国泰海通｜医药：政策资本多重共振，脑机产业有望加速

Core Viewpoint - The brain-computer interface (BCI) industry is expected to experience significant development opportunities driven by technological innovations, policy support, and capital investments, with promising market prospects in healthcare and consumer sectors [1]. Group 1: Market Potential - The global BCI market is at a critical turning point characterized by "technological breakthroughs, clinical validation, and commercial implementation." According to McKinsey, the market size for BCI in the medical application sector is projected to reach $40 billion by 2030 and exceed $145 billion by 2040 [1]. - The BCI industry is anticipated to see demand release and market growth due to advancements in technology and the expansion of downstream applications [1]. Group 2: Policy Support - In July 2025, multiple government departments issued guidelines to promote innovation in the BCI industry, aiming for breakthroughs in key technologies by 2027 and establishing a robust technological, industrial, and standard system [2]. - By 2030, the BCI industry is expected to significantly enhance its innovation capabilities, develop a reliable industrial system, and cultivate 2 to 3 globally influential leading enterprises along with a number of specialized small and medium-sized enterprises [2]. Group 3: Standardization and Investment - In March 2025, the National Healthcare Security Administration released guidelines for pricing new BCI medical services, establishing clear pricing for invasive BCI procedures, which will facilitate hospital procurement and application of BCI technology in healthcare [3]. - Investment activity in the BCI sector has surged, with over 1,000 disclosed financing transactions and nearly 400 BCI companies securing investments totaling close to $10 billion as of April 2025 [3].