The global brain-computer interface (BCI) market is expected to grow from USD $2.1 million in 2022 to USD $9.4 million by 2032, with a growth rate of 16.7% from 2023 to 2032.
This exciting area of research and development can create a direct communication link between the human brain and devices like computers, prosthetics, and assistive technologies. Moreover, the technology is rapidly evolving, with multiple players emerging, each bringing unique perspectives and applications.
BCIs will enable people with disabilities to regain mobility, communicate, and become more independent. They also generate new possibilities for cognitive enhancement, neurorehabilitation—and improvement of human capabilities.
The use of any implant, however, is limited by the invasiveness of the implant. Engineers keep inventing better devices that go deep into the body without hurting tissues—and believe they’re on the brink of a revolution: A plan for 600-second (10 minutes) implant surgery.
Given all these promises, BCIs are set to disrupt the biopharma landscape—giving investors, companies, and consumers “400 billion reasons to believe in the technology’s success”.
BCI Companies Are Gaining Recognition
Well-established enterprises are increasingly accelerating their efforts to create and launch efficient BCI solutions. The industry will surely deliver new use cases that will drive the sector forward and strengthen innovation.
Tether Backs Blackrock Neurotech with $200 Million
One of the leading names in the digital asset industry, Tether, is making a $200 million strategic investment in Blackrock Neurotech, a leading company in BCI technology founded in 2008. Tether believes its decision will help revolutionize the space between technology and human potential.
The founders, Dr Florian Solzbacher and Marcus Gerhardt, are pioneering this technology with the aim of empowering people with paralysis, lost function, and neurological disorders to communicate with the world simply using their thoughts.
By using Blackrock Neurotech’s cutting-edge solution, patients have done incredible things, from controlling robotic arms to helping people with disabilities eat, drink, and send emails just by thinking.
INBRAIN Neuroelectronics Advances Graphene-Based BCI Therapeutics
The company recently announced the close of a $50 million Series B financing round. Led by imec.xpand with new investors EIC Fund, Fond ICO Next Tech, CDTI-Innvierte, and Avançsa.
Moreover, as a part of the funding round, INBRAIN revealed a collaboration agreement with imec, a leading European semiconductor technology firm, as part of its funding round. Imec has a keen interest in graphene and is strategically positioned to assist in advancing the technology for commercial scalability.
Neuralink Faces Ethical Headwinds
Neuralink raised $43 million in its latest funding round, a Series D round held on November 25, 2023, increasing its previous funding round from $280 million to $323 million.
Neuralink received FDA approval in May to commence human clinical trials after an earlier application was denied, marking a significant milestone as it initiated its first human trials under an investigational device exemption.
However, the company faces increasing scrutiny over claims of a toxic workplace culture and unethical research practices, raising concerns among critics.
While Neuralink is making strides, these recent developments suggest that other players in the BCI industry are also emerging, each bringing its own unique approach and application to the field.
Richter acquires BCI Pharma
Gedeon Richter Plc. has acquired BCI Pharma, a privately owned biotech company based in Belgium that specializes in innovative research on various Women’s Health conditions.
This transaction carries a total enterprise value of €12 million, which will be distributed over the next few years, contingent upon meeting specified development milestones.
BCI is dedicated to developing novel kinase inhibitors from its proprietary library of small chemical molecules and a specialized database created through High Throughput Screening (HTS). The selection of drug candidates utilizes advanced screening assays targeted at clinically validated biological pathways.
Disruption on the Horizon
Substance abuse disorders are among the most common and growing issues in today’s world, especially due to increased accessibility, potency, and stigma.
These disorders can be complex, making them hard to diagnose and treat—and remain a puzzle in both popular culture and the medical field. Non-invasive BCIs, like treatments based on electroencephalography (EEG), could show promising results.
However, while the evidence is long from being conclusive, companies are relentlessly pursuing BCI methods, hoping to improve efficiency and effectiveness and suggesting a hopeful connection between neurotechnology and clinical medicine.
Innovations Beyond Market Leaders
Munich-based company, Ceregate, has recently published the first proof-of-concept demonstrating the repurposing of spinal cord stimulation (SCS) implants, typically used for chronic pain management, as adaptable BCIs.
They successfully transmitted information such as rhythmic patterns and balance cues directly into the nervous systems of participants by calibrating these implants to target specific perceptual channels. Their solution was tested on over 80 patients with spinal cord implants, making it the largest dataset of its kind.
Advancements in BCIs rely on ultra-reliable neurophysiology data. While many of the aforementioned companies are developing proprietary technologies for data acquisition, there are also specialized firms dedicated to the critical aspects of BCI development.
Futurist Ray Kurzweil asserts that when merging the biological human cognition with the speed and power of technology, the world enters what he terms the fifth epoch of evolution.
The future of BCIs—and of human-machine symbiosis as a whole—will rely not only on technological breakthroughs, but also on the ability to navigate the technological and societal implications that arise from these advancements.
Conclusion
Standing on the cusp of this technological revolution, a multitude of opportunities await. BCIs could pave the way for improved treatment methods for complex diagnoses like substance abuse, fundamentally altering how diagnostics and therapies are developed—and how mental concerns are approached.
By bridging the technological gap between circuit networks and neurons, BCIs have the potential to enhance clinical management through wearable biosensors and biofeedback systems, thereby reducing reliance on traditional pharmaceuticals. This shift could not only elevate patient satisfaction but also transform the economic landscape of the biopharma industry.
As investment and research in this field continue to grow, industry stakeholders must remain vigilant regarding the potential ethical and social implications of these technologies. The path forward may be challenging, but with determination, planning, and innovation, BCIs could revolutionize the future of mental health care and beyond.
Will the BCI, with its broad range of applications across various industries, provide the chance to dramatically reshape biopharma?
Neurotechnology is still in its early stages of integration with clinical medicine, but the possibilities are as vast as they are groundbreaking.
