by Neurofeedback is a type of brain-computer interface that allows individuals to monitor and modify their brain waves by observing real-time feedback from brain activity. It helps to treat various conditions including ADHD, anxiety, depression, epilepsy, insomnia, and PTSD. Neurofeedback training uses electroencephalography (EEG) to measure brain wave activity and displays visual or sound feedback in real-time so that participants can recognize patterns associated with intended mental states and thereby train their brain waves. The global neurofeedback market offers various advantages such as non-invasive method, drug-free treatment, and enhancement of cognitive skills. The need for safe and effective treatments for neurological and psychiatric disorders is increasing globally.
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 rising demand for brain-computer interface technology is one of the key drivers of the neurofeedback market growth. Brain-computer interface helps in establishing a direct communication pathway between the brain and an external device. Neurofeedback is considered as a type of non-invasive brain-computer interface that records brain wave data through EEG and allows individuals to modify brain activity in real-time with the help of visual/audio feedback. Researchers are exploring extensive applications of neurofeedback as a brain training and enhancement tool. The ability to voluntarily self-regulate one’s own brain activity has potential for improved cognitive performance. Advancements in brain-computer interface and neurofeedback technology could transform various applications across gaming, virtual reality, education, healthcare and beyond in the forthcoming years.
SWOT Analysis
Strength: Neurofeedback provides non-invasive and drug-free treatment options for various neurological and mental health conditions like epilepsy, ADHD, depression, anxiety, insomnia, PTSD etc. It helps improve brain functionality without any side effects.
Weakness: High costs associated with neurofeedback equipment and training makes it less affordable for general public. Lack of reimbursement policies for neurofeedback treatment from insurance providers also limits adoption.
Opportunity: Increasing prevalence of neurological and mental health disorders worldwide presents significant growth opportunities. Growing awareness about advantages of neurofeedback and alternatives to medication is boosting demand.
Threats: Limited number of certified neurofeedback practitioners restricts access in many regions. Long treatment cycles negatively impact compliance and continuity of care.
Key Takeaways
The Global Neurofeedback Market Size is expected to witness high growth. 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.
The neurofeedback market in North America currently dominates due to high prevalence of target disorders, favorable reimbursement policies, and presence of major players. Asia Pacific is poised to emerge as the fastest growing market owing to rising healthcare expenditure, growing economy, and increasing focus on neurological care.
Key players related content comprises
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. These companies are focusing on new product launches, collaborations, and geographic expansion to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
