by Cognitive bias modification treatment involves targeting and modifying unhelpful biases through guided learning processes. Cognitive behavioral therapy programs aim to reduce biases that contribute to conditions like anxiety, depression, and substance abuse. The global market has witnessed widespread use of digital platforms and applications for cognitive bias modification. Digital therapeutics deliver evidence-based treatments via engaging online or mobile tools to help improve disease prevention, diagnosis, treatment, recovery, and healthy living. Key players have introduced various online and mobile-based programs that help address biases associated with mental health disorders in a cost-effective manner.
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 Dynamics:
The rise of digital therapeutics is expected to flourish the cognitive bias modification treatment market. Digital platforms allow cognitive therapies to reach more people in need of treatment while reducing stigma. Tools integrated with VR/AR are also witnessing increasing popularity as they provide immersive experiences to observe and modify thought patterns. In addition, the increasing adoption of digital technologies and mobile apps for better mental health management will further drive the market growth over the forecast period. Moreover, growing prevalence of mental disorders resulting from rising stress levels, substance abuse, and other factors has increased demand for effective bias treatment therapies.
Segment Analysis
Cognitive Bias Modification Treatment Market is dominated by technology driven training and therapeutics sub-segment. This sub-segment utilizes advanced technology like virtual reality, simulations and personalized cognitive training games to alter patients’ cognitive biases effectively and efficiently. With increasing adoption of digital therapeutics approach, technology driven cognitive bias training solutions are becoming widely popular among patients as well as clinicians.
PEST Analysis
Political: The governments across different countries are supporting digital therapeutics and cognitive training solutions by funding research activities in this domain. Favourable regulations related to virtual healthcare technologies are boosting the market growth.
Economic: Rising healthcare costs have increased focus on cost-effective digital therapeutics. Cognitive bias modification treatments offer affordable options for managing several mental health conditions.
Social: Growing social awareness and acceptance of digital healthcare solutions are positively impacting the market. Easy to use apps and online training modules are removing stigma associated with traditional therapies.
Technological: Rapid advancement in areas of virtual reality, augmented reality, artificial intelligence and personalized algorithms are enhancing capabilities of cognitive bias modification treatment solutions. Data-driven personalized therapeutic approaches are gaining momentum.
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 region currently dominates the market due to growing adoption of digital therapeutics and presence of key players.
Regional analysis comprises: North America accounts for maximum market share currently. Availability of advanced digital infrastructure and favourable reimbursement policies are driving the adoption of cognitive bias modification treatments in the US and Canada. Asia Pacific region is expected to witness fastest growth owing to rising disposable incomes, increasing penetration of smartphones and growing mental health awareness in developing countries like India and China.
Key players comprise: Key players operating in the Cognitive Bias Modification Treatment Companies are Cognitive Training Solutions Pty Ltd t/as SWiPE Brain Training, Wise Therapeutics, Mental Mint, MindHabits, Youper Inc., Aralus Digital, and Avegen Health. These players are focusing on developing innovative technologies for condition specific personalized cognitive training programs.
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*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn
