Cognitive Bias Modification (CBM) treatments are computerized trainings aimed at modifying implicit cognitive biases that are associated with various mental health conditions such as depression, anxiety, addiction and schizophrenia. These treatments are non-invasive and have minimal side effects making them an attractive option for people who want to address underlying cognitive risks.
The global Cognitive Bias Modification Treatment Market is estimated to be valued at US$ 83.2 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fueling the growth of the cognitive bias modification treatment market is the increased awareness about mental health issues. According to the World Health Organization (WHO), mental illnesses are becoming increasingly prevalent with over 700 million people suffering from various mental health conditions globally. However, only a fraction of these individuals receive treatment due to social stigmas, lack of resources and cost barriers. CBM treatments are attracting more individuals as they offer a low-risk method to address cognitive vulnerabilities associated with mental illnesses. The treatments can be self-administered at home, are non-invasive and have minimal side effects. This is driving increased adoption of CBM programs for conditions like depression and anxiety where people want relief from symptoms without resorting to medication.
SWOT Analysis
Strength: Cognitive Bias Modification Treatment helps in correcting cognitive distortions and changing thinking patterns through software based training. It is a non-pharmacological solution for various mental health conditions.
Weakness: Long term efficacy of cognitive bias modification is still being researched. Adoption of digital therapeutics requires behavioral changes.
Opportunity: Increasing prevalence of mental health disorders and need for alternatives to medication based treatments present growth opportunities. Advancements in digital health and AI can further improve efficacy.
Threats: Limited clinical evidence challenges full insurance coverage and delays wider adoption. Privacy and security of digital mental health data needs to be strengthened.
Key Takeaways
The global Cognitive Bias Modification Treatment market is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates the market due to high awareness, availability of advanced digital therapeutics platforms and growing cases of anxiety, depression and other disorders.
Regional analysis comprises: North America is the largest and fastest growing market for cognitive bias modification treatment currently. Presence of major players, favorable reimbursement policies and digital infrastructure support the regional market growth. Europe is second largest market whereas Asia Pacific is expected to grow at highest CAGR during forecast period led by factors like increasing mental healthcare demand, and presence of prominent startups in the region.
Key players related content comprises: Key players operating in the Cognitive Bias Modification Treatment market include Cognitive Training Solutions Pty Ltd t/as SWiPE Brain Training, Wise Therapeutics, Mental Mint, MindHabits, Youper Inc., Aralus Digital, and Avegen Health. The key players are focusing on developing AI integrated digital solutions, expanding geographical presence and enhancing clinical evidence to cater to unmet needs of mental healthcare.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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