Brain-Computer Interface (BCI) is used to track and diagnose neurological problems by examining the structure and operation of the brain. This technique uses various brain imaging tools to track the brain's functioning, including magnetoencephalography, intracranial pressure sensors, and electroencephalography. These techniques also aid in mapping brain electrical activity and neuronal activity. Instruments for electroencephalography are currently in greater demand among medical practitioners.
The market for brain-computer interfaces, valued at USD 6,150 million in 2019, is projected to expand at a CAGR of 6.3% from 2019 to 2024. The demand for brain monitoring devices is driven by the rising incidence of neurological conditions such as epilepsy, dementia, stroke, Parkinson's disease, and Alzheimer's. The WHO estimates that over 50 million individuals worldwide were living with dementia as of September 2019 and that roughly 10 million new cases are reported annually. Additionally, it is anticipated to rise by up to 75.00 million by 2030.
The market will benefit significantly from introducing wireless brain sensors in the upcoming years. The implantation of sensors in the brain and safety issues related to their use has raised questions. Such differences, however, have been firmly resolved by recent developments. In 2016, scientists created a biocompatible brain implant that can fully monitor brain injuries. The device can also wholly dissolve into the soft tissue after finishing the necessity.
These sensors are created from environmentally friendly natural materials that are fully biodegradable and biocompatible. They are made to function for a shorter period before dissolving entirely into the cerebrospinal fluid when submerged, which takes around a day. Because of their safety concerns, no inflammations were found during the device's comprehensive biocompatibility testing on animals. Neuralink reported efficacious wireless sensor implantation on pigs in 2020. The goal was to develop wireless brain-computer interfaces for various neurological diseases.
An expanding number of gaming businesses are using brain-computer interface technologies to make video games more engaging and exciting. For instance, Emotiv, Inc. has created video games using Neurogaming, a non-invasive BCI approach that analyzes the user's mood and modifies the visuals, music, and sound effects accordingly. Neurogaming is known as video games that use non-invasive BCI technology and do away with conventional controllers. Such BCl tactics boost commercial organizations' capacity to generate income while improving the user's overall gaming experience. Additionally, BCI technology is increasingly used in mobile and virtual gaming industries by incorporating BCI inside virtual reality (VR) headsets. Additionally, it provides various options for mind-controlled devices, which will further fuel the expansion of the market for brain-computer interfaces throughout the projected period.
TBIs are brought on by trauma to the head and may result in permanent or temporary brain damage. TBIs can be significantly caused by sports-related crashes, bullet wounds, domestic abuse, and traffic accidents. TBI is a serious public health concern as one of the main causes of mortality and morbidity worldwide. The CDC reported in 2020 that approximately 1.5 million Americans receive treatment each year for TBI.
Between 2000 and late 2019, U.S. service personnel reported over 414,000 TBIs, according to the Defense and Veterans Brain Injury Center (DVBIC). Each month, around 1,600 TBIs affect U.S. service members on average. As a result, the rise in TBIs is anticipated to spur market expansion in the brain-computer interface space throughout the forecast period due to an increase in sports-related incidents, traffic accidents, and explosive blasts.
When electroencephalography (EEG) devices capture brain neurons fire, the scalp's electrical activity, and the tool aid in assessing brain activity's electrical composition, the signals are recorded, digitalized, and amplified before being transmitted to a smartphone or computer for data processing and retrieval. People can also make the most of their health and productivity by using this system to track their emotions and mood. Since epileptic activity can manifest as anomalies on a conventional EEG scan, epilepsy represents the primary diagnostic use of EEG in neurology. EEG is also used to diagnose brain death, encephalopathy, and coma.
Masimo recently received FDA approval for the next-generation SedLine brain function monitoring system. Through the bilateral capture and processing of four leads of electroencephalogram (EEG) information, SedLineaids clinicians keep track of the brain's anesthetic state. In addition, Nihon Kohden debuted the airing WEE-1200 electroencephalogram (EEG) system in March 2018; it is a wireless electroencephalogram (EEG) system that offers real-time data during routine EEG, intensive care, and long-term epilepsy monitoring.
Numerous technological advancements in human-machine sensing and the usage of BCI technology in communication and control, entertainment, gaming, and healthcare are some of the key drivers propelling the BCI market. Market growth is anticipated due to intensive research to find a treatment for deadly brain injuries and illnesses. Threats to cyber security and the ethical issue that arose throughout the research are expected to limit market expansion. Contrarily, during the analysis period, the global BCI market will have good growth possibilities due to the integration of Al with BCI and the increase in BCI demand from SMEs.
The pandemic-induced economic downturn has compelled numerous businesses worldwide to drastically and quickly change how they conduct business. The COVID-19-induced recession is having a significant impact on industries all around the world. However, the technology industry was less affected than the rest of the economy. More developments have promoted the spread of modern technology, like artificial intelligence and the Internet of Things.
As a way to reduce human contact between devices and provide revenue streams for service providers thanks to technological characteristics, brain-computer interface market trends are noticing increased popularity and attention from researchers in industry and academia. Because there was less human-to-machine communication during the COVID-19 pandemic, organizations that had already implemented brain-computer interfaces were better prepared to meet commercial demands brought on by developments in the healthcare sector. Organizations can manage the ongoing pandemic and maintain profitable operations using a brain-computer interface.
Because neurological illnesses are becoming more common, the United States now dominates the market for brain monitoring in North America, and this dominance is anticipated to last for a few more years. The U.S. National Institute for Mental Health (NIMH) estimates that one in every four Americans has a diagnosable mental illness at any given time and that around 6% of Americans have severe disabilities. According to the same source, the annual cost of severe mental illness in the United States is estimated to be around USD 317 billion. In the United States, around 70,000 people experience a stroke each year, 23.0% resulting in death or permanent disability.
Additionally, there has been a marked increase in traffic accidents, increasing the demand for brain monitoring devices. According to the Association for Safe International Road Travel (ASIRT), 4.40 million Americans suffer injuries or disabilities from traffic accidents each year, killing more than 38,000 individuals.
Additionally, factors like increased government spending and rapid technological advancements impact the US industry's expansion (including the production of mobile EEG machines, real-time tracking, and alerts). According to Center for Medicare and Medicaid Programs (CMS), healthcare spending in the United States would rise by an average of 5.5% each year between 2018 and 2027, totaling an estimated USD 6.0 trillion.
During the forecast period, a considerable growth rate is anticipated for the Asia-Pacific brain monitoring market. The presence of a sizable target population and a high level of unmet demand for minimally invasive procedures is anticipated to create significant growth prospects for the leading players operating in the market. Additionally, a rise in clinical trials, substantial R&D spending by international industry players, and low-cost facilities significantly impact the market.
According to data from India's Ministry of Road Transport and Highways, 494,623 people were hurt in traffic accidents in 2016. The number of people injured in the automobile accidents increased by 25.61% from 2007 to 2017. In terms of the number of road accidents in 2016, the top four states were Uttar Pradesh (25,097), Tamil Nadu (82,162), Maharashtra (35,885), and Karnataka (54,557). The market for brain monitoring is anticipated to be driven throughout the forecast period by rising traffic accidents and fall rates.
A human might be able to directly control a digital device with their head for the first time in August 2022. In a human patient for the first time in the United States two weeks ago, a brain-computer interface (BCI) from endovascular BCI company Synchron was implanted. The treatment was carried out two weeks ago at the Mount Sinai West medical facility in New York.
This technique was a component of Synchron's COMMAND trial, which the business is carrying out with the aid of a first investigational device exemption (IDE) granted by the US FDA. The motor BCI technology platform of the company will be tested in the COMMAND research on patients with severe paralysis to determine its efficacy and safety. The idea is to enable patients to operate digital gadgets hands-free. Advanced Brain Monitoring Inc. approved the clinical studies for Stat X-Series mobile EEG equipment in December 2019. For on-call and portable EEG, the gadget offers healthcare professionals quick, affordable alternatives.
Because there are so many different manufacturers, both large and small, producing items, there is a great deal of competition among the many firms. To secure the largest possible portion of the market's revenue, the major players in this industry are placing an increased emphasis on forming strategic partnerships. These partnerships can form mergers and acquisitions, introduce new products, partnerships with other businesses, or collaborations between businesses.
The partnership between Ripple Neuro and Brain Electrophysiology Laboratory Company, LLC was officially announced in June 2020. The cooperation was anticipated to allow for the smooth integration of Ripple Neuromed's Quest & Nomad neurophysiology research platform with BEL's Geodesic Head Web HD-EEG sensor technology.
In May 2020, the firm partnered with CGX to deliver the CGX Quick System, a dry electrode, high-grade, and wearable headset. As a result, expanding the range of available products. The companies Natus Medical Incorporated, Medtronic, and Compumedics Neuroscan, amongst others, are recognized as some of the most influential participants in the global market for brain-computer interfaces.