The neurofeedback market is estimated to be valued at US$ 1,253.5 million in 2022 and is expected to exhibit a CAGR of 7.33% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neurofeedback, also known as brainwave biofeedback and neurotherapy, uses real-time displays of brain activity—most commonly in the form of EEG biofeedback—to teach self-regulation of brain function. Practitioners work with patients to identify problematic patterns and reinforce positive mind states through visual, auditory, and tactile rewards. Conditions commonly treated include ADHD, anxiety, insomnia, depression, traumatic brain injury, and substance abuse.
Market Dynamics:
The growth of the neurofeedback market is primarily driven by rising prevalence of mental health disorders such as ADHD, anxiety, depression, and sleep disorders. According to Anxiety and Depression Association of America, anxiety disorders are the most common mental illness in the U.S., affecting over 40 million adults age 18 and older each year. Furthermore, growing awareness regarding benefits of non-drug therapies and positive clinical trial results showcasing efficacy of neurofeedback therapy for various conditions are expected to boost adoption over the forecast period.
Market key trends:
The neurofeedback market has been witnessing notable growth driven by the increasing demand for non-invasive, non-pharmacological treatment options for various mental health disorders. Neurofeedback helps in training the brain using real-time feedback of brain waves to promote self-regulation. It is gaining popularity as an alternative treatment option for various neurological and mental health conditions like ADHD, depression, anxiety, sleep problems etc. The non-invasive nature of neurofeedback and lack of side-effects associated with it is contributing to its higher adoption rate globally.
SWOT Analysis
Strengths: Neurofeedback is a non-invasive method with no side effects. It helps in improving various brain functions without use of any drugs.
Weaknesses: Neurofeedback training requires multiple sessions which makes it a lengthy process. It also involves high initial costs of equipment and training.
Opportunities: Increasing prevalence of neurological and mental health disorders is driving the demand for non-pharmacological treatment options. Growing healthcare expenditure in developing regions also provides new opportunities.
Threats: Limited clinical evidence and lack of insurance coverage in some countries are major threats to market growth. Stringent regulatory policies for medical devices can also hamper the neurofeedback systems market.
Key Takeaways
The global Neurofeedback Market Share size is expected to witness high growth, exhibiting CAGR of 7.33% over the forecast period of 2022-2030, due to increasing preference for drug-free treatment alternatives.
Regional analysis: North America currently dominates the global neurofeedback market and is expected to continue its dominance over the forecast period. This is attributable to growing awareness about neurofeedback technology and favorable reimbursement policies in the region. Asia Pacific exhibits high growth potential due to rising geriatric population, improving healthcare infrastructure and increasing healthcare spending in the region.
Key players: Key players operating in the neurofeedback market are Neuro Care Group, Myndlift Ltd, Brainmaster Technologies, Inc., Mitsar Co. Ltd, Emotiv, Brainworks, Mindfield Biosystems Ltd. , Narbis, Thought Technology Ltd., InteraXon Inc., Mind Media USA Inc., and NeuralScan. These players are focusing on new product launches, strategic partnerships and regional expansion to gain higher market share. For instance, Brainmaster launched a new wireless system in 2021 to make neurofeedback more accessible.
*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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