Neurofeedback is a type of biofeedback that uses real-time displays of brain activity—most commonly electroencephalography (EEG)—to teach self-regulation of brain function. When used to treat neurological disorders, sensors are attached to the scalp to measure electrical activity in the brain, and the feedback is tied to the activity to facilitate learning how to alter patterns in the brain. Some common uses for neurofeedback include treating attention deficit hyperactivity disorder (ADHD), traumatic brain injury, anxiety disorders, and other neurological conditions. The global neurofeedback market stems from the growing research and development of neurotechnology and rising healthcare expenditure on the treatment of neurological disorders using non-invasive methods. Neurofeedback training has been found to strengthen the connections between neurons in the prefrontal cortex of the brain, improving cognitive flexibility and emotional regulation.
The global neurofeedback Market is estimated to be valued at US$ 1253.5 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising adoption for non-invasive and drug-free treatment of neurological disorders has been propelling the growth of neurofeedback market. According to World Health Organization (WHO), neurological disorders affect over a billion people worldwide each year. The increasing prevalence of neurological disorders such as Alzheimer’s disease, traumatic brain injury, epilepsy and depression is fueling the demand for alternative treatment approaches such as neurofeedback training. Moreover, the neurofeedback training aims to better self-regulate brain activity by operant conditioning without use of any medications which is boosting its popularity. The rising research activities to integrate neurofeedback therapy with artificial intelligence and big data analytics is further anticipated to foster market growth over the forecast period.
Segment Analysis
The neurofeedback market is dominated by the home use sub-segment due to the growing adoption of neurofeedback devices for personal use at home settings. Home use neurofeedback devices offer convenience to users as they can perform therapy sessions as per their own schedule and convenience. Moreover, advancement in technology has led to the development of easy to use hand-held neurofeedback devices for home use.
PEST Analysis
Political: Governments across the globe are supporting neurofeedback therapy and neuroscience research through funding. Various policies encourage innovation in healthcare technology.
Economic: Rising healthcare expenditure and increasing awareness about brain health and mental wellness are fueling the market growth. Neurofeedback therapy offers cost-effective treatment solutions for various brain-related disorders.
Social: Growing social acceptance of neurofeedback therapy and reduction of stigma related to mental healthcare are boosting the adoption of neurofeedback devices. Rising focus on cultivating brain optimization further supports the market.
Technological: Continuous technological advancements are occurring in neuroimaging, brain sensing, and data analysis techniques. Players are increasingly integrating virtual reality, artificial intelligence, and machine learning features in neurofeedback devices to enhance efficacy.
Key Takeaways
The Global Neurofeedback Market Size is expected to witness high growth over the forecast period. The global neurofeedback Market is estimated to be valued at US$ 1253.5 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
North America dominates currently due to strong healthcare infrastructure and high awareness. Increasing investments by players focusing on R&D to develop advanced neurofeedback solutions will accelerate growth. Asia Pacific market is expected to grow at fastest pace with increasing healthcare spending of countries like India and China expanding medical technology sector.
Key players
Key players operating in the neurofeedback market are TAKARA BIO Inc., PHARMICELL Co., Ltd., and MEDIPOST Co. Holostem Terapie Avanzate S.r.l. TAKARA BIO Inc. offers various neurofeedback therapy solutions while PHARMICELL focuses on cell therapy-based treatments.
