Northeast Securities: In-depth Report on Brain-Computer Interface Industry — Top-Level Strategic Support, Domestic Brain-Computer Technology Enters Fast Track of Development

Brain-Computer Interface (BCI), as a disruptive human-computer interaction technology that breaks through biological neural boundaries, establishes a direct connection channel between the brain and external devices through a two-way communication mechanism of "brain reading and decoding" and "brain writing and encoding," serving as the core carrier for future human-machine integration. The industry has now formed three major technical pathways: invasive, semi-invasive, and non-invasive, and after a century of technological accumulation, it has gradually moved from the laboratory research and development stage to the early stages of clinical implementation and industrial scaling.

Market Space: Healthcare as the Core, Growth is Clear. At the global market level, the brain-computer interface market size reached $2.62 billion in 2024. According to Precedence Research, the industry's compound annual growth rate (CAGR) from 2025 to 2034 will remain at 17.35%, with the market size expected to exceed $12.4 billion by 2034. The domestic market shows a steady expansion trend, with the market size reaching 3.2 billion yuan in 2024, of which non-invasive products accounted for as high as 82%. The China Academy of Electronics and Information Industry Development predicts that by 2027, the domestic market size will increase to 5.58 billion yuan.