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Neurofeedback Market Growth Accelerated by Increasing Prevalence of Sleep and Psychological Disorders

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naufan003
Neurofeedback Market Growth Accelerated by Increasing Prevalence of Sleep and Psychological Disorders

Neurofeedback, also known as EEG biofeedback, uses real-time displays of electroencephalogram (EEG) activity to teach individuals how to regulate their brain activity. Neurofeedback techniques are used to treat sleep and psychological disorders such as depression, anxiety, insomnia, PTSD, traumatic brain injury, and substance abuse as well as improve cognitive functions such as attention, learning, and memory among others.

The global Neurofeedback Market is estimated to be valued at US$ 1253.5 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing prevalence of sleep and psychological disorders worldwide has been a key driver spurring the growth of the neurofeedback market over the forecast period. According to the World Health Organization (WHO), around 450 million people suffer from mental disorders globally, affecting nearly 1 in 4 individuals during their lifetime. The National Institute of Mental Health (NIMH) estimates that around 19.1% of U.S. adults experienced mental illness in 2020. Moreover, sleep disorders affect around 50-70 million Americans annually. Neurofeedback therapies are gaining traction in the treatment of such disorders as they have minimal side effects and are non-invasive in nature compared to pharmaceutical drug treatments. Continuous technological advancements in EEG and analysis software are further widening the scope of neurofeedback applications driving the market growth over the forecast period.

Segment Analysis

The global neurofeedback market is dominated by the EEG sub-segment as it captures real time brain activity through electrodes placed on the scalp. EEG helps quantify brain waves like theta, beta, alpha and delta rhythms which gives accurate representation of brain patterns. This accurate measurement helps neurofeedback practitioners guide clients to train their brain for better mental health and performance.

Key Takeaways

The Global Neurofeedback Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Neurofeedback Market is estimated to be valued at US$ 1253.5 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.

North America currently dominates the market owing to presence of established healthcare infrastructure and early adoption of neurofeedback technology for conditions like ADHD, anxiety, depression etc. Europe follows next due to growing awareness about benefits of neurofeedback therapy. Asia Pacific is expected to be the fastest growing region on back of increasing research focus, rise of neurological disorders and improving healthcare spending in countries like China and India.

Key players operating in the neurofeedback market are Citibank, Bank of America, JPMorgan Chase, Wells Fargo, HSBC, BNP Paribas, MUFG Bank, Mizuho Bank, SMBC, Barclays, Deutsche Bank, Credit Suisse, Morgan Stanley, Goldman Sachs, Royal Bank of Canada, Toronto-Dominion Bank, Banco Santander, Lloyds Banking Group, NatWest Group, Intesa Sanpaolo. Market leader Citibank is focusing on expanding indications for neurofeedback therapy through sponsored clinical trials. Bank of America recently partnered with Brainquiry to make neurofeedback accessible through digital solutions. JPMorgan Chase invested in brain monitoring startups developing low-cost neurofeedback devices for home use.


Get more insights on this topic:

https://www.rapidwebwire.com/neurofeedback-market-size-analysis/

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