The market is overvalued and not attractive to investors

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Against the backdrop of Elon Musk's high-profile project to implant a chip into the human brain, the discussion of brain-computer interfaces took a new turn. The device can be combined with prosthetics: a paralyzed person controls the mouse cursor with the power of thought, orders groceries online, plays computer games and communicates with friends.

Taras Kosik, an expert in the development of assistive technologies for the disabled and founder of Tip Assistive Technologies, explained why such chips are still just a beautiful demo version.

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The global BCI (Brain–computer interface) market namibia whatsapp phone number was valued at $1.64 billion in 2023. By 2032, according to Market Research Future, it is expected to reach $3.26 billion.

A key driver for the development of brain-computer interfaces is their integration with prosthetics for people who are paralyzed or have lost limbs. The technology reads brain activity and converts it into motor commands that are transmitted to the devices. Such a revolutionary solution could improve the quality of life for thousands of people.

Australian company Synchron has already beaten Elon Musk's company to the punch in the field of brain implants. In the summer of 2023, Synchron performed the first surgeries to install its EEG (electroencephalogram) sensors into the human brain.

Neuralink and Synchron use different methods. Synchron uses a less invasive approach by placing sensors in blood vessels. While Neuralink uses a more aggressive procedure and implants a chip directly into brain tissue. The field in which both companies operate is related to human health, and therefore, there are serious risks that are difficult to predict.

In addition, the main players in BCI are controllers for tetraplegics, SMA patients, patients who have lost the ability to speak but retain the ability to think clearly. The real size of the market that Neuralink is entering is small. It does not show significant growth year after year, so the company will not recoup its investment anytime soon. For example, in the US there are about 300 thousand spinal cord and spinal cord injuries, and tetraplegics among them are no more than 25%, that is, 75,000 people.

The BCI market's CAGR is driven primarily by the growing use of EEG to diagnose sleep disorders rather than by growing interest in the disabled segment.
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On topic: Neuralink implants brain in second patient