Cognitive Enhancement Market
The cognitive enhancement market is growing globally with more companies paying attention to the potential benefits and market opportunities the industry appears to promise. The global market for brain-computer interface was valued at $980 million in 2018 and is projected to grow to 2.31 billion by 2025. A deep dive into our findings is presented below.
COGNITIVE ENHANCEMENT BY MEDICATION
- Brain health supplements, which are used to enhance memory, attention, creativity, and cognition, has a growing market.
- In 2015, the global brain health supplements market was valued at $2.3 billion.
- In 2017, the global nootropics market was valued at $1.324 billion.
- By application, memory enhancement has the largest revenue share in the global nootropics market.
- North America is the largest consumer of nootropics globally.
- In a 2017 survey involving 29,758 people across 15 countries, it was reported that 14% (up from 5% in 2015) of the surveyed people used stimulants in the preceding 12 months.
- The non-medical use of substances to improve memory or concentration, which is known as Pharmacological Cognitive Enhancement (PCE), was found to have risen in all 15 countries included in the survey.
- Among the 15 countries involved in the survey, the US recorded the highest rate of use, with almost 30% (up from 20% in 2015) of its respondents saying they had used PCE drugs in the preceding 12 months.
COGNITIVE ENHANCEMENT BY BRAIN-COMPUTER INTERFACE (BCI)
- The global market for Brain Computer Interface (BCI) was valued at $980 million in 2018.
- In 2016, Bryan Johnson, founder of the online payments company Braintree, invested $100 million in Kernel.
- Kernel's latest funding on October 20, 2016, brought its total funding amount to $100 million.
- According to a SEC filing made by Neuralink in May 2019, the company had raised $39 million of a proposed $51 million funding round. Similarly, in 2017, the company disclosed that it had raised $27 million in a funding round.
- Neuralink's latest funding on May 10, 2019, brought its total funding amount to $66.3 million.
GROWTH RATE OF COGNITIVE ENHANCEMENT BY MEDICATION
- The global brain health supplements market is projected to grow to $11.6 billion by 2024, at a CAGR of 19.6% from 2016 through 2024.
- The global nootropics market is expected to reach $5.959 billion by 2024, growing at a CAGR of 15.7% from 2018 through 2024.
GROWTH RATE OF COGNITIVE ENHANCEMENT BY BRAIN-COMPUTER INTERFACE
- The global market for brain-computer interface is projected to grow to 2.31 billion by the end of 2025, growing at a Cumulative Annual Growth Rate (CAGR) of 11.3% from 2019 through 2025.
KEY PLAYERS IN THE COGNITIVE ENHANCEMENT BY MEDICATION INDUSTRY
- According to a Zion market research, some key players in the global nootropics market are: Accelerated Intelligence Inc., Nootrobox Inc., AlternaScript LLC, Onit Labs LLC, and Cephalon Inc.
KEY PLAYERS IN THE COGNITIVE ENHANCEMENT BY BRAIN-COMPUTER INTERFACE INDUSTRY
- According to Value Market Research, the key players in the brain-computer interface market are Advanced Brain Monitoring Inc., Cadwell Laboratories Inc., Cortech Solutions Inc., Emotiv Inc., Guger Technologies OEG, Mind Solutions Inc., Neurosky Inc., Nihon Kohden Corporation, OpenBCI, and Quantum Applied Science and Research Inc.
- Apart from those mentioned above, other notable players in the industry are Facebook, the US military, and Paradromics.
- Emotiv is a company that makes neuro-technological products: electroencephalography headsets that record brain activity noninvasively.
- Emotiv has a research grade product, EPOCH+, which retails for around $799, and a consumer oriented headset, Insight, which retails for around $299.
- Emotiv also has software products that, among other things, allow users to visualize their brain activity in 3D, and control drones, robots and video games.
- In 2015, Mark Zuckerberg stated that one day, people will be able to share "full sensory and emotional experiences", and not just photos.
- According to an MIT technology review article, Facebook has been hiring neuroscientists for an undisclosed project at Building 8, its hardware division.
- A few weeks after Elon Musk launched Neuralink, Facebook announced that it is working on a way to "let people type with their thoughts."
- According to Regina Dugan, head of the company's Building 8 research group, the goal is to build a device that would allow people to type up to 100 words per minute. Dugan also hinted that the device could work as a brain mouse for Augmented Reality (AR).
THE US MILITARY
- The US military's Defense Advanced Research Project Agency (DARPA) announced in 2016, a $60 million program to develop an implantable neural interface, in collaboration with some private companies.
- The project aims to build, in four years, a wireless device that can record 1 million neurons simultaneously, and stimulate at least 100,000 neurons in the brain.
- Paradromics is a company in San Jose, California, that develops brain-machine interfaces that will increase the data transmission rate between brains and computers.
- Paradromics' latest funding on April 15, 2019, brought its total funding amount to $28.8 million.
To provide the requested information, we carried out a vast and deep-reaching search of medical and scientific publications such as those from Nature and Live Science, Harvard Health, and the American Journal of Medicine; technology publications such as the MIT technology review; and credible business media reports such as Fortune and CB Insights. While we were able to find a majority of the requested information, we were unable to find the market projections and growth rate of the cognitive enhancement space up to 2030 as requested. However, we were able to find growth rates for the industry up to 2025, as presented above.
In an attempt to find the growth rate of the space, up to 2030, we went further to search for data and pieces of information from market and industry research agencies such as GlobeNewswire, Market Watch, PR Newswire, Credence Research, and Grandview Research; and media websites such as Forbes. After an extensive search through these channels, we found no information on the growth rate of the space.
We also went ahead and searched through publications and announcements from some industry key players in an attempt to uncover some data which could help us to get an idea of what the future of the industry would look like and thus enable us to make a projection up to 2030. Still, this approach did not yield useful results. Hence, we concluded that such projections were not available and could not be made from available data owing to factors such as the rapid growth of the industry as well as the uncertainties that surround future technologies.