by 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 EEG biofeedback, is a type of biofeedback that uses real-time displays of brain activity—most commonly electroencephalograms (EEG)—to teach self-regulation of brain function. Electrodes placed on the scalp measure activity in different frequency bands produced by the brain and these are fed back to the user visually and/or auditorily, such as through video or audio displays. This helps them to associate changes in brain patterns with relaxation or improved focus.
Market Dynamics:
The neurofeedback market is expected to witness significant growth over the forecast period owing to rising prevalence of neurological disorders such as epilepsy, traumatic brain injury, Parkinson’s disease, and other mental health disorders among others. According to World Health Organization (WHO) neurological disorders constitute a significant and rising part of the global disease burden. Furthermore, growing awareness regarding neurofeedback therapy as an alternative treatment is also expected to boost the market growth. For instance, recent studies have proved the effectiveness of neurofeedback in reducing symptoms of ADHD, depression, anxiety and functional motor disorders in pediatric as well as adult patients. Additionally, advancement in neurofeedback technologies offering features such as cloud-based connectivity, machine learning algorithms, intuitive user interfaces and remote user monitoring are expanding the scope of application of neurofeedback therapies. These factors are expected to boost growth of the neurofeedback market over the forecast period.
Segment Analysis
The neurofeedback market is segmented into type, application, end-user, and geography. Based on type, the neurofeedback market is segmented into slow cortical potential neurofeedback (SCP-NF), low-energy neurofeedback system (LENS), and hemoencephalographic neurofeedback (HEG). Here, the SCP-NF segment dominates the segment with the highest market share owing to its ability to modulate and strengthen network connectivity in the cortex, thereby helping in treating various conditions like ADHD, depression, chronic pain and anxiety.
PEST Analysis
Political: Regulatory policies supporting neurofeedback treatment for various neurological and mental health conditions have boosted the adoption of neurofeedback systems.
Economic: Growing healthcare expenditure and rising disposable income levels have increased the demand for neurofeedback systems for effective treatment of conditions like ADHD, depression, insomnia, and epilepsy.
Social: Increasing awareness about neurofeedback therapy and its advantages over conventional treatment methods along with reducing stigma around mental healthcare is driving the market growth.
Technological: Advancements in neuroimaging and neuromodulation techniques have enabled the development of non-invasive and portable neurofeedback devices with simplified usability and improved therapeutic efficacy.
Key Takeaways
The global Neurofeedback Market Share is expected to witness high growth, exhibiting CAGR of 7.33% over the forecast period, due to increasing prevalence of neurological and mental health conditions, rising funding for neuroscience research, and growing preference for non-pharmacological treatment methods.
The North America region dominates the neurofeedback market with the highest market share owing to well-established healthcare infrastructure, higher healthcare spending, and high awareness regarding neurofeedback therapy.
Key players operating in the neurofeedback market include 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. Major players are focusing on new product launches and funding neuroscience research projects to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
