The neurofeedback market is estimated to be valued at US$ 1,253.5 million or Mn 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 is a technique that uses real-time display of brainwave activity, most commonly derived through electroencephalography (EEG), to teach self-regulation of brain function. Neurofeedback training aims to facilitate optimal brain function by rewarding production of desired brainwave frequencies and patterns. This non-invasive approach allows individuals to modify their brainwave activity through operant conditioning. The process does not rely on medication or behavior modification strategies to change brain function. neurofeedback is used to treat various clinical conditions including ADHD, autism, depression, anxiety, epilepsy, insomnia, drug addiction, PTSD and more. Its applications have expanded beyond clinical treatments to performance and well-being enhancement.
Market key trends:
The increasing adoption of mobile neurofeedback devices is estimated to be a key trend fueling the neurofeedback market growth. Many neurofeedback developers are introducing portable and handheld devices that run neurofeedback training programs through mobile applications. These mobile neurofeedback devices are compatible with smartphones and tablets, allowing training sessions to be conveniently conducted anywhere and anytime. For instance, Mindfield offers web and mobile Neurotracker applications that can be used with an EEG headset for neurofeedback training on-the-go. The growing popularity of wearable neurofeedback devices will augment the accessibility and affordability of neurofeedback therapy, propelling the market expansion.
Porter’s Analysis
Threat of new entrants: Low entry barriers in terms of technology and capital requirements makes neurofeedback market vulnerable to new players entering the market. However, established players dominate the market due to strong brand image and distribution network.
Bargaining power of buyers: Buyers have high bargaining power owing to availability of substitute products and low switching costs. This forces players to offer attractive pricing and customized solutions.
Bargaining power of suppliers: A few technology providers and device manufacturers supply to neurofeedback market. This gives them higher bargaining power over pricing and terms of trade.
Threat of new substitutes: Alternatives like cognitive training apps pose threat of substitution. However, neurofeedback solutions offer clinically validated treatments making substitution threat moderate.
Competitive rivalry: Intense due to presence of global and regional players offering innovative products.
SWOT Analysis
Strengths: Non-invasive nature and growing clinical evidence of neurofeedback efficacy in various conditions attract new consumers.
Weaknesses: High costs of devices, lack of insurance coverage and need for trained professionals limit widespread adoption. Scarcity of skilled experts hampers market growth.
Opportunities: Rise in stress-related disorders, untapped rural markets especially in Asia, and innovations in VR-based neurofeedback open new opportunities.
Threats: Limited clinical research to support long term benefits and reluctance among traditional practitioners pose major threats. Stiff competition from low-cost substitutes challenge growth.
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 and mental health conditions.
Regional analysis: North America dominates neurofeedback market owing to favorable reimbursement policies, availability of trained professionals, and technological advancements. Asia Pacific shows high growth potential led by untapped rural markets and growing mental health awareness in China and India.
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. They are focusing on product innovation like VR-based solutions and collaborations with healthcare organizations to strengthen presence across regions.
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