Brain Computer Interface Market Size, Share & Trends Analysis Report By Application (Healthcare, Communication & Control), By Product (Invasive, Non-invasive), By End Use (Medical, Military), And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the brain computer interface market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for brain computer interface market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of brain computer interface market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Brain Computer Interface Market Categorization:

The brain computer interface market was categorized into four segments, namely product (Invasive BCI, Partially Invasive BCI, Non-invasive BCI), application (Healthcare, Disabilities Restoration, Brain Function Repair, Smart Home Control, Communication & Control, Entertainment & Gaming), end-user (Medical, Military), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The brain computer interface market was segmented into product, application, end-user, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The brain computer interface market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S., Canada, the UK, Germany, France, Italy, Spain, Norway, Denmark, Sweden, Japan, China, India, South Korea, Thailand, Australia, Mexico, Brazil, Argentina, South Africa, Saudi Arabia, UAE, Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Brain computer interface market companies & financials:

The brain computer interface market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Natus Medical Inc. - Natus Medical Incorporated is a public sector enterprise that manufactures medical devices & software for neurological dysfunction, mobility disorders, epilepsy, hearing & balance disorders, sleep issues, and neonatal care markets. The company manufactures neonate and infant care products to diagnose and treat brain injury & jaundice. The company’s systems also help detect neurological conditions, such as epilepsy, balance issues, and sleep disorders.

• g.tec medical engineering GmbH - g.tec medical engineering GmbH develops hardware and software for BCI systems, including P300, slow cortico potentials, SSVEP, and motor imagery. It sells BCI systems in more than 60 countries worldwide. Its products are used globally for research purposes, including brain analysis, muscle or heart activity analysis, brain assessment for disorders & injuries, neuromarketing, motor rehabilitation after stroke, brain mapping, deep brain stimulation, communication, neuroprosthesis control, and BCI experimentation. The company has branches in Spain, the U.S., and Hong Kong.

• OpenBCI - OpenBCI, or open-source brain-computer interface, manufactures open-source tools for neuroscience. The company focuses on creating high-quality, low-cost, and compatible biosensing hardware for BCI. Its hardware offerings include recording and high-resolution imaging of EEG, ECG, & EMG signals. End-users include researchers, hobbyists, and developers. The company’s BCI has been utilized in over 60 countries worldwide to map brain activity and power machines.

• Medtronic - Medtronic applies biomedical engineering for research, design, manufacture, and sale of products indicated for alleviating pain, restoring health, & extending life. The company serves patients, clinicians, physicians, and hospitals in over 140 countries. Its medical therapies help treat cardiovascular diseases, diabetes, and neurological & musculoskeletal conditions. The company functions in three operating segments: cardiac & vascular, restorative therapies, and diabetes. Covidien was acquired by Medtronic in 2015.

• Compumedics Ltd. - Compumedics Ltd. is a medical device producer that focuses on delivering technological and innovative standards in monitoring products for improving healthcare. It is involved in the manufacture, development, & commercialization of diagnostics technology for applications in brain analysis, sleep pattern monitoring, & ultrasonic blood-flow monitoring. It acquired the U.S.-based Neuroscan in 2002 & Germany-based DWL Elektronische GmbH in 2004. It has a broad global reach that includes Asia Pacific, the Americas, Europe, and the Middle East.

• Interactive Productline - Interactive Productline was established in 2002 in Stockholm. The company manufactures game sets and games for children & adults. The product, Mindball, is delivered to over 250 companies and Science Centers worldwide. It is also rented to a number of events. Interactive Productline has a diverse customer base, from science centers and PR firms to military academies.

• Integra Lifesciences Corp. - Integra Lifesciences Corp. is a medical technology firm offering dermal regeneration, specialty, metal implants, orthobiologics, nerve & tendon repair, and tissue-engineered wound dressing products. The company primarily focuses on developing and marketing medical instruments & surgical implants. It provides healthcare solutions to nearly 130 countries through its distribution network and offices.

• Advanced Brain Monitoring, Inc. - Advanced Brain Monitoring, Inc. manufactures neurodiagnostic devices. The company caters to the needs of researchers and clinicians. Its cognitive state software and mobile EEG are applied in neuroscience research. Its key products are BCI and sleep medication. According to the company’s webpage, medical devices by Advanced Brain Monitoring have been used on over 1.5 million patients globally.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Brain Computer Interface Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2020, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Brain Computer Interface Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.