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Cognitive bias modification treatment offers solutions to reshape unhealthy cognitive biases and address many mental health issues such as anxiety, depression, and addiction. By addressing the underlying cognitive distortions that fuel conditions like depression and generalized anxiety, cognitive bias modification techniques help individuals develop more balanced and truthful thought patterns.
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 key trends:
There is rising integration of cognitive bias modification techniques with digital therapeutics and mobile applications. Various digital therapeutics and mobile apps are being developed that combine cognitive bias modification protocols with therapeutic modules such as mindfulness and cognitive behavioral therapy principles. The use of digital platforms makes cognitive bias modification treatment accessible to more individuals and enables self-guided and remote usage. Research studies indicate that digital cognitive bias modification treatments can be as effective as traditional face-to-face interventions. Growing technology adoption in the behavioral healthcare sector is a major trend boosting the cognitive bias modification treatment market.
Porter’s Analysis
Threat of new entrants: Low barriers to entry in terms of technology requirements and intellectual property. However, developing clinically validated solutions requires significant resources.
Bargaining power of buyers: Buyers have moderate bargaining power as there are few established providers. However, personalized solutions tailored to individual needs increase switching costs.
Bargaining power of suppliers: Software developers and clinicians have moderate to high bargaining power as unique expertise is required. However, many solution providers perform these functions internally.
Threat of new substitutes: Limited threat as few alternatives for changing automatic thoughts and biases through digital means at scale. Other therapeutic approaches provide partial substitutes.
Competitive rivalry: Intense as major players continue to invest in differentiated evidence-based solutions and expand indications. Partnerships emerging to create integrated offerings across healthcare systems.
Key Takeaways
The global Cognitive Bias Modification Treatment market is expected to witness high growth over the forecast period. North America is expected to dominate the market during the forecast period. The large share can be attributed to high awareness levels regarding mental healthcare, availability of advanced digital technologies, and growing incidence of mental health issues in the region.
Regional analysis: The Asia Pacific region is anticipated to witness fastest growth due to rising awareness, expanding digital health adoption, growing disposable incomes in developing countries, and efforts towards reducing stigma around mental illnesses. Governments are promoting use of digital therapeutics to meet increasing demand and overcome shortfall in mental health professionals.
Key players: Key players operating in the Cognitive Bias Modification Treatment market are Cognitive Training Solutions Pty Ltd t/as SWiPE Brain Training, Wise Therapeutics, Mental Mint, MindHabits, Youper Inc., Aralus Digital, and Avegen Health. Companies are focusing on development of evidence-based, clinically validated solutions and accessibility through integrated delivery with health systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
