Global BCI (Brain-Computer Interfaces) in Paraplegia Market - 2024-2031

Overview

The global BCI (brain-computer interfaces) in paraplegia market reached US$ 238.5 million in 2023 and is expected to reach US$ 346.2 million by 2031, growing at a CAGR of 4.2% during the forecast period 2024-2031.

Brain-computer interfaces are the systems that enable direct communication between the brain and the external output. These BCI devices consist of sensors that measure the electrophysiology of neurons and relay the information to an external device such as a computer, robotic limb, or any other external system embedded with software that processes the brain signals. In short, brain-computer interfaces allow the users to control devices by thinking. At present, many of the neurotechnology firms are actively testing these devices to bring them to clinical use. For paraplegic patients, brain-computer interfaces will provide an opportunity to move, perform regular tasks, and improve their overall quality of life.

Market Dynamics: Drivers

Rising investments and R&D activities

BCI (brain-computer interface) devices for paraplegia patients are still under development. Several neurotech companies are striving to bring BCI devices to clinical use, and some of these companies have received approval from the regulatory bodies to test on human subjects. As the efforts continue to rise, the market is anticipated to grow with the highest growth rate.

For instance, in April 2021, IpsiHand became the first brain-computer interface product to be approved for clinical use by the U.S. Food and Drug Administration (FDA). IpsiHand developed by Neuroloutions, Inc. is indicated for rehabilitation of upper extremity chronic stroke patients. The device can be used in home and clinic settings.

Followed by IpsiHand approval in April, the USFDA has designated Blackrock Neurotech's MoveAgain Brain-Computer Interface System Receives as a Breakthrough Device for use in patients with moving disability. With this BCI system, the patient will be able to control a computer, mobile, and wheelchair.

Several such companies are actively conducting investigational studies for their BCI inventions. For instance, Neuralink the Elon Musk-run company implanted their propreitory BCI device in their first patient early this year. The PRIME study aimed to evaluate the safety and functionality of the device in patients with paralysis to control external devices with their thoughts.

These groundbreaking innovations are anticipated to revolutionize the therapy for paraplegia patients in the near future.

For instance,

Restraints

The market for BCI (brain-computer interfaces) in paraplegia is restrained by several factors such as the lack of sufficient approved products for clinical use, the high cost of approved products, high development costs, and technology ambiguity in the patient population.

Segment Analysis

The global BCI (brain-computer interfaces) in paraplegia market is segmented based on type, technology, application, and region.

Electroencephalograph (EEG) in the technology segment accounted for approximately 43.7% of the global BCI (brain-computer interfaces) in paraplegia market share

The current technology that is being widely adopted for brain-computer interface development is electroencephalography (EEG). This has become an integral technology for the BCI systems due to its non-invasive nature which collects the neural signals. Moreover, it offers a cost-effective solution for the developer and to the patient, without any devoid of accuracy.

At present, the major companies that are actively developing BCI systems are focusing on EEG technology. For instance, the FDA-approved BCI device IpsiHand, uses an EEG headset to record the brain signals and control the movement produced in devices attached to extremities. Moreover, the BCI system developed by Cognixion uses EEG as a major recording technology in their devices. The devices by EMOTIV, another leading developer in this neurotech industry are employing EEG technology. Hence, the market for this technology is anticipated to have a significant growth rate in the forecast period.

Geographical Analysis

North America is expected to dominate the market with a share of 49.5% in the global BCI (brain-computer interfaces) in paraplegia market.

The North American region is expected to dominate the market due to its well-advanced healthcare infrastructure, and higher investments by market players supported by regulatory bodies for innovations. Moreover, the approved BCI systems in the current market are only available in the region, especially in the United States. For instance, IpsiHand is currently available for U.S. citizens with moving disabilities on a prescription basis.

The Neuralink BCI system is currently being clinically evaluated in the U.S., which means, the the device if found successful, will be made available first to U.S. paraplegia patients.

In addition, as the prevalence of paralysis is higher in the U.S., the opportunity for market players to develop their innovation is also high in the region. For instance, according to a study conducted by the Christopher & Dana Reeve Foundation in 2022, approximately 17 people are suffering from some kind of stroke per 1000 population in the U.S. which makes a total prevalence of 5.78 million patients in 2023.

Hence considering all these factors, North America is expected to dominate the market and experience significant growth in the forecast period. The region also projects itself as a major hub for investments in this novel neurotech market.

Market Segmentation

By Type

• Invasive
• Minimally Invasive
• Non-Invasive

By Technology

• Microelectrode Array (MEA)
• Electrocorticography (EcoG)
• Electroencephalograph (EEG)
• Functional Near Infrared Spectroscopy (fNIRS)
• Others

By Application

• Mobility Assistance
• Communication
• Rehabilitation
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major players in the BCI (brain-computer interfaces) in paraplegia market include Neurolutions, Inc., Synchron, Neuralink, Blackrock Neurotech., BrainGate., Paradromics., Cognixion, EMOTIV, Precision Neuroscience, and Bitbrain Technologies among others.

Why Purchase the Report?

• To visualize the global BCI (brain-computer interfaces) in paraplegia market segmentation based on type, technology, application, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of BCI (brain-computer interfaces) in paraplegia market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global BCI (brain-computer interfaces) in paraplegia market report would provide approximately 62 tables, 55 figures, and 187 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies