Neurofeedback Market Forecasts to 2030 – Global Analysis By Type (Electrodes , Amplifiers, Computer Software and Other Products), System, Application, End User and By Geography

Neurofeedback Market Forecasts to 2030 – Global Analysis By Type (Electrodes , Amplifiers, Computer Software and Other Products), System, Application, End User and By Geography

According to Stratistics MRC, the Global Neurofeedback Market is accounted for $1.2 billion in 2023 and is expected to reach $2.2 billion by 2030 growing at a CAGR of 9.3% during the forecast period. Neurofeedback (NFB), also known as neurotherapy, is a kind of biofeedback that uses operant training to encourage healthy brain function by providing real-time feedback based on brain activity. Electroencephalography (EEG) usually records electrical activity from the brain using scalp-mounted sensors and provides feedback through visual or auditory displays.

According to data published in April 2021, on National Library of Medicine, stated that schizophrenia affects more than 1.5 million Canadians every year. According to the World Health Organization (WHO), around 1 billion people globally suffer from neurological disorders, with approximately 50 million people being diagnosed with epilepsy alone.

Market Dynamics:

Driver:

Growing number of mental health issues

Neurofeedback is one of the therapeutic modalities that have been investigated as a result of the rising incidence of mental illnesses. This type of therapy works by giving patients immediate feedback on their brainwave patterns in an effort to control brain activity. Because alternative therapies may be more successful than orthodox treatments and have fewer side effects, research into them has been sparked by the growth in mental health disorders. This element is having an impact on the market's expansion.

Restraint:

Lack of reimbursement policies

Neurofeedback therapy is not only more expensive when it comes to reimbursement, but it also deters medical professionals from providing it. The absence of uniform guidelines and treatment settings may result in differences in application, which might damage neurofeedback systems' reputation and acceptance in the medical field. Insufficient compensation might discourage healthcare institutions from investing in neurofeedback systems, which would limit the growth of the industry.

Opportunity:

Technical advancements

The developments have broadened the range of possible uses for neurofeedback outside of clinical settings, including stress reduction, improving cognitive function, and improving athletic performance. This is now more widely available outside of clinical settings because to advancements. Individuals may receive expert assistance while training at home thanks to equipment that are both portable and easy to use. Due of the industry's ongoing technological breakthroughs and the launch of innovative goods, the market is growing.

Threat:

High cost of neurofeedback

The high cost of production and maintenance can be attributed to the complexity of the technology, which includes the sensors, software, and data processing tools. Adoption of neurofeedback is hampered by its expensive cost, especially in underdeveloped nations with constrained healthcare resources. This means that a large fraction of the population cannot use these technologies, which restricts market expansion. The necessary knowledge and instruction to run these systems also raises the overall cost.

Covid-19 Impact:

Stress, anxiety, and mental health problems have escalated because to the Covid-19 epidemic, which may encourage more people to seek out neurofeedback treatments. For other people, nevertheless, access to these therapies may have been hampered by uncertainty and budgetary limitations. The epidemic took funding and focus away from neurofeedback research and development projects. The urgent health crisis management became the top priority.

The hemoencephalographic segment is expected to be the largest during the forecast period

The hemoencephalographic segment is expected to be the largest during the forecast period. A much more recent method for measuring variations in blood flow in the brain, particularly in the frontal cortex, is hemoencephalography in neurofeedback. To improve treatment results, it is combined with other therapeutic approaches such medicine or cognitive-behavioral therapy. It is regarded as an adjunctive strategy for treating a few neurological and psychiatric disorders.

The attention deficit hyperactivity disorder segment is expected to have the highest CAGR during the forecast period

The attention deficit hyperactivity disorder segment is expected to have the highest CAGR during the forecast period. It is among the most prevalent neurodevelopmental problems in kids. The growing prevalence and the increased attention being paid to neurofeedback therapy and device research and development are what are fueling the segment's growth. Moreover, an increasing focus on research and development is producing efficient neurofeedback, which is promoting market growth.

Region with largest share:

North America is projected to hold the largest market share during the forecast period due to advanced healthcare infrastructure with devices and kits. The sophisticated healthcare infrastructure and the presence of several medical device companies with strong ties to hospitals are the main drivers of this market's growth. It is crucial factors in the industry’s growth since a lot of corporations choose to do clinical research in developed nations, especially the United States.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period due to rising healthcare infrastructure through government investing. It is applied in therapeutic contexts to treat illnesses including anxiety, depression, ADHD, and other neurological issues. In these nations, there is also a rising interest among healthy persons in employing neurofeedback for cognitive advancement. Research organizations and tech firms are investigating its potential uses in stress management, sports performance improvement, and mental health therapy.

Key players in the market

Some of the key players in Neurofeedback market include Emotiv, Brainworks, Neuro Care Group, Mindfield Biosystems Ltd., Narbis, Thought Technology Ltd., Brainmaster Technologies, Inc., InteraXon Inc., Mind Media USA Inc., Mitsar Co. Ltd, Wearable Sensing, Mind Media B.V, Stens Corporation, Myndlift Ltd and NeuralScan.

Key Developments:

In January 2023, BrainMaster Technologies launched FocusEdu-S, a neurofeedback system for use in schools to improve student learning and behavior. This launch expands BrainMaster's neurofeedback solutions for the education sector.

In September 2022, NeuroCare Group acquired neuroConn, combining two leading German neurofeedback companies. This acquisition strengthens NeuroCare's position in Europe for neurofeedback systems.

In June 2022, Neurofeedback Labs raised $3 million in seed funding to further develop AI-powered neurofeedback training. This investment will support Neurofeedback Labs' growth in digital therapeutics using neurofeedback.

Products Covered:
• Electrodes
• Amplifiers
• Computer Software
• Other Products

Systems Covered:
• Slow Cortical Potential
• Frequency/Power
• Low-Energy
• Hemoencephalographic
• Live Z-Score
• Low-Resolution Electromagnetic Tomography
• Functional Magnetic Resonance Imaging
• Other Systems

Applications Covered:
• Anxiety
• Attention Deficit Hyperactivity Disorder
• Depression
• Insomnia
• Drug Addiction
• Schizophrenia
• Epilepsy
• Pain Management
• Emotional Regulation
• Mental Fitness
• Other Applications

End Users Covered:
• Hospitals
• Neurocare Clinics
• Ambulatory Surgical Center
• Scientific Research
• Training Institutes
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements