by Brain training apps aim to enhance cognitive functions such as attention, memory, problem-solving, and multi-tasking through games and exercises that stimulate parts of the brain responsible for these skills. Some apps focus on prevention of cognitive decline associated with aging or diseases such as Alzheimer’s while others aim at boosting cognition in healthy individuals. These apps claim to harness the power of neuroplasticity, the brain’s ability to change and adapt as a result of experience, by exposing the brain to progressively challenging cognitive stimuli. The global brain training apps market is witnessing strong growth due to increasing awareness regarding neuroplasticity and benefits of continual brain training and stimulation in enhancing cognitive functions throughout life.
The global Brain Training Apps Market is estimated to be valued at US$ 10,962.74 million in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of gamification approach in brain training apps is one of the key trends witnessed in the market. Incorporating elements of friendly competition, rewards and levels seen in games into brain training exercises aims to increase user engagement and adherence to brain training regimens. Advancements in areas like adaptive learning and personalization are also being incorporated by app developers. Based on individual performance data, apps are being designed to customize the level, type and frequency of cognitive challenges. Personalized intervention and feedback aims to optimize training outcomes for each individual user. Integration of wearables and tracking capabilities allow monitoring of changes in cognitive measures resulting from app-based brain training over time. Connected devices facilitate a more holistic approach to tracking brain health and linking cognitive performance with lifestyle behaviors.
Porter’s Analysis
Threat of new entrants: The brain training apps market presents moderate threat of new entrants as developing effective and engaging brain training apps requires substantial investment in R&D.
Bargaining power of buyers: There exists moderate bargaining power for buyers owing to availability of numerous free and low cost brain training apps in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of many app developers and technology providers in the market.
Threat of new substitutes: Low threat of substitution exists as brain training apps offers unique experience of cognitive training through puzzles, games and exercises.
Competitive rivalry: High competitive rivalry exists among key players to differentiate their offerings and gain higher market share.
Key Takeaways
The Global Brain Training Apps Market Size is expected to witness high growth over the forecast period. Regionally, North America is expected to dominate the market owing to increasing adoption of brain training apps for mental healthcare. The rising awareness regarding benefits of brain fitness is fueling the market growth in the region.
Asia Pacific is anticipated to register fastest growth during the forecast period. The rising internet penetration along with increasing use of smartphones is boosting the adoption of brain training apps in developing nations like India and China. Growing health consciousness is further augmenting the demand.
Key players operating in the Brain Training Apps market are CogniFit, Elevate, Peak, Rosetta Stone Ltd., LearningRx, Lumosity, HAPPYneuron, Inc., Wise Therapeutics, Inc., Easybrain and Happify, Inc. The market players are focusing on new product launches and innovations to deliver enhanced user experience and gain competitive edge.
