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Wearable Technology Insights
Posted on August 19, 2024 by  & 

Brain Computer Interfaces and The Market For Mind Reading

The brain computer interface market represents an array of technologies which can decode neural signals, or in other words, read minds. 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 revolutionize the quality of life for people living with spinal cord injury, quadriplegia, and other motor and speech function impairments. IDTechEx predicts in their 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 twenty years, with the overall brain computer interface market forecasted to grow to over US$1.6bn by 2045.
 
An overview of the major non-invasive and invasive methods of brain-computer interfacing. Source: IDTechEx
 
Non-invasive technology - the next generation of consumer HMI?
 
 
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. Yet, 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.
Invasive technology - big names, big promises, big challenges
 
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. Yet behind the headlines, there are big challenges ahead for this sector, and the pressure to demonstrate the rewards outweighing the risks is mounting.
 
 
The brain computer interface market. Source: IDTechEx
 
Market outlook
 
IDTechEx's latest report, "Brain Computer Interfaces 2025-2045: Technologies, Players, Forecasts", 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. There is also detailed coverage of supply chain innovations impacting this market, including coverage of wearable sensors such as dry-electrodes, photo-detectors, and magnetic field sensors, including quantum sensors.
 
To find out more about the new IDTechEx report "Brain Computer Interfaces 2025-2045: Technologies, Players, Forecasts", including downloadable sample pages, please see www.IDTechEx.com/BCI.
 
For the full portfolio of sensors market research available from IDTechEx, please visit www.IDTechEx.com/Research/Sensors.

Upcoming free-to-attend webinar

BCI: Are Consumers Ready for Mind-Reading Technology?
 
 
Dr Tess Skyrme, Senior Technology Analyst at IDTechEx and author of this article, will be presenting a free-to-attend webinar on this topic on Thursday 19 September 2024 - BCI: Are Consumers Ready for Mind-Reading Technology?
 
This webinar will cover:
  • Introduction to brain computer interfacing (BCI)
  • The need for better assistive technology solutions
  • The wider competition for next generation human machine interfaces (HMIs)
  • Conclusions and outlook for invasive vs. non-invasive approaches
 
We will be holding exactly the same webinar three times in one day. Please register for the session that is most convenient for you.
 
Click here to check the timings and register for your specific time zone.
 
If you are unable to make the date, please register anyway to receive the links to the on-demand recording (available for a limited time) and webinar slides as soon as they are available.

About IDTechEx

IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact research@IDTechEx.com or visit www.IDTechEx.com.
 

Authored By:

Senior Technology Analyst

Posted on: August 19, 2024

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