NEUROFEEDBACK MARKET ANALYSIS

Global neurofeedback market is estimated to be valued at US$ 1,253.5 million in 2023 and is expected to exhibit a CAGR of 7.33% during the forecast period (2023-2030).

Increase in inorganic growth strategies such as acquisitions by the key players in the market is expected to drive the market growth over the forecast period. Moreover, an increase in the initiatives of government and non-government organizations to increase the awareness among people regarding mental disease is expected to drive the market growth.

Analysts’ Views on Global Neurofeedback Market:

Increase in inorganic strategies such as acquisition by the key players in the market is expected to drive the growth of the global neurofeedback market over the forecast period. For instance, on November 2021, LiveToBeHappy, Inc., a land developer and community home builder announced its acquisition of RenuYou, which is a Board Certified (BCIA) clinic, referred to patients by the Mayo Clinic, for the treatment, research, and development of neurofeedback. This acquisition helped LiveToBeHappy, Inc., its effort to promote an integrated lifestyle for housing, education, and wellness.

Figure 1. Global Neurofeedback Market Share (%), By System, 2023

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Global Neurofeedback Market – Driver

Increasing Prevalence of Mental Disorders

Increasing prevalence of mental disorders such as anxiety, schizophrenia, depression, and others is expected to drive growth of the global neurofeedback market over the forecast period. For instance, data published in April 2021, on National Library of Medicine, stated that schizophrenia affects more than 1.5 million Canadians every year.

Increasing inorganic growth strategies such as collaborations

Increasing inorganic growth strategies such as collaborations by key players is expected to drive the market growth over the forecast period. For instance, in November 2021, OVID Clinics GmbH, a company providing clinical psychotherapy services to patients and developing psychedelic molecules and Divergence NeuroTechnologies, a company focused on the research and development of a data-driven, cloud-based neuro platform leveraging EEG-analysis and machine learning. This acquisition was done to improve assessment technology and enhance the relationship between healthcare providers and individuals, collaborated to develop a cloud-based clinical assessment and neurofeedback software solution.

Figure 2. Global Neurofeedback Market Share (%), By Region, 2022

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Global Neurofeedback Market - Regional Analysis

Among regions, North America is expected to dominate the market over the forecast period. This is attributed due to the increasing prevalence of sleep disorders such as insomnia, sleep apnea, and others. For instance, as per the data published on January 20, 2022, on SingleCare Administrators, an authorized prescription discount plan organization, stated that in the U.S., around 25 million adults were affected by sleep apnea in 2021.

Europe is expected to be second dominating region over the forecast period, due to an increase in the awareness of mental disorders by the government. For instance, on September 21, 2022, National Health Service (NHS) launched mental health campaign for young people in London, U.K. In an effort to encourage young people to come forward for support early and potentially prevent experiencing a mental health emergency.

Global Neurofeedback Market – Impact of Coronavirus (COVID-19) Pandemic

The coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), according to World Health Organization (WHO) as of October 10, 2022, 44,614,437 people were affected worldwide.

People's mental health was significantly impacted by the COVID-19 pandemic, which caused many people to acquire a variety of psychiatric and neuropsychiatric conditions. Anxiety disorders affected 75.2 million people in 2020, according to a study titled ‘Global Prevalence and Burden of Depressive and Anxiety Disorders in 204 Countries and Territories due to the COVID-19 Pandemic.

Global Neurofeedback Market Segmentation:

The global neurofeedback market report is segmented into product, system, application, end user and region

Based on Product, the market is segmented into amplifiers, electrodes or sensors, and computer software. Out of which, amplifiers segment is expected to dominate the neurofeedback market during the forecast period and this is attributed to increase in the usage of amplifiers in the neurofeedback systems/devices. For instance, on October 22, 2020, Narbis, a medical device company launched a new pair of smart glasses uses a technique invented at National Aeronautics and Space Administration (NASA) to measure users’ brainwaves.

Based on System, the market is segmented into 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) and Functional Magnetic Resonance Imaging (fMRI). Out of which, Frequency/Power Neurofeedback System segment is expected to dominate the market over the forecast period and this is attributed to increase in the number of research and development for treatment of various diseases such as anxiety, headache, and others using frequency/power neurofeedback system. For instance, on May 20, 2022, Infra-Low Frequency Neurofeedback in Tension-Type Headache: A Cross-Over Sham-Controlled Study was conducted by M. V. Lomonosov Moscow State University, Moscow, Russia.

Based on Application, the market is segmented into attention deficit hyperactivity disorder (ADHD), anxiety, depression, epilepsy, insomnia, drug addiction, schizophrenia, and others. Attention deficit hyperactivity disorder (ADHD) segment is expected to dominate the market over the forecast period and this is attributed to increase in the clinical trials of using neurofeedback for treatment of attention deficit hyperactivity disorder (ADHD). For instance, on May 7, 2020, Fondation Lenval, a children welfare organization, initiated a study titled “Comparison of 2 Neurofeedback Protocols in the Treatment of Attention Deficit Hyperactivity Disorder in Children and Adolescents”. This study is estimated to be concluded by December 2023.

Based on End User, the neurofeedback market is segmented into hospitals, ambulatory surgical center, clinics, and others. Hospitals segment is expected to dominate the market over the forecast period and this is attributed to the increase in the prevalence of mental disorders such as anxiety, depression, schizophrenia and others as this will increase hospitalization of patients. For instance, as per data published on January 12, 2022, on treatment advocacy center, a non-profit organization, stated that in the U.S schizophrenia affected around 2.8 million people in 2021.

Among all segmentation, application segment has highest potential due to increase in the number of traumatic brain injuries. For instance, according to an article published in March 2022, on Centers for Disease Control and Prevention (CDC), stated that in the U.S. there were around 64,362 Traumatic Brain Injury (TBI) related deaths in 2020.

Global Neurofeedback Market Cross Sectional Analysis

Among application, anxiety is a dominant segment in Asia Pacific region due to increasing prevalence of anxiety disorder in the region. For instance, according to data published on December 12, 2022, on Australian Institute of Health and Welfare, stated that in Australia there were around 4.2 million people who suffered from anxiety in 2022.

Among end user, clinics segment is a dominant segment in Asia Pacific region due to increasing number of the clinics in the region. For instance, data published on November 2020, on Institut Montaigne, a non-profit organization, stated that in India there were about 43,486 private hospitals in 2020.

Global Neurofeedback Market: Key Developments

In November 2021, OVID Clinics GmbH, a healthcare company and Divergence NeuroTechnologies, a neurotechechnology company, collaborated to develop a cloud-based clinical assessment and neurofeedback software solution.

In October 2021, second iteration of Interaxon Inc., an neurotechnology company’s EEG meditation and sleep headband Muse S was released. Real-time neurofeedback is used by this upgraded plush brain-sensing headband to teach users how to meditate in order to fall asleep.

On November 4, 2022, Neurosteer, a medical device company announced the U.S. Food and Drug Administration (FDA) approval for its single-channel electroencephalogram (EEG) brain monitoring platform. The sensor accepts the signal from the electrode strip and transmits it to the brain activity monitor, which displays the status information alongside the most recently acquired signal.

On November 14, 2022, EMOTIV, a bioinformatics company advancing understanding of the human brain using electroencephalography (EEG), and X-trodes, a company bringing wireless medical-grade monitoring solutions to the home environment, announced collaboration on a new solution for simultaneous brain and physiological measurement that can be used outside of the lab setting.

Global Neurofeedback Market: Restraint

Side effects associated with neurofeedback

The major factors that may hamper growth of the global neurofeedback market over the forecast period include side effects associated with the neurofeedback therapy. Neurofeedback is a type of biofeedback therapy that is used to help treat all kinds of mental health conditions. For instance, data published in March 2021, on website of True Life Center, which is a psychiatric and substance abuse treatment center, stated that side effects of neurofeedback therapy includes social anxiety, low energy or fatigue, internal vibrations, muscle tension, cognitive impairment, and others.

Global Neurofeedback Market: Key Players

Major 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.

*Definition: Neurotherapy, also called neurofeedback and electroencephalogram (EEG) biofeedback, is a drug-free treatment that helps people improve their brain function.