by The global 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 electroencephalography (EEG)—to teach self-regulation of brain function. Neurofeedback training is believed to help improve brain function and behavior by allowing individuals to learn to control their own brain waves associated with traits like concentration, relaxation, and mood. Advantages of neurofeedback training include non-invasiveness, lack of medications, and empowering individuals to take control over their own brain function and behavior. With rising prevalence of neurological and mental health disorders, neurofeedback is gaining prominence as an alternative treatment method.
Market key trends:
One of the key trends in the neurofeedback market is growing popularity of EEG-based neurofeedback systems. Major players such as Emotiv, Brainmaster Technologies, Inc., and Brainworks are offering advanced EEG-based neurofeedback devices and systems integrated with multiple sensors and intuitive software platforms. These systems provide real-time visual or audio feedback of brain activities to help individuals in training their mind to produce desired brainwave patterns associated with focus, relaxation, etc. Rapid advancements in neuroscience, brain imaging technologies, and proliferation of wearable and wireless biosensors are further aiding development of next-gen neurofeedback solutions.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires huge capital investment for R&D and clinical trials to develop new neurofeedback systems. However, new start-ups with disruptive technologies can enter the market.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitute therapies for neurological disorders. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: Suppliers have low bargaining power as raw material and component requirements are standardized. However, the dependence on few OEMs increases their bargaining power.
Threat of new substitutes: The threat of new substitutes is high as alternative therapies like meditation, yoga, and drugs are used for treating neurological conditions. Technological advancements will further increase substitutes.
Competitive rivalry: The competitive rivalry is high due to the presence of global and regional players offering innovative neurofeedback systems.
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 disorders, rising adoption of neurofeedback for treatment, and growing awareness.
North America dominates the neurofeedback market owing to the rising prevalence of neurological disorders, availability of advanced healthcare infrastructure, and favorable reimbursement policies. According to Neurofeedback Market Report (2023), North America is estimated to hold over 35% market share in 2023.
Asia Pacific is expected to exhibit the fastest growth during the forecast period. Rising healthcare spending, increasing neurological patient pool, and growing medical tourism are boosting the regional market. China, Japan, and India are projected to be the lucrative markets in Asia Pacific.
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. The players are focusing on new product launches, technological advancements, and geographical expansion to sustain their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
