The neuroplasticity market involves the diagnosis and treatment of various neurological conditions through neuroplasticity techniques that help improve or restore functions of the brain and nervous system. Some key areas where neuroplasticity finds applications include Alzheimer’s disease, depression, epilepsy, traumatic brain injuries, and stroke. Neuroplasticity-based approaches help strengthen neural connections and rewire the brain through neurorehabilitation, neurofeedback, transcranial magnetic stimulation, and other neuromodulation techniques. The global neuroplasticity market is estimated to be valued at US$ 6.61 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Advances in non-invasive neurostimulation techniques are expected to drive the neuroplasticity market over the forecast period. Non-invasive brain stimulation methods like transcranial magnetic stimulation and transcranial direct current stimulation are gaining significant attention from researchers and healthcare providers for their ability to modulate neural activity and induce neuroplastic changes with minimal risks. Growing clinical evidence demonstrating benefits of neuroplasticity-based therapies in reducing symptoms for various neurological and psychiatric conditions is also fueling the development and adoption of innovative neurostimulation devices. Moreover, the rising geriatric population prone to neurodegenerative diseases and growing need for improved memory, attention, and cognition is creating further demand for neuroplasticity approaches. However, high cost of advanced neuromodulation devices and lack of insurance coverage for neuroplasticity therapies in some regions may restrain market growth.
Segment Analysis
The neuroplasticity market is segmented into segments based on indication (stroke, spinal cord injury, traumatic brain injury, developmental disorders, and others). The stroke segment is dominating the market currently as strokes are a major cause of long-term disability and cognitive impairment globally. The recurrence rate of stroke is also quite high.
PEST Analysis
Political: Governments across countries are focusing on improving healthcare infrastructure and providing coverage for neurological disorders. This will boost demand.
Economic: Increasing per capita healthcare spending will drive growth prospects. Also, promising funding opportunities for R&D in neuroplasticity treatments will support market growth over the forecast period.
Social: Rising prevalence of neurological conditions due to changing lifestyle trends will create high demand. Also, growing health awareness will aid the market expansion.
Technological: Continued advancements in neuroplasticity techniques like TMS, tDCS, and rtMS will positively impact the market. Development of novel therapies addressing multiple indications will augment growth opportunities.
Key Takeaways
The Global Neuroplasticity Market Size is expected to witness high growth at a CAGR of 12% during the forecast period of 2023 to 2030. Regional analysis indicates North America will continue to dominate due to advanced healthcare infrastructure and availability of reimbursement policies. The Asia Pacific region is also expected to grow at the fastest rate owing to rising healthcare spending and increasing cases of neurological disorders in countries like China and India.
Key players operating in the neuroplasticity market are Cushman & Wakefield, Tenon Group, Apollo Sindoori, Compass Group PLC, Sodexo, Serco Group PLC, OCS Group, Jones Lang LaSalle, ISS World Services AS, Ecolab Inc., ABM Industries Inc., Aramark Corporation, Vanguard Resources Inc., and Medxcel Facilities Management, among others. Key players are focusing on development and commercialization of novel neuroplasticity techniques to treat multiple conditions. They are also investing in clinical trials to gain regulatory approvals and market their products in new regions.
Regional analysis
The North American region currently accounts for a major share in the global neuroplasticity market owing to advanced healthcare infrastructure and availability of favorable reimbursement policies. Development of innovative neuroplasticity treatments by major players based in the US and Canada is also supporting growth. The Asia Pacific region is expected to witness fastest growth during the forecast period supported by increasing cases of brain disorders in populous countries like China and India. Improving healthcare infrastructure, rising penetration of private insurance, and growing medical tourism are some factors expected to boost the APAC neuroplasticity market.
Key players
Key players operating in the neuroplasticity market include Cushman & Wakefield, Tenon Group, Apollo Sindoori, Compass Group PLC, Sodexo, Serco Group PLC, OCS Group, Jones Lang LaSalle, ISS World Services AS, Ecolab Inc., ABM Industries Inc., Aramark Corporation, Vanguard Resources Inc., and Medxcel Facilities Management. Major players are investing in R&D to develop novel techniques addressing multiple neurological conditions. They are also focusing on clinical collaborations to strengthen their product portfolios and commercialization capabilities in new regions.
