The brain-computer interface is an active sector now with loads of experiments. Although critical features like brain implants are still in their early years, the coming years are expected to witness massive changes.
Considering the size, the BCI market was worth about USD 1,435.15 million by 2021. By 2027, the total worth of the market is expected to be around USD 3,136.87 million. Therefore, the expected CAGR is 14.58 during the forecast period (2022 to 2027).
The lockdown during the pandemic had a tremendous influence on the sector as it disrupted the supply chain and manufacturing activities. However, the pandemic has fuelled the deployment of innovative technologies, and end-users have become more reliant on them. Besides, BCI technology is now significant in providing elderly care to patients with physical disabilities. The technology has proven to be extremely capable of enhancing the cognitive and motor skills of the elderly. Besides, it is a promising tool in rehabilitation medicine, established especially during the days when the pandemic was at its peak.
Furthermore, the BCI market is expected to show tremendous growth due to the notable increase in neurodegenerative disorders. In addition, the rise in R and D concerning BCI technology is another factor expected to promote the growth and development of the market. Also the other noteworthy aspect is technological advancement, including the miniaturization of devices.
The increase in neurodegenerative diseases in the U.S is significant for the sector in the current and coming years. The 2020-based information from the Parkinson’s foundation says that around 9, 30,000 people in the U.S are expected to be suffering from the disease. The number is expected to increase further, and as per available data, the predicted number will be 1.2 million by 2030.