Neurotechnologies altogether are forming one market with huge potential in the following years
When analyzing the market, a few different stances can be taken, either by looking at the global neurotechnology market which is what GYRI company is truly hitting or subdividing the markets according to all the different applications the technology could have.
A bidirectional BCI market including both neurostimulation and neurosensing will benefit from a 18.8% CAGR and a tap on $38.4 billion market in a few years.
According to the Brain/Neural Computer Interaction Horizon 2020 project, an initiative by the European Commission for coordinating BCI research, six major application themes have been outlined as feasible and promising fields:
1.restore (e.g., unlocking the completely locked-in),
2.replace (e.g., BCI-controlled neuroprosthesis),
3.enhance (e.g., enhanced user experience in computer games),
4.supplement (e.g., augmented reality glasses),
5.improve (e.g., upper limb rehabilitation after stroke),
6.research tool (e.g., decoding brain activity with real-time feedback)
- The number of people living with dementia is expected to triple from 50 million to 152 million by 2050.
- Currently, 1 in 3 seniors dies with Alzheimer's or another dementia. It kills more than breast cancer and prostate cancer combined.
- In 2021, Alzheimer's and other dementias will cost the nation $355 billion. By 2050, these costs could rise as high as $1.1 trillion.
- Between 2000 and 2019, deaths from heart disease have decreased 7.3% while deaths from Alzheimer's have increased 145%.
- Between 2005 and 2030, the prevalence of Parkinson’s disease is projected to almost double.
- In the USA more than $700 billion is spent each year for the military which has a huge interest in BCI technologies.
- Traumatic Brain Injury (TBI) are causing 2.87 million cases per year in the USA alone, 837,000 cases occurring amongst children.
- Estimated annual direct and indirect TBI costs are $76.5 billion with 288,000 hospitalizations every year.
- Around 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally.
- Epilepsy is costing more than $250 millions every year on medication alone.
From increasing prevalence of neuroprosthetic conditions and rising geriatric population to enhancing human capacities.
The primary focus of the brain-computer interface (BCI) is still to restore critical functions of people disabled by neuromuscular disorders. The growth of the global brain-computer interface (BCI) market is therefore driven by the increasing prevalence of neurogenerative disorders such as Alzheimer’s and Parkinson’s diseases and epilepsy.