Neuroplasticity refers to the ability of the central nervous system (brain and spinal cord) to change in response to injury, disease, sensory stimulation, development, and learning. Neuroplasticity is based on the adaptive capability and lifelong ability to reorganize neural pathways and synapses. Neuroplasticity allows the neurons (nerve cells) in the brain to compensate for injury and disease and to adjust their activities in response to new situations or to changes in their environment. Neuroplasticity therapy focuses on strengthening healthy pathways and networks by exercises and other activities, providing alternative pathways to bypass brain injury or disease.
The global Neuroplasticity market is estimated to be valued at US$ 6.61 Bn in 2023 and is expected to exhibit a CAGR of 27.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The opportunity of improving rehabilitation treatments through neuroplasticity techniques is driving the growth of neuroplasticity market. Neuroplasticity facilitates in altering the neural pathways and connections in the brain. Due to this adaptive capability, neuroplasticity techniques help in developing new neuronal pathways and improving communication between brain cells. The repairing or rewiring of neuronal circuits helps in enhancing the rehabilitation process by assisting recovery from brain and spinal cord injuries. Neuroplasticity based rehabilitation focuses on improving functional recovery through strengthening of residual functions and developing alternative connections. This ability of neuroplasticity to aid rehabilitation treatments is augmenting the neuroplasticity market growth.
Threat of new entrants: The neuroplasticity market requires high R&D investments and clinical trials for new product developments, lowering the threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as researchers have limited product alternatives for neuroplasticity therapies and diagnostics.
Bargaining power of suppliers: Major academic institutes and universities dominating neuroplasticity research limits the bargaining power of suppliers.
Threat of new substitutes: No major substitute therapies exist for neuroplasticity-based diagnostics and treatments currently, reducing threats from substitutes.
Competitive rivalry: Major players compete on innovation and portfolio expansion to gain market share in the growing neuroplasticity market.
Strengths: Non-invasive neuroplasticity therapies have fewer side effects than alternatives. Growing aging population increases demand.
Weaknesses: High costs of R&D, equipment, and clinical trials impact profitability. Neuroplasticity mechanisms are not fully understood.
Opportunities: Untapped potential exists in applications for neurological disorders, rehabilitation, and brain-machine interfaces.
Threats: Regulatory hurdles and reimbursement challenges can delay products. COVID-19 impacted clinical trials and research temporarily.
The Global Neuroplasticity Market Demand is expected to witness high growth at a CAGR of 27.4% during the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 6.61 Billion.
Regional analysis shows North America currently dominates due to presence of major players and higher healthcare spending. However, Asia Pacific is poised to grow the fastest at a CAGR of over 15% due to rising medical tourism, healthcare infrastructure development, and growing aging population.
Key players operating in the neuroplasticity market are Medtronic, Boston Scientific, Abbott, Bioness, Axonics Modulation Technologies, Nevro, Cyberonics, Baxter, and LivaNova among others. Major players are focused on developing innovative neuroplasticity therapies for various brain disorders.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it