by Neurofeedback, also known as EEG biofeedback, is a type of biofeedback that uses real-time displays of brainwave activities aimed at helping clients self-regulate their own brainwaves. Neurofeedback utilizes electroencephalography (EEG) to measure brain wave and activity patterns. This non-invasive process helps improve functioning in areas related to specific diagnoses or symptoms such as anxiety, stress, depression, insomnia, ADHD and more. Neurofeedback training conditions the brain to function at its optimal level through operant conditioning by rewarding brainwave patterns associated with calm, focused states of functioning and not rewarding undesirable patterns.
The global neurofeedback market size is estimated to be valued at US$ 1253.5 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
There has been a significant rise in awareness regarding mental health issues such as depression, anxiety, stress and sleep disorders. According to WHO, over 264 million people are affected by depression globally. In addition, the U.S. CDC reported that nearly one in three Americans do not get enough sleep. Neurofeedback Market Size And Trends helps in treating such mental health conditions through non-invasive techniques without any side-effects. Rising popularity of neurofeedback as an alternative mental health treatment method over pharmaceutical drugs is a major trend driving the growth of this market. Furthermore, ongoing technological advancements in neurofeedback devices are expected to boost adoption and propel the market growth over the forecast period. However, lack of insurance coverage for neurofeedback treatment and higher costs associated with it pose major challenges for market growth.
Porter’s Analysis
Threat of new entrants: The neurofeedback market requires substantial R&D investments and clinical trials for new products. These high entry barriers reduce the threat of new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to limited choice of neurofeedback products available. However, large hospitals and organizations can negotiate on bulk purchase prices.
Bargaining power of suppliers: A few key players dominate the supply of neurofeedback devices, software, and accessories. This gives them significant influence over prices in the neurofeedback market.
Threat of new substitutes: There exists no highly effective substitutes for neurofeedback therapy currently. Alternative approaches like cognitive behavioral therapy offer limited substitution.
Competitive rivalry: The neurofeedback market sees moderate competitive rivalry due to differentiated product offerings and client focus of key players. Strategic partnerships and technological innovations also impact competition.
Key Takeaways
The Global Neurofeedback Market Size is expected to witness high growth over the forecast period supported by rising neurological disorders, growing acceptance of neurofeedback therapy and technological advancements. The global neurofeedback market size is estimated to be valued at US$ 1253.5 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the neurofeedback market currently due to better accessibility and affordability of neurofeedback devices in the US. Asia Pacific is anticipated to grow at the fastest rate during the forecast period due to rising medical expenses, increasing disposable incomes and growing awareness in countries like China and India.
Key players: Key players operating in the neurofeedback market are TAKARA BIO Inc., PHARMICELL Co., Ltd., MEDIPOST Co., Holostem Terapie Avanzate S.r.l. TAKARA BIO and PHARMICELL are focused on developing innovative neurofeedback protocols and devices. MEDIPOST invests heavily in high-end biosensors for neurofeedback applications.
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
