Incorporating Neurofeedback is Estimated to Witness High Growth Owing to Opportunity of Treating Neurological Disorders

 

Neurofeedback Market

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 training enables improving cognitive abilities like memory, attention, mood and relaxation through a non-invasive process of operant conditioning. Repeated sessions aim to help the brain re-train and modify its own activity. This has applications in reducing symptoms related to various mental health conditions like ADHD, anxiety, depression as well as neurological disorders.

The global neurofeedback market is estimated to be valued at US$ 1253.5 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

Increasing incidences of neurological disorders like epilepsy, Alzheimer's disease and traumatic brain injuries are driving the growth of the neurofeedback market. For instance, according to WHO, nearly 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally. Neurofeedback aid in reducing seizure frequency in epileptic patients by helping control brain activity. Additionally, neurofeedback is being increasingly adopted for treating mental health conditions like ADHD, depression, and anxiety, which are highly prevalent globally. Furthermore, technological advancements in brain training devices with features like wireless connectivity and easy portability are also fueling the demand for neurofeedback therapy.

 

SWOT Analysis

 

Strength: Neurofeedback provides non-invasive brain training to treat various mental health conditions like anxiety, depression, ADHD effectively. It helps improve focus, mood and behavior without use of drugs. This alternative treatment method is gaining popularity due to fewer side effects.

 

Weakness: Neurofeedback treatment requires weekly sessions over months which can be time consuming for patients. It also needs specialized Neurofeedback equipment and trained Neurofeedback therapists which increases the overall cost of treatment.

 

Opportunity: Rising cases of mental health issues especially among children and young population creates huge market potential for neurofeedback. Growing awareness about benefits of neurofeedback and limitations of pharmaceutical treatment open up new growth opportunities.

 

Threats: lack of insurance coverage and reimbursement for neurofeedback therapy in many countries limit its adoption. Traditional mental healthcare practices and popularity of drugs also pose challenge to neurofeedback acceptance in mainstream healthcare.

 

Key Takeaways

 

The Global Neurofeedback Market Size is expected to witness high growth over the forecast period driven by rising mental health issues. The global Neurofeedback Market is estimated to be valued at US$ 1253.5 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.

North America currently dominates the neurofeedback market owing to favourable regulatory environment and reimbursement policies supporting alternative therapies. Growing awareness and adoption rates in the U.S. and Canada are driving the regional market. Asia Pacific region is expected to offer lucrative growth opportunities for neurofeedback owing to rising incidence of depression and other mental disorders. Countries like China, Japan and India are emerging as high potential markets in the region supported by improving healthcare infrastructure and spending on alternative treatments.

 

Key players operating in the neurofeedback market are TAKARA BIO Inc., PHARMICELL Co., Ltd., MEDIPOST Co. and Holostem Terapie Avanzate S.r.l. These companies are focusing on new product launches, clinical validations and increasing penetration in emerging markets to consolidate their positions in the neurofeedback market.


Get More Insights Here

https://www.newsstatix.com/neurofeedback-market-size-share-growth-outlook-2023/

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