by Neurofeedback is a type of biofeedback that uses real-time displays of brain activity – most commonly electroencephalography (EEG) – to teach self-regulation of brain function. Neurofeedback therapy uses interactive software, audio-visual feedback, and non-invasive sensors to measure brain activity and teach individuals how to regulate specific patterns through a relaxation or successful task completion. This process helps improve concentration, mood enhancement, stress reduction, and overall emotional well-being. It is a non-invasive approach that does not rely on medications and is more focused on improving overall brain functioning than just symptom alleviation. The global neurofeedback market offers promising potential for the treatment of various neurological and psychiatric disorders like ADHD, chronic pain, anxiety, depression, insomnia and post-traumatic stress disorder (PTSD).
The global Neurofeedback Market is estimated to be valued at US$ 1,253.5 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:
One of the major trends in the neurofeedback market is its increasing utilization for the treatment of substance abuse disorders. Studies indicate that neurofeedback can positively modulate brain activity in the areas involved in craving and impulse control. It may help reduce substance cravings and normalize brain activity that contributes to relapse. Its non-invasive nature makes it an attractive alternative to pharmacological interventions for substance abuse disorders. Furthermore, continuous technological advances are enhancing the efficacy and ease-of-use of neurofeedback equipment. Wearable brain monitoring devices and VR/AR integrated neurofeedback are some emerging innovations that can make therapy more engaging and accessible to patients.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant investments are required for R&D and clinical trials. However, growing demand and technological advancements offer opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. The availability of substitutes provide some bargaining power to buyers. However, customized neurofeedback systems result in switching costs.
Bargaining power of suppliers: Suppliers of neurofeedback components have moderate bargaining power due to availability of substitutes and less differentiation in components.
Threat of new substitutes: Threat from substitutes is low as neurofeedback offers personalized treatment with few alternatives. However, virtual reality and other digital therapeutics pose a threat.
Competitive rivalry: The neurofeedback market is moderately competitive due to presence of large and small players. Players compete based on technological innovation, services, and geographic expansion.
Key Takeaways
The Global Neurofeedback Market Size is expected to witness high growth over the forecast period. The global Neurofeedback Market is estimated to be valued at US$ 1,253.5 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.
North America region currently dominates the neurofeedback market owing to increasing R&D investments, adoption of neurofeedback therapy, and presence of key market players in the region. Europe is also expected to hold a significant share in the neurofeedback market owing to growing awareness regarding mental health issues and neurological disorders in the region. The U.S. currently dominates the North American neurofeedback market and is estimated to maintain its dominance over the forecast period. This can be attributed to robust healthcare infrastructure, extensive research in neuroscience, and supportive medical reimbursement policies for neurofeedback in the country.
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. Bank of America leads the market and is a pioneer in neurofeedback therapy. They offer customized neurofeedback systems and services for various neurological and psychiatric conditions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
