
   The Brain-Computer Interface global market is segmented based on component, technology, type, application, and region.
4. Which type will dominate the market in 2029?
   By type, non-invasive BCI is expected to dominate the market in 2029.
5. Which region has the largest market share?
   The Americas region holds the largest share of the market.

Leading companies in the market include:

• Blackrock Neurotech
• Advanced Brain Monitoring Inc.
• Ant Neuro
• Bitbrain Technologies
• Brain Products GmbH
• CGX LLC.
• Compumedics Ltd.
• Cortech Solutions Inc.
• Emotiv
• G.Tec Medical Engineering GmbH Austria
• Kernel
• Mindmaze
• Neuralink
• Neuroelectrics
• Neurosky
• NIRX Medical Technologies LLC.
• Paradromics
• Precision Neuroscience Corp.
• Ripple Neuro     
• Synchron

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