Burlingame, April 13, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, Global Neurofeedback Market is estimated to be valued at US$ 1,253.5 million in 2023 and is expected to exhibit a CAGR of 7.3% during the forecast period (2023-2030).
Analyst Views:
Increase in the prevalence of drug abuse is expected to drive the growth of the market over the forecast period. For instance, data published on May 2021, on National Institutes of Health, stated that in U.S. approximately 20.4 million people were diagnosed with substance use disorders (SUD) in 2020.
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Key Trends and Analysis of the Global Neurofeedback Market:
Increasing technological advancements by the key players
Increasing technological advancements by the key players in the market is expected to drive the growth of the market over the forecast period. For instance, in July, 2020, Brain Scientific Inc., a medical device and technology company offering products and solutions related to the brain including neurology, Artificial intelligence (AI) and machine learning, has enhanced its disposable electroencephalogram (EEG) headset, NeuroCap, with new features. The latest improvement to the device includes a proprietary gel that offers better conductivity and enhanced performance adhesive pads.
Driver:
Increase in the research and development activities about neurofeedback therapy by the key players
Increase in the research and development activities about neurofeedback therapy by the key players is expected to drive the growth of the market over the forecast period. For instance, on September 23, 2020, M.D. Anderson Cancer Center, initiated a study titled “Optimizing Neurofeedback to Treat Chemotherapy Induced Peripheral Neuropathy”. The study was estimated to be concluded by October 2021.
Increase in the awareness of mental illness by the government
Increase in the awareness of mental illness by the government is expected to drive the growth of the market over the forecast period. For instance, in April 2021, President of the U.S proclaimed May 2021 as a National Mental Health Awareness month. This initiative by the U.S government spread awareness about mental illness.
Neurofeedback Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 1,253.5 Mn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 7.33% | 2030 Value Projection: | US$ 2,056.9 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | 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 | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Restraints:
High cost of neurofeedback treatment
High cost of neurofeedback treatment is expected to hinder growth of the neurofeedback market. For instance, data published on January 12, 2022, by The New York Times Company, stated that the costs of neurofeedback therapy for a single session costs US$ 100 to US$ 300. A brain map and analysis, which some practitioners use to set a baseline for future sessions, can cost US$ 1,000 or more.
Market Trends:
Increase in the adoption of strategies such as product approval
Increase in the adoption of organic strategies such as product approvals by the regulatory bodies is expected to drive the growth of the market over the forecast period. For instance, in January 2021, BioSerenity, a medical technology company announced that the U.S. Food and Drug Administration (FDA) has given 510(k) clearance for the Neuronaute EEG System and IceCap EEG wearable device, allowing clinicians the ability to remotely monitor and access electrical brain activity of patients with epilepsy.
Increasing clinical trials by key players
Increasing clinical trials by key players is expected to drive the growth of the market over the forecast period. For instance, in March 2022, Boston VA Research Institute, Inc., which is a biomedical research institute, initiated a clinical trial titled “Real-time fMRI Neurofeedback as a Tool to Mitigate Auditory Hallucinations in Patients with Schizophrenia - R33 Phase”. The clinical trial is estimated to be concluded by June 2024.
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Global Neurofeedback Market Cross Sectional Analysis:
Under product, electrodes or sensors segment is expected to hold a dominant position in Europe over the forecast period due to the increasing use of electrodes and sensors in clinical trials. For instance, in September 2021, ETH Zurich, a research university in Switzerland, initiated a clinical trial titled “Neurofeedback Using Implanted Deep Brain Stimulation Electrodes” for people with Epilepsy. The trial is estimated to get completed by September 2026.
In application, attention deficit hyperactivity disorder (ADHD) segment, is expected to hold a dominant position in North America region due to increasing prevalence of Attention Deficit Hyperactivity Disorder (ADHD) in the region. For instance, data published on February 15, 2022, on SingleCare Administrator, stated that in 2022, an estimated 6.1 million children had ADHD in the U.S.
Key Developments:
In May 2020, Bittium, which is an engineering company, announced that Bittium BrainStatus product family has received medical device approval in Europe. Bittium BrainStatus product family is a compact wireless EEG measurement system for the brain’s real-time electrical activity monitoring. It is designed for emergency, acute and intensive care use.
In April 2021, Nihon Kohden, which is a manufacturer, developer and distributor of medical electronic equipment, announced the launch of Premium Disposable Gold Cup EEG Electrode, a disposable electroencephalogram (EEG) electrode. The product helps healthcare providers contain cross-contamination between patients while keeping high-quality EEG signals.
In July 2020, Magstim, a medical device company, announced the acquisition of brain technology portfolio from Philips, a medical device company. This acquisition will expand the Magstim Company’s electroencephalography (EEG) product portfolio and complements its transcranial magnetic stimulation technology.
On April 25, 2022, Government of Canada invested US$ 3,775,000 in mental health with US$ 2 million going towards the Centre for Addiction and Mental Health (CAMH) and US$ 1,775,000 going towards 13 distress centers in Canada.
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Key Market Takeaways:
The global neurofeedback market is expected to exhibit a CAGR of 7.3% during the forecast period due to increasing prevalence of epilepsy. For instance, data published on February 9, 2022, by WHO, stated that approximately globally 50 million people suffer from epilepsy every year.
Among application, attention deficit hyperactivity disorder (ADHD) segment is expected to hold a dominant position over the forecast period due to the increase in the number of clinical trials by the key players in the market. For instance, on September 19, 2022, Nader Perroud, a research institute, initiated a clinical trial titled “Effects of EEG- Microstate Neurofeedback on Attention and Impulsivity in Adult Attention-deficit/Hyperactivity Disorder (ADHD) and Neurotypical Controls”. The study is estimated to get completed in June 2025.
On the basis of end user, hospital segment is expected to hold a dominant position over the forecast period due to increase in the number of hospitals which leads to increase in the number of hospitalizations. For instance, data published in January 2022, by American Hospital Association, stated that in the U.S. there were approximately 6,093 hospitals in 2022.
Competitive Landscape:
Key players operating in the global neurofeedback market include 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
Market Segmentation:
- Global Neurofeedback Market, By Product:
- Amplifiers
- Electrodes or Sensors
- Computer Software
- Global Neurofeedback Market, By System:
- Frequency/Power Neurofeedback System
- Slow Cortical Potential Neurofeedback (SCP-NF) System
- Low-Energy Neurofeedback System (LENS)
- Hemoencephalographic (HEG) Neurofeedback System
- Live Z-Score Neurofeedback System
- Low-Resolution Electromagnetic Tomography (LORE-TA)
- Functional Magnetic Resonance Imaging (fMRI)
- Global Neurofeedback Market By Application:
- Attention Deficit Hyperactivity Disorder (ADHD)
- Anxiety
- Depression
- Epilepsy
- Insomnia
- Drug Addiction
- Schizophrenia
- Others
- Global Neurofeedback Market By End User:
- Hospitals
- Ambulatory Surgical Center
- Clinics
- Others
- Global Neurofeedback Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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