Neurofeedback Systems Market was valued at more than USD 700 million in 2020 and is expected to grow at a CAGR of around 7% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Neurofeedback Systems Market was valued at more than USD 700 million in 2020 and is expected to grow at a CAGR of around 7% from 2022-2028. The analysis has been segmented into Type (Frequency Neurofeedback System (FNS), Low Energy Neurofeedback System (LENS), Slow Cortical Potential Neurofeedback System (SCP-NF), Hemoencephalographic Neurofeedback System (HEG), Others); Application (Attention Deficit Hyperactivity Disorder (ADHD), Pain Management, Insomnia, Anxiety Disorder, Others); Region/Country.
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The neurofeedback systems market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the neurofeedback systems market. The neurofeedback systems market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the neurofeedback systems market at the global and regional levels.
Market Overview
The neurofeedback system is a non-invasive type of direct brain function training to understand their physiological processes in order to enhance the health and lifestyle of diseases patients. The global neurofeedback systems can be attributed to the increasing prevalence of neurogenerative diseases across the globe such as Parkinson’s disease, cerebral palsy, etc. For instance, according to Parkinson.org, nearly one million people in the U.S. are living with Parkinson’s disease (PD). This number is expected to rise to 1.2 million by 2030. Parkinson's is the second-most common neurodegenerative disease after Alzheimer's disease. Approximately 60,000 Americans are diagnosed with PD each year. Owing to the glaring statistics the increase in the geriatric population because Parkinson’s disease is a progressive neurological condition that begins in late adulthood, generally, after age 65 increases the demand for neurofeedback systems and would contribute to the growth of the market in the forthcoming period.
Some of the major players operating in the market include BrainMaster Technologies Inc., Mind Media, Neurocare Group AG, Neurobit Systems, BEE Medic, Thought Technology Ltd., Wearable Sensing, Mitsar Co. LTD., NeuroNoodle Neurofeedback and Coaching LLC, Divergence Neuro Technologies Inc.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. During the COVID-19 pandemic, the mental state of individuals was greatly affected, and consequently, many people suffered from different psychiatric and neuropsychiatric disorders. The neurofeedback systems market has been significantly affected during these times owing to the delay in elective therapy during the pandemic.
The global neurofeedback systems market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the type, the neurofeedback systems market is segmented into frequency neurofeedback system (FNS), low energy neurofeedback system (LENS), slow cortical potential neurofeedback system (SCP-NF), hemoencephalographic neurofeedback system (HEG), and others. LENS grows with a significant CAGR during the forecast period. LENS delivers a weak electromagnetic signal to change the patient’s brain waves that are used to treat traumatic brain injury, ADHD, restless legs syndrome, anxiety, depression, and anger. As per the World Health Organization (2020), Depression is the leading cause of disability in the world, and more than 264 million people suffer from depression worldwide.
· On the basis of application, the neurofeedback systems market is divided into attention deficit hyperactivity disorder (ADHD), pain management, insomnia, anxiety disorder, and others. Among these, attention deficit hyperactivity disorder (ADHD) held a significant market share in 2020. ADHD is one of the most common neurodevelopmental disorders of childhood. It frequently persists into adulthood and is typically first diagnosed in childhood. Patients with ADHD, especially children, may have difficulty managing impulsive actions, paying attention, or maybe being too active. According to the U.S. Environmental Protection Agency, in 2019, 1.7% of children ages 5 to 17 years were reported to have ever been diagnosed with intellectual disability (mental retardation).
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Neurofeedback Systems Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as well-established healthcare infrastructure, a rising number of surgeries, and an increasing number of travelers in the region. For instance, U.S. domestic travel increased 1.7% in 2019 to a total of 2.3 billion person-trips. Also, Leisure travel accounted for 80% of all U.S. domestic travel in 2019. Furthermore, the presence of key industry players in the region and an increasing number of product launches are also some of the factors contributing to the market growth.
The major players targeting the market include
· BrainMaster Technologies Inc.
· Mind Media
· Neurocare Group AG
· Neurobit Systems
· BEE Medic
· Thought Technology Ltd.
· Wearable Sensing
· Mitsar Co. LTD.
· NeuroNoodle Neurofeedback and Coaching LLC
· Divergence Neuro Technologies Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Neurofeedback systems market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the neurofeedback systems market?
• Which factors are influencing the neurofeedback systems market over the forecast period?
• What are the global challenges, threats, and risks in the neurofeedback systems market?
• Which factors are propelling and restraining the neurofeedback systems market?
• What are the demanding global regions of the neurofeedback systems market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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