EBSCN·2025-09-25 00:53Investment Rating - The report suggests focusing on companies with "technical barriers + clinical landing" as the dual main lines for investment, recommending attention to medical scene integrators and leaders in invasive technology [4]. Core Insights - The brain-computer interface (BCI) industry is driven by both policy and technology, with a market expected to grow from $1.2 billion in 2019 to $2 billion in 2023, and projected to reach $7.63 billion by 2029, indicating a compound annual growth rate (CAGR) of 17.5% from 2024 to 2029 [3][24]. - The medical sector is currently the most mature application area for BCI, with 31 clinical trials planned in 2024 covering various diseases, and the integration of medical and consumer applications is expected to create a dual growth curve [3][54]. - The domestic industry chain is becoming more self-sufficient, with significant advancements in invasive BCI technologies, and several regions are expected to form industrial clusters [4][27]. Summary by Sections Industry Overview - BCI technology is a frontier field at the intersection of life sciences and information technology, creating interactive systems between the brain and external devices [14][16]. - The global BCI market is projected to grow significantly, with a forecasted market size of $7.63 billion by 2029, reflecting a CAGR of 17.5% from 2024 to 2029 [24][25]. - The industry is currently in a technology validation phase, with active investment activities, particularly in China, where over 200 financing events have occurred, totaling nearly $2 billion [27][29]. Policy Guidance - The Chinese government has issued several policies to support the BCI industry, aiming for technological breakthroughs by 2027 and the establishment of a robust industrial ecosystem by 2030 [42][43]. - The regulatory framework is evolving, with ongoing efforts to ensure safety, effectiveness, and ethical compliance in BCI technology [45][47]. Clinical Situation - Stroke is identified as the primary indication for BCI applications, with a significant patient population in need of rehabilitation solutions [54][59]. - The number of clinical trials related to BCI is increasing, with 31 trials registered in 2024, indicating a growing interest in the clinical potential of BCI technologies [65][66].