by Neuroplasticity refers to the brain’s ability to form and reorganize synaptic connections, especially in response to learning or experience or following injury. Products associated with neuroplasticity include therapies, brain training games, application software and devices that help stimulate neuroplasticity.
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 key trends:
Growing awareness about the benefits of neuroplasticity in improving cognitive abilities has led to an increase in the adoption of brain training programs and neuroplasticity-enhancing therapies. Various therapies that stimulate neuroplasticity such as physical therapy, cognitive behavioral therapy and brain stimulation therapies are gaining popularity as they help recover lost brain functions from traumatic injuries or neurological disorders. Researchers are also developing novel devices and techniques that aid neuroplasticity and facilitate faster recovery.
SWOT Analysis
Strength: Neuroplasticity market has strong potential for growth due to increasing demand for better rehabilitation and treatment methods. Growing awareness regarding neuroplasticity helps brains repair and rewire itself.
Weakness: High costs associated with neuroplasticity treatment procedures limits its adoption. Lack of skilled medical professionals and researchers also acts as a limitation.
Opportunity: Rising cases of neurological diseases and disorders presents an opportunity for neuroplasticity market players. Growing elderly population suffering from neurological conditions enhance the demand.
Threats: Limited medical reimbursements and lack of advanced infrastructure in emerging nations are threats to neuroplasticity market. Stringent regulations for new treatment approvals is also a challenge.
Key Takeaways
The Global Neuroplasticity Market Size 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 currently dominates the neuroplasticity market and is expected to maintain its leading position over the forecast period. This can be attributed to growing prevalence of neurological diseases, rising investment in research and development activities by key players, and strong healthcare infrastructure in the region. Asia Pacific region is estimated to witness fastest growth rate owing to increasing healthcare spending, rising awareness regarding neuroplasticity treatment options, and presence of large patient pool suffering from neurological conditions. China and India are emerging as lucrative markets in the region.
Key players operating in the neuroplasticity market are 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 players are focusing on new product launches and strategic collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
