Neurofeedback, also known as EEG biofeedback, is a type of biofeedback that uses real-time displays of EEG recordings to teach self-regulation of brainwaves. Neurofeedback aims to treat issues like poor concentration, learning disabilities, stress, anxiety, depression, insomnia, ADHD and other neurological conditions by training patients to regulate their brain rhythms. The technology helps patients learn to control frequency patterns of brain waves which helps them in managing symptoms associated with various neurological disorders.
The global Neurofeedback Market is estimated to be valued at US$ 1253.5 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Treating neurological disorders presents a major opportunity in the neurofeedback market. With rising cases of neurological illnesses like epilepsy, headaches, Alzheimer's, Parkinson's disease, multiple sclerosis and other such conditions, neurofeedback offers patients a drug-free alternative for managing their symptoms. The non-invasive nature of neurofeedback makes it a preferred treatment choice. As there is limited availability of effective therapies for neurological disorders, neurofeedback helps address an unmet need by improving patients' quality of life. Its ability to treat issues like poor cognition, addiction, insomnia and mood disorders associated with neurological illnesses further enhances its appeal. The growing popularity of neurofeedback as an effective treatment option for wide range of neurological conditions is expected to fuel significant growth in the market over the forecast period.
Porter's Analysis
Threat of new entrants: The neurofeedback market has high capital requirements for R&D and manufacturing which poses barriers for new entrants. However, services related neurofeedback have low entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many suppliers for neurofeedback devices and services. However, certain buyers such as hospitals have higher bargaining power.
Bargaining power of suppliers: Suppliers have moderate bargaining power as there are many device manufacturers and service providers in this market. However, key materials suppliers for devices have higher bargaining power.
Threat of new substitutes: Limited threat from substitutes currently due to neurofeedback's clinical evidence for conditions like ADHD, anxiety, depression, etc.
Competitive rivalry: Intense competition among existing device manufacturers and service providers to gain market share.
SWOT Analysis
Strengths: Non-invasive nature of neurofeedback therapy. Growing clinical evidence for neurofeedback's effectiveness.
Weaknesses: Lack of insurance coverage limits adoption. High costs of neurofeedback devices and therapy programs.
Opportunities: Potential for neurofeedback in new conditions. Growth in home-based neurofeedback solutions.
Threats: Limited clinical evidence for some applications. Reimbursement challenges in some regions.
Key Takeaways
The Global Neurofeedback Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for neuro-feedback is projected to reach US$ 1253.5 Mn by 2023, growing at an estimated CAGR of 13%.
Regional analysis: North America dominates the neurofeedback market currently due to favorable reimbursement policies and availability of neurofeedback coverage. However, Asia Pacific region is expected to offer lucrative growth opportunities owing to rising geriatric population, increasing awareness and economic growth in countries like China and India.
Key players: Key players operating in the neurofeedback market are TAKARA BIO Inc., PHARMICELL Co., Ltd., MEDIPOST Co., Holostem Terapie Avanzate S.r.l. TAKARA BIO and PHARMICELL are leading players focused on developing innovative neurofeedback device technologies. MEDIPOST and Holostem specialize in neurofeedback therapy services.
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