The brain-computer interface (BCI) is a new technology that allows direct communication between the brain and an external device without going through the normal neuromuscular pathways. It can be used to detect and diagnose various brain disorders such as epilepsy and brain tumors, as well as restore impaired motor functions.
Over the projected period, the worldwide brain-computer interface market is predicted to develop owing to an increase in the frequency of brain illnesses, brain tumors, and disability caused by stroke. According to Epilepsy Action Australia estimates from 2017, about 50 million individuals worldwide have epilepsy, with around 80% of them residing in emerging economies.
In 2021, the worldwide brain-computer interface market is predicted to be worth US$ 773.0 million, with a CAGR of 11.4 percent during the forecast period (2021-2028).
Market companies are focused on different growth tactics such as investments and financing to accelerate research in the field of brain-computer interface, which is projected to increase market growth during the forecast period.
For example, in December 2020, researchers from the University of Cambridge's Bioelectronics Laboratory received funding from the European Innovation Council (EIC) for their project MITICS – Mixed Ionic and Electronic Transport in Conjugated Polymers for Bioelectronics, which is being carried out to improve the signal quality of a new generation of less-invasive brain-computer interfaces (BCIs). Another key aspect that is predicted to fuel market expansion is the rising occurrence of brain tumors. According to the National Brain Tumor Society, a non-profit organization in the United States, approximately 84,170 cases of primary brain tumor are expected to be diagnosed in the United States in 2021, with approximately 59,040 tumors estimated to be benign (non-malignant), and 25,130 tumors estimated to be malignant.