| 1. | EXECUTIVE SUMMARY |
| 1.1. | Brain Computer Interfaces - Overview of Report Contents |
| 1.2. | Brain computer interfaces: introduction, report scope and major applications |
| 1.3. | BCIs can broadly be categorized as invasive and non-invasive |
| 1.4. | Market Map of Key Players Developing BCI Technologies with HMI Applications |
| 1.5. | Overview of the competitive landscape for brain computer interfaces as human machine interfaces |
| 1.6. | Drivers for emerging alternative human machine interfaces |
| 1.7. | Emerging human machine interfacing solutions competing with BCIs |
| 1.8. | Overview of the measurement principles of BCI technologies |
| 1.9. | Comparing key benchmarks and performance criteria of BCI technology |
| 1.10. | State of adoption of BCI technologies for HMI applications |
| 1.11. | An opportunity for EEG based BCI in virtual reality? |
| 1.12. | Big-Tech and EEG for BCI |
| 1.13. | SWOT analysis of dry electrodes for EEG and the consumer electronics market |
| 1.14. | Summary and outlook for wearable EEG in BCI applications |
| 1.15. | Main conclusions: Outlook for EEG and Dry Electrodes |
| 1.16. | Comparing fNIRS to other non-invasive brain imaging methods |
| 1.17. | fNIRS: SWOT analysis |
| 1.18. | Summary and outlook for wearable fNIRS in BCI applications |
| 1.19. | Background and context of MEG |
| 1.20. | Major barrier to adoption of MEG for BCI: Shielded Environments |
| 1.21. | Summary and outlook for MEG in BCI applications |
| 1.22. | Invasive neural interfaces: background and context |
| 1.23. | Future trends in invasive neural interface technology development |
| 1.24. | Founding and funding timelines of invasive BCI companies (2012-2024) |
| 1.25. | Key conclusions on invasive brain computer interface technologies |
| 1.26. | SWOT Analysis: Commercial applications of brain computer interfaces |
| 1.27. | Brain-computer interface technology: overall twenty-year market forecast by annual revenue (US$ Millions) |
| 1.28. | The brain computer interface market 'at a glance' |
| 2. | INTRODUCTION |
| 2.1. | Chapter overview |
| 2.2. | Neurons, action potentials and local field potentials (LFPs) |
| 2.3. | Neural interface technology approaches |
| 2.4. | Sensorimotor cortex brain rhythms and their relationship with intentions |
| 2.5. | Overview of the measurement principles of BCI technologies |
| 2.6. | Introducing the role of spatial and temporal resolution in BCIs |
| 2.7. | The relationship between brain structure and BCI hardware penetration depth |
| 2.8. | Comparing key benchmarks and performance criteria of BCI technology |
| 2.9. | Comparing key benchmarks and performance criteria of BCI technology |
| 2.10. | Pros and Cons of Non-invasive Interfaces |
| 2.11. | Pros and Cons of Invasive Interfaces |
| 2.12. | Neurofeedback and brain computer interfacing are distinct but complimentary |
| 2.13. | State of adoption of BCI technologies for HMI applications |
| 2.14. | Market Map of Key Players Developing BCI Technologies with HMI Applications |
| 2.15. | Current and future trends in invasive and non-invasive neural interface technology development |
| 2.16. | Business model considerations: Consumables, reusables and the demand for increased hardware longevity |
| 2.17. | Trends in neurotechnology data acquisition |
| 2.18. | Regulators play a key role bringing brain computer interface technology to market |
| 2.19. | State of the industry: Patent analysis suggests filing numbers have peaked |
| 2.20. | Top 20 assignees for "brain computer interface" patents |
| 2.21. | Comparing patent application trends by BCI technology type |
| 2.22. | Clinical trials with public records remain limited in size |
| 2.23. | The impact of the US NIH BRAIN Initiative |
| 2.24. | Founding and funding timelines of invasive BCI companies (2012-2024) |
| 2.25. | Funding landscape of invasive BCI players - 2024 |
| 3. | ELECTROENCEPHALOGRAPHY (EEG) |
| 3.1. | Introduction to Electroencephalography (EEG) |
| 3.1.1. | Background and context of EEG for brain computer interfaces |
| 3.1.2. | Introduction to electroencephalography (EEG) measurements |
| 3.1.3. | Components of an EEG electrophysiology recording system |
| 3.1.4. | EEG is established, but BCI applications face continued challenges |
| 3.1.5. | The established implementation and application: Electrode caps in a clinical setting for neurological disease diagnosis or traumatic brain injury assessment |
| 3.1.6. | Wider market perspectives: Wearable EEG for sleep monitoring as wellness |
| 3.1.7. | Wider market perspectives: Wearable EEG for emotional state monitoring |
| 3.2. | Dry electrode innovations |
| 3.2.1. | Barriers to wider EEG adoption: Wet electrodes create a pain point |
| 3.2.2. | Comparing properties of wet and dry electrodes |
| 3.2.3. | Dry electrodes: A more durable emerging solution for multiple wearable technologies, where EEG is relatively niche |
| 3.2.4. | Key requirements of wearable electrodes |
| 3.2.5. | Key players in wearable electrodes in e-textiles, skin patches and watches |
| 3.2.6. | Material innovations in dry electrodes for EEG |
| 3.2.7. | Active electrode requirements for dry EEG |
| 3.2.8. | Dry electrodes for EEG |
| 3.2.9. | Main conclusions: EEG and Dry Electrodes |
| 3.3. | Key players and market trends in EEG for BCI |
| 3.3.1. | Wearable EEG is relatively established in the medical space, with BCI not currently a key target market for the biggest players |
| 3.3.2. | Device level integration of EEG for BCI applications: Form-factors and key players using dry electrodes |
| 3.3.3. | Comparing the size of key players offering EEG integrated products |
| 3.3.4. | Founding timelines of non-invasive BCI companies (2012-2024) |
| 3.3.5. | An opportunity for EEG based BCI in virtual reality |
| 3.3.6. | Barriers to wider EEG for BCI adoption: The form-factor advantage vs the channel count compromise |
| 3.3.7. | Patent analysis: EEG as an input arrangement for BCI (IPC G06F3/01) |
| 3.3.8. | Big-Tech and EEG for BCI |
| 3.3.9. | Hearable EEG for seizure prediction seeks FDA approval |
| 3.3.10. | Brain controlled wheelchairs (BCWs) using EEG prevalent in academic research, but not commercialized |
| 3.3.11. | Summary and outlook for wearable EEG in BCI applications |
| 4. | FUNCTIONAL NEAR INFRARED SPECTROSCOPY (FNIRS) |
| 4.1. | Overview of fNIRS technology and key players |
| 4.1.1. | Background and context of functional near infrared spectroscopy (fNIRS) |
| 4.1.2. | Basic principles of fNIRS (1) |
| 4.1.3. | Basic principles of fNIRS (2) |
| 4.1.4. | fNIRS: Disruption or coexistence with EEG? |
| 4.1.5. | Key players in fNIRS |
| 4.1.6. | NIRS application areas, BCI in context |
| 4.1.7. | How can fNIRS be utilized for brain computer interfacing |
| 4.2. | Photodetector innovations with fNIRS applications |
| 4.2.1. | PIN photodiode |
| 4.2.2. | Avalanche photodiode (APD) |
| 4.2.3. | Single-photon avalanche diodes |
| 4.2.4. | Silicon photomultiplier |
| 4.2.5. | SPAD vs SiPM |
| 4.2.6. | Comparison of common photodetectors |
| 4.2.7. | Major photodetector players |
| 4.3. | Summary and market outlook for fNIRS based BCI |
| 4.3.1. | Comparing fNIRS to other non-invasive brain imaging methods |
| 4.3.2. | fNIRS: SWOT analysis |
| 4.3.3. | Summary and outlook for wearable fNIRS in BCI applications |
| 5. | MAGNETOENCEPHALOGRAPHY (MEG) |
| 5.1. | Introduction to Magnetoencephalography (MEG) |
| 5.1.1. | Background and context of MEG |
| 5.1.2. | Basic Principles of MEG |
| 5.2. | Sensor innovations for MEG |
| 5.2.1. | Introduction: Quantifying magnetic fields |
| 5.2.2. | Sensitivity is key to the value proposition for quantum magnetic field sensors |
| 5.2.3. | Classifying magnetic field sensor hardware |
| 5.2.4. | High sensitivity applications in healthcare are quantum computing are key market opportunities for quantum magnetic field sensors |
| 5.2.5. | Superconducting Quantum Interference Devices (SQUIDs) |
| 5.2.6. | Applications of SQUIDs |
| 5.2.7. | Operating principle of SQUIDs |
| 5.2.8. | SQUID fabrication services are offered by specialist foundries |
| 5.2.9. | Key players in commercial applications of SQUIDs including MEG |
| 5.2.10. | Comparing key players with SQUID intellectual property (IP) |
| 5.2.11. | SQUIDs: SWOT analysis |
| 5.2.12. | Optically Pumped Magnetometers (OPMs) |
| 5.2.13. | Operating principles of Optically Pumped Magnetometers (OPMs) |
| 5.2.14. | Applications of optically pumped magnetometers (OPMs) (1) |
| 5.2.15. | Applications of optically pumped magnetometers (OPMs) (2) |
| 5.2.16. | MEMS manufacturing techniques and non-magnetic sensor packages key for miniaturized optically pumped magnetometers |
| 5.2.17. | Comparing key players with OPM intellectual property (IP) |
| 5.2.18. | Comparing the technology approaches of key players developing miniaturized OPMs for healthcare |
| 5.2.19. | OPMs: SWOT analysis |
| 5.2.20. | N-V center magnetic field sensors |
| 5.2.21. | Introduction to N-V center magnetic field sensors |
| 5.2.22. | Operating Principles of N-V Centers magnetic field sensors |
| 5.2.23. | Applications of N-V center magnetic field centers |
| 5.2.24. | Comparing key players in N-V center magnetic field sensor development |
| 5.2.25. | N-V Center Magnetic Field Sensors: SWOT analysis |
| 5.3. | Sector overview: MEG for BCI |
| 5.3.1. | Market opportunities for quantum magnetic field sensors in biomagnetic imaging |
| 5.3.2. | Case Study: Cerca Magnetics |
| 5.3.3. | Case Study: Bosch Quantum Sensing |
| 5.3.4. | Assessing the performance of magnetic field sensors |
| 5.3.5. | Comparing minimum detectable field and SWaP characteristics |
| 5.3.6. | Quantum Magnetometers: Sector Roadmap |
| 5.3.7. | Major barrier to adoption of MEG for BCI: Shielded Environments |
| 5.3.8. | Summary and outlook for MEG in BCI applications |
| 6. | INVASIVE NEURAL INTERFACES FOR BCI |
| 6.1. | Introduction to invasive neural interfaces |
| 6.1.1. | Invasive neural interfaces: Background and context |
| 6.1.2. | Examples of neural electrodes |
| 6.1.3. | Introduction to ECoG |
| 6.1.4. | Overview of LFP waveforms |
| 6.1.5. | How neural probes are typically made |
| 6.1.6. | Pros and Cons of select implanted probe materials |
| 6.1.7. | Considerations for electrode material selection |
| 6.1.8. | Considerations for insulating materials |
| 6.2. | Invasive BCI innovations and key players |
| 6.2.1. | Founding and funding timelines of invasive BCI companies (2012-2024) |
| 6.2.2. | Funding landscape of invasive BCI players - 2024 |
| 6.2.3. | What are development trends in research? |
| 6.2.4. | Blackrock Neurotech - Technology overview |
| 6.2.5. | Blackrock Neurotech - Recent research success for BCI applications |
| 6.2.6. | Blackrock Neurotech - Technology challenges |
| 6.2.7. | Utah Array 2.0 - The Utah Optrode Array |
| 6.2.8. | Neuralink - Technology overview |
| 6.2.9. | Neuralink - Commercialization depends on more successful human trials |
| 6.2.10. | Neuralink - Technology challenges ahead |
| 6.2.11. | Onward Medical - Technology overview (1) |
| 6.2.12. | Onward Medical - Technology overview (2) |
| 6.2.13. | Onward Medical - Seeking to commercialize multiple product lines in the next 1-5 years |
| 6.2.14. | Synchron - Technology overview |
| 6.2.15. | Synchron - More human trials ahead |
| 6.2.16. | Paradromics - Technology overview |
| 6.2.17. | Paradromics - Preparing to begin in-human trials |
| 6.2.18. | CorTec - Technology overview |
| 6.2.19. | Precision - Bidirectional flexible arrays |
| 6.2.20. | Inbrain Neuroelectronics - Bidirectional graphene-based arrays |
| 6.2.21. | NeuroXess - Silktrodes and Surftrodes |
| 6.2.22. | Axoft - A new player looking to compete on electrode biocompatibility and softness |
| 6.2.23. | Braingrade - A focus on BCIs for Alzheimer's |
| 6.2.24. | Key conclusions |
| 7. | KEY COMPETITOR TECHNOLOGIES FOR BRAIN COMPUTER INTERFACES |
| 7.1. | Overview of competitor technologies |
| 7.1.1. | Overview of the competitive landscape for brain computer interfaces as human machine interfaces |
| 7.1.2. | Drivers for emerging alternative human machine interfaces |
| 7.1.3. | Emerging human machine interfacing solutions competing with BCIs |
| 7.2. | Electromyography (EMG) and gesture control |
| 7.2.1. | Introduction to Electromyography (EMG) |
| 7.2.2. | Investment in EMG for virtual reality and neural interfacing is increasing |
| 7.2.3. | Investment in EMG for virtual reality and neural interfacing is increasing |
| 7.2.4. | Consumer trends: Smart-straps could take control in the meta-verse |
| 7.3. | Interfacing with AR/VR - eye tracking and hand tracking |
| 7.3.1. | What are VR, AR, MR and XR? |
| 7.3.2. | Controllers and sensing connect XR devices to the environment and the user |
| 7.3.3. | Beyond positional tracking: What else might XR headsets track? |
| 7.3.4. | Where are XR sensors located? |
| 7.3.5. | Sensors case study: Microsoft's HoloLens 2 |
| 7.3.6. | 3D imaging and motion capture |
| 7.3.7. | Application example: Motion capture in animation |
| 7.3.8. | Stereoscopic vision |
| 7.3.9. | Time of Flight (ToF) cameras for depth sensing |
| 7.3.10. | Structured light |
| 7.3.11. | Comparison of 3D imaging technologies |
| 7.3.12. | Microsoft: From Kinect to HoloLens |
| 7.3.13. | Intel's RealSense™: Structured light for 3D motion tracking vs. stereoscopic cameras |
| 7.3.14. | Summary: Positional and motion tracking for XR |
| 7.3.15. | Why is eye tracking important for AR/VR devices? |
| 7.3.16. | Eye tracking sensor categories |
| 7.3.17. | Eye tracking using cameras with machine vision |
| 7.3.18. | Eye tracking companies based on conventional/NIR cameras and machine vision software |
| 7.3.19. | Event-based vision for AR/VR eye tracking |
| 7.3.20. | Eye tracking with laser scanning MEMS |
| 7.3.21. | AdHawk Microsystems: Laser scanning MEMS for eye tracking |
| 7.3.22. | Capacitive sensing of eye movement |
| 7.3.23. | Summary: Eye tracking for XR |
| 7.3.24. | Other novel HMI interfaces |
| 7.3.25. | In-ear muscles could enable the next revolution in brain computer interfacing |
| 7.3.26. | Mouthpad utilizes the tongue as an 'eleventh finger' |
| 8. | MARKET FORECASTS AND APPLICATIONS |
| 8.1. | BCI - Commercial Applications Overview |
| 8.2. | Industry 5.0 and future mobility applications of brain computer interfaces? |
| 8.3. | Commercial status of BCI applications in 2024 |
| 8.4. | SWOT Analysis: Commercial applications of brain computer interfaces |
| 8.5. | Market Forecasts: Scope and methodology |
| 8.6. | Brain computer interface technology: Overall twenty-year market forecast by annual revenue (US$ Millions) |
| 8.7. | Brain computer interface technology: Twenty-year market share forecast by annual revenue |
| 8.8. | Non-invasive brain computer interface technology: Overall twenty-year market forecast by annual revenue (US$ Millions) |
| 8.9. | Invasive brain computer interface technology: Overall twenty-year market forecast by annual revenue (US$ Millions) |
| 8.10. | The brain computer interface market 'at a glance' |
| 9. | COMPANY PROFILES |
| 9.1. | Artinis Medical Systems |
| 9.2. | Axoft |
| 9.3. | Blackrock Neurotech |
| 9.4. | BrainCo — Brain EEG Headband and Robotic Prosthetic Hand |
| 9.5. | Braingrade |
| 9.6. | Cerca Magnetics |
| 9.7. | CorTec-Neuro |
| 9.8. | Datwyler (Dry Electrodes) |
| 9.9. | EarSwitch |
| 9.10. | IDUN Technologies |
| 9.11. | Kokoon |
| 9.12. | Naox Technologies |
| 9.13. | Neuralink |
| 9.14. | NeuroFusion |
| 9.15. | Onward Medical |
| 9.16. | Precision Neuroscience |
| 9.17. | Synchron |
| 9.18. | uCat |
| 9.19. | Wearable Devices Ltd. |
| 9.20. | Wisear |