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Neurofeedback Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The neurofeedback systems market was valued at USD 1,069. 57 million in 2021, and it is expected to reach USD 1,651. 54 million by 2027, registering a CAGR of 7. 59%, during the period of 2022-2027.
New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neurofeedback Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06249277/?utm_source=GNW
During the COVID-19 pandemic, the mental state of the individuals had been greatly affected and consequently, most of the persons were suffering from different psychiatric and neuropsychiatric disorders. As per the study ’Global Prevalence and burden of depressive and anxiety disorders in 204 countries and territories in 2020 due to the COVID-19 pandemic’ published that there were an estimated 75.2 million people additional dealing with anxiety disorders in 2020. The cases increased by 25.6% in 2020, compared to 2019. Therefore, COVID-19 has provided the opportunity for market players for innovative methods to address the global burden of such increasing anxiety disorders, thereby impacting the growth of the market.
Neurofeedback refers to the biofeedback either positive or negative produced from desirable or undesirable brain activities. In the past decade. The increasing incidences of neurogenerative diseases across the world is one of the major factors for the growth of the market. According to the World Health Organization, (WHO) in 2021, more than 55 million people live with dementia worldwide and there are nearly 10 million new cases every year. Alzheimer’s disease is the most common form of dementia and may contribute to 60-70% of the cases. In thearticle published by The Lancet journal in 2022, it is estimated that the number of people with dementia would increase from 57.4 million cases globally in 2019 to 152.8 million cases in 2050. Therefore, the increasing prevalence of such neurodegerative disorders across the global population wil drive the growth of the market in the forecast period.
Several studies have been conducted upon neurofeedback therapy and its effectiveness on the treatment of several diseases related to brain diseases. Many brain dysfunctions such as anxiety disorder, epilepsy, pain, and others can be treated using the neurofeedback system. All the activities are recorded by the electroencephalogram (EEG), which is the primary device connected to neurofeedback systems. The technological advances and innovative product launches steadily in this domain also boost the growth of the studied market. For instance in May 2020, Naxon Labs launched Explorer, a neurofeedback system for professionals in the fields of engineering and information technology, Neuroscience and Medicine. This system helps in displaying the real time brain wave frequencies through any outut device with blue tooth connectivity. Therefore, due to the above-mentioned factors the market is expected to grow during the forecast period of the study.
However, with advances in other technologies related to brain monitoring, these neurofeedback systems are costly and time consuming, and also the efficacy of the treatment via advanced technologies is validated well across the different geographies, which limits the usage of neurofeedback systems. Therefore these factors are acting as some of the major restraints to the studied market.
Key Market Trends
Treatment of ADHD is Expected to be the Major Contributor to the Market Over the Forecast Period
Attention Deficit Hyperactivity Disorder (ADHD) is one of the most common neurodevelopmental disorders of childhood. It is usually first diagnosed in childhood and often lasts into adulthood. Patients suffering from ADHD, particularly children, may have trouble paying attention, controlling impulsive behaviors, or be overly active.
The major factors fueling the growth of the segment are the increasing focus on research and development of neurofeedback therapies and devices and the growing burden of ADHD worldwide. For instance, as per a February 2021 published study, titled, “The prevalence of adult attention-deficit hyperactivity disorder: A global systematic review and meta-analysis”, the prevalence of persistent adult ADHD was 2.58% and that of symptomatic adult ADHD was 6.76%, translating to 139.84 million and 366.33 million affected adults in 2020 globally. Thus, such the statistics in such studies indicate that the demand for neurofeedback systems for study and treatment of ADHD is increasing, thereby contributing to the market growth.
Additionally, there are several studies reflecting the efficacy of neurofeedback systems for ADHD that indicates the rising adoption of these systems for ADHD, that contributes to the market growth. For instance, as per an August 2021 published study, titled, “A randomized-controlled neurofeedback trial in adult attention-deficit/hyperactivity disorder”, findings support the assumption of neurofeedback as a neurobiological treatment approach with non-specific as well as specific modes of action associated with regulation abilities.
Moreover, the increasing focus of research and development is leading to the development of effective neurofeedback systems, thereby contributing to the market growth. For instance, as per an October 2021 update by the NIHR Maudsley Biomedical Research Centre 2022, a May 2020 published study, titled, “Neurofunctional and behavioural measures associated with fMRI-Neurofeedback learning in adolescents with Attention-Deficit/Hyperactivity Disorder” led to Medical Research Council funding of GBP 1.3 million for a larger trial with 100 children with ADHD. This will compare fMRI-neurofeedback to placebo that is not related to their own brain activity. The work also led to new collaborations locally and with the National Institute of Mental Health and Dresden University. The team has since secured funding (approximately GBP 2 million from NIHR, Action Medical Research) to trial other brain-based therapies in ADHD, including different types of non-invasive brain stimulation treatments such as transcranial direct current stimulation and stimulation of the trigeminal nerve which is responsible for sensations in the face. Thus, the aforementioned factors are likely to drive the growth of the segment during the forecast period.
North America is Expected to Hold a Significant Share in the Market with Similar Trend in the Forecast Period
North America with its advanced healthcare infrastructure and the presence of many medical devices companies well-connected with the hospitals primarily boosts the growth of this market. The fact that many companies opt for clinical advancement activities from the developed markets mainly the United States, also makes the North America region, the major contributor to the growth of this studies market.
The rising prevalence of target diseases along in this region is a major driving factor for the growth of the market. According to the American Academy of Sleep Medicine 2020, insomnia affects up to 20% of persons in the United States each year. Youngsters with poor sleeping patterns are more likely to develop behavioral insomnia which affects 30% of children. Additionally, Anxiety and DepressionDisorders Association of America (ADAA) in 2020, anxiety disorders affected 40 million Americans aged 18 and above every year. Thus the high rate of insomnia and anxiety disorders drives the necessity of the neurofeedback system in this region, thereby increasing the growth of the market.
The introduction of new items by various firms also aids market segment growth. For example, in October 2019, Narbis made its proprietary Narbis smart glasses available, which combine neurofeedback principles and a NASA-developed algorithm to reduce distractibility and improve attention when reading, working on the computer, studying, or completing homework online. The availability of identical products both online and offline expands customer reach, driving the market growth. Also, the presence of several foundations which act as support systems for many healthcare providers associated with the treatment of brain dysfuntions also fuels the neurofeedback systems market.
Competitive Landscape
With growth in better diagnosis and treatment of brain diseases leading to greater demand of EEG devices, helps the manufacturers to invest upon the neurofeedback systems which helps in better processing of information obtained from the EEG devices. Some of the major companies in this segment include Brainmaster Technologies, Inc., Mind Media, NeuroCare Group GmbH, Neurobit Systems, BEE Medic, and others.
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