by Neuroplasticity refers to changes in neural pathways and synapses which occurs as a result of changes in behavior, environment, as well as changes during the processes of learning and memory. Neuroplasticity involves neurogenesis, synapse formation, and reinforcement of synapses between neurons. Advancements in neurotechnology, such as development of neuroprosthetics, neurostimulation devices, and treatments in the domains of brain/spine injury, is expected to enhance neuroplasticity and the repair & regeneration of neural circuits. Some key products used for neuroplasticity management include cognitive training programs, brain stimulation devices, and synaptic plasticity modulators.
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.
This is attributed to increasing aging population who are more prone to neurological disorders, rising adoption of neuroplasticity programs for learning & memory enhancement, and increasing demand for neurogenic treatments.
Market Dynamics:
The growing aging population worldwide coupled with rising prevalence of neurological diseases is a major driver augmenting the growth of the neuroplasticity market. For instance, according to World Population Prospects 2019 report by United Nations, it is estimated that by 2050, one in six people in the world will be over age 65, up from one in 11 in 2019. This poses a significant economic and social burden. Neuroplasticity based interventions help in facilitating repair processes in the aging brain and central nervous system.
Another key factor fueling the market growth is growing investments in neuroscience research and neurotechnology. Promising advancements in areas such as neural tissue engineering, optogenetics, neuroprosthetics, and neural circuit mapping has enabled development of novel solutions targeting neuroplasticity. This has increased the reliability and efficacy of neuroplasticity programs for various neurological and psychiatric conditions such as Alzheimer’s disease, depression, stroke, and brain injury.
Segment Analysis
The global neuroplasticity market is dominated by electrical stimulation segment, accounting for around 35% of total market share. Electrical stimulation devices help in repairing and reorganizing neuronal connections and pathways in the brain by applying small electrical currents. Devices like transcranial direct current stimulation (tDCS) and transcranial magnetic stimulation (TMS) are widely used for treatment of cognitive impairment associated with neurological disorders. The invasive brain stimulation devices sub-segment is also growing at a fast pace owing to increasing adoption of deep brain stimulation (DBS) implants for treatment of neurological conditions like Parkinson’s disease and epilepsy.
PEST Analysis
Political: Governments across countries are taking initiatives to spread awareness about brain health and funding neuroplasticity research. There are also regulations in place to ensure safety and efficacy of neuroplasticity devices and therapies.
Economic: Rising prevalence of neurological disorders, growing geriatric population, increasing healthcare spending are some of the key factors driving the neuroplasticity market growth. However, high costs associated with sophisticated neuroplasticity devices and therapies may hamper widespread adoption.
Social: Neuroplasticity therapies are gaining acceptance for treatment of various brain related conditions. People are more inclined towards utilizing non-invasive neuroplasticity techniques to boost brain health and cognition.
Technological: Introduction of advanced devices enabling precise electrical stimulation at targeted brain areas. Development of integrated systems combining non-invasive brain stimulation techniques with neuroimaging and other modalities to maximize neuroplastic effects.
Key Takeaways
The Global Neuroplasticity Market Size is expected to witness high growth during the forecast period of 2023 to 2030 supported by rising neurological disease burden. 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.
North America accounts for around 40% market share currently attributed to growing acceptance of neuroplasticity therapies and presence of major players in the region. Asia Pacific region is projected to witness fastest growth rate owing to increasing healthcare expenditure, large patient pool suffering from cognitive decline associated neurological disorders in countries like China and India.
Key players operating in the neuroplasticity market include Cushman & Wakefield, Tenon Group, Apollo Sindoori, Compass Group PLC, Sodexo, Serco Group PLC, OCS Group, Jones Lang LaSalle, ISS World Services AS, Ecolab Inc., ABM Industries Inc., Aramark Corporation, Vanguard Resources Inc., and Medxcel Facilities Management, among others. These leading players are focusing on new product launches and enhancing their existing neuroplasticity portfolios through collaborations and acquisitions to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
