The brain computer interface market represents an array of technologies which can decode neural signals – or, in other words, read minds.
By Dr Tess Skyrme, senior technology analyst at IDTechEx
Electrodes or sensors can be placed either on the surface of the head, within the skull, or even within the brain itself to record brain activity. This data can then be used for cursor and keyboard control, speech decoding, and even exo-skeletons.
This technology has the potential to revolutionise the quality of life for people living with spinal cord injury, quadriplegia, and other motor and speech function impairments.
IDTechEx predicts in its latest report, “Brain Computer Interfaces 2025-2045: Technologies, Players, Forecasts”, that there will be evolving opportunities for both non-invasive and invasive technologies across the next 20 years, with the overall brain computer interface market forecasted to grow to over $1,6-billion by 2045.
Non-invasive technology approaches include electroencephalography (EEG), functional near infrared spectroscopy (fNIRS), and now even wearable magnetoencephalography (MEG).
While non-invasive devices have an established market for brain monitoring, their potential for brain computer interfacing is yet to be fully realized.
However, as the technology continues to improve, so do data processing techniques. This is complemented by an increased consumer acceptance of head-worn wearables such as hearables and AR/VR headsets.
IDTechEx expects the scale of market opportunity will largely be dictated by the success of other human machine interfacing (HMI) approaches emerging for the next generation of consumer devices. This includes competition from approaches such as electromyography (EMG), eye tracking, and hand tracking.
However, with more and more demonstrations of non-invasive BCIs being used for ‘mind-controlled’ gaming, wheelchair control, and speech decoding, this sector is putting pressure on the less accessible invasive sector to perform.
The hype around invasive brain computer interfaces remains high.
High-profile companies such as Neuralink and Blackrock Neurotech have gained more public attention as trials in human patients begin and funding levels dramatically increase.
Yet more players are seeking to enter this market than many realize, competing on levels of invasiveness, biocompatibility, system complexity, and time to market.
Collectively, this eco-system is making big promises about the revolutionary potential of their technology in becoming assistive tools that can rapidly improve patient quality of life.
Behind the headlines, there are big challenges ahead for this sector, and the pressure to demonstrate the rewards outweighing the risks is mounting.
The IDTechEx report analyses the major technologies, players, applications, and challenges within the market. It includes coverage across non-invasive and invasive technologies, comparisons across key technical benchmarks, and market forecasts from 2025 to 2045.