Neuroplasticity is the ability of the brain to form and reorganize synaptic connections, especially in response to learning or experience or following injury. 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. Products associated with neuroplasticity includes transcranial magnetic stimulation, brain stimulation, neurofeedback and visual rehabilitation. Transcranial magnetic stimulation uses magnetic fields to stimulate nerve cells in the brain to improve symptoms of depression, Parkinson's disease, Alzheimer's and various phobias. Brain stimulation uses implants in targeted areas of the brain such as subthalamic nucleus or globus pallidus interna to modulate brain activity and improve symptoms.
The global neuroplasticity market is estimated to be valued at US$ 6.61 Bn 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 Dynamics:
Rising awareness about neurorehabilitation and benefits of neuroplasticity is a key driver propelling growth of the neuroplasticity market. According to studies, neurorehabilitation that promotes neuroplasticity helps in recovery process from various neurological conditions such as stroke, traumatic brain injury, Alzheimer's disease and spinal cord injury. Rehabilitation methods such as occupational therapy that involve repetitive mental and motor skill exercises induce neuroplastic changes by formation of new synapses and pathways in the brain. Another driver is growing older population susceptible to neurodegenerative conditions. People aged 65 and above are more likely to develop neurological disorders due to age related wear and tear of the brain. As life expectancy increases globally, the population aged 65 and above is expected to double from 703 million in 2019 to 1.5 billion by 2050 according to United Nations statistics, thereby driving demand for neuroplasticity enhancing therapies.
SWOT Analysis
Strength: The neuroplasticity market exhibits strengths such as growing research on neuroplasticity, increasing cases of neurological disorders, and rising awareness regarding cognitive dysfunction and brain training. Neuroplasticity offers possibilities for controlling age related cognitive decline and recover from neurological injuries. Large patient pool suffering from conditions such as Alzheimer's, Parkinson's, and stroke also aids market growth.
Weakness: High costs associated with neuroplasticity therapies, lack of compensation from insurance providers, and low awareness in developing regions are major weaknesses in the market. Clinical evidence demonstrating long term benefits is also limited which restrains market potential.
Opportunity: Untapped growth opportunities exist in emerging markets of Asia Pacific and Latin America. Novel therapeutics focused on neuroplasticity offer commercialization opportunities. Support from regulatory bodies to develop neuroplasticity based solutions for unmet clinical needs will create lucrative prospects.
Threats: Limited understanding of neural mechanisms, technological challenges in developing effective brain training methods, and slow progress in translating basic research into clinical solutions are key threats. Stringent regulations for new therapies and competition from alternative treatment options also restrict market growth.
Key Takeaways
The Global Neuroplasticity Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising incidences of neurological disorders, growing geriatric population, and ongoing research. By 2030, the market size is projected to cross US$ 22 Bn registering a robust CAGR of 12% during the forecast period.
Regional analysis: North America currently dominates the global neuroplasticity market owing to high patient awareness, availability of advanced healthcare facilities, and conducive regulatory environment for new therapies in the region. The Asia Pacific neuroplasticity market is anticipated to demonstrate fastest growth due to growing medical tourism industry, rising healthcare spending, and increasing penetration of global market players in the region.
Key players: Key players operating in the neuroplasticity market are Cushman & Wakefield, Tenon Group, Apollo Sindoori, Compass Group PLC, Sodexo, Serco Group PLC, OCS Group, and Medxcel Facilities Management, among others. These companies are focused on expanding their regional presence and investments into innovative neuroplasticity solutions through strategic collaborations and acquisitions.
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