医药生物行业专题研究：脑机融合，引领医疗健康新浪潮

Investment Rating - The report maintains an "Outperform" rating for the industry [4]. Core Insights - The brain-computer interface (BCI) industry is in its early development stage, with significant potential for growth driven by policy, technology, and market demand. The report expresses cautious optimism about companies such as Chengyitong and Weisi Medical, while suggesting attention to Xiangyu Medical and Sanbo Neuroscience [3]. Summary by Sections 1. Overview of Brain-Computer Interfaces - BCIs establish a direct communication channel between the brain and external devices, bypassing peripheral nerves. The technology is categorized into invasive and non-invasive interfaces, with applications ranging from medical to entertainment [10][11]. 2. Development History - The evolution of BCIs can be divided into three stages: academic exploration, scientific validation, and application trials. The current phase is characterized by rapid advancements in clinical applications and product development [14][15]. 3. Industry Chain and Challenges - The BCI industry chain is still in its infancy, with a lack of standardized mass production in upstream devices. Key technologies include BCI chips and algorithms, which present significant barriers to entry. The industry faces challenges in technology maturity and commercialization, with a heavy reliance on imported components in China [18][19][25]. 4. Market Situation - The global BCI market was valued at $2.35 billion in 2023 and is projected to reach $10.89 billion by 2033, with a compound annual growth rate (CAGR) of 17.20% from 2024 to 2033. The medical sector dominates the market, accounting for 63.30% of applications [33][35]. 5. Application Areas - The medical health sector is the primary application area for BCIs, with over half of the related companies focusing on medical solutions. Applications include monitoring and treatment of neurological disorders, rehabilitation, and health management [30][31][32].