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| Neurofeedback Market |
The neurofeedback market is estimated to be valued at US$ 1,253.5 million or Mn in 2022 and is expected to exhibit a CAGR of 7.33% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neurofeedback is a technique that uses real-time display of brainwave activity,
most commonly derived through electroencephalography (EEG), to teach self-regulation
of brain function. Neurofeedback training aims to facilitate optimal brain
function by rewarding production of desired brainwave frequencies and patterns.
This non-invasive approach allows individuals to modify their brainwave
activity through operant conditioning. The process does not rely on medication
or behavior modification strategies to change brain function. neurofeedback is
used to treat various clinical conditions including ADHD, autism, depression,
anxiety, epilepsy, insomnia, drug addiction, PTSD and more. Its applications
have expanded beyond clinical treatments to performance and well-being
enhancement.
Market key trends:
The increasing adoption of mobile neurofeedback devices is estimated to be a
key trend fueling the neurofeedback market growth. Many neurofeedback
developers are introducing portable and handheld devices that run neurofeedback
training programs through mobile applications. These mobile neurofeedback
devices are compatible with smartphones and tablets, allowing training sessions
to be conveniently conducted anywhere and anytime. For instance, Mindfield
offers web and mobile Neurotracker applications that can be used with an EEG
headset for neurofeedback training on-the-go. The growing popularity of
wearable neurofeedback devices will augment the accessibility and affordability
of neurofeedback therapy, propelling the market expansion.
Porter’s Analysis
Threat of new entrants: Low entry barriers in terms of technology and capital
requirements makes neurofeedback market vulnerable to new players entering the
market. However, established players dominate the market due to strong brand
image and distribution network.
Bargaining power of buyers: Buyers have high bargaining power owing to
availability of substitute products and low switching costs. This forces
players to offer attractive pricing and customized solutions.
Bargaining power of suppliers: A few technology providers and device
manufacturers supply to neurofeedback market. This gives them higher bargaining
power over pricing and terms of trade.
Threat of new substitutes: Alternatives like cognitive training apps pose
threat of substitution. However, neurofeedback solutions offer clinically
validated treatments making substitution threat moderate.
Competitive rivalry: Intense due to presence of global and regional players
offering innovative products.
SWOT Analysis
Strengths: Non-invasive nature and growing clinical evidence of neurofeedback
efficacy in various conditions attract new consumers.
Weaknesses: High costs of devices, lack of insurance coverage and need for
trained professionals limit widespread adoption. Scarcity of skilled experts
hampers market growth.
Opportunities: Rise in stress-related disorders, untapped rural markets
especially in Asia, and innovations in VR-based neurofeedback open new
opportunities.
Threats: Limited clinical research to support long term benefits and reluctance
among traditional practitioners pose major threats. Stiff competition from
low-cost substitutes challenge growth.
Key Takeaways
The global Neurofeedback
Market Share is expected to witness high growth, exhibiting CAGR of 7.33% over the forecast period,
due to increasing prevalence of neurological and mental health conditions.
Regional analysis: North America dominates neurofeedback market owing to
favorable reimbursement policies, availability of trained professionals, and
technological advancements. Asia Pacific shows high growth potential led by
untapped rural markets and growing mental health awareness in China and India.
Key players operating in the neurofeedback market are Neuro Care Group,
Myndlift Ltd, Brainmaster Technologies, Inc., Mitsar Co. Ltd, Emotiv,
Brainworks, Mindfield Biosystems Ltd. , Narbis, Thought Technology Ltd.,
InteraXon Inc., Mind Media USA Inc., and NeuralScan. They are focusing on
product innovation like VR-based solutions and collaborations with healthcare
organizations to strengthen presence across regions.
Read More,
https://www.newsstatix.com/neurofeedback-market-trends-size-and-share-analysis/
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