Global Neurofeedback Systems Market Size, Growth And Forecast To 2031

(MENAFN- Straits Research) Introduction

Neurofeedback refers to either positive or negative biofeedback from normal or abnormal brain activities. Neurofeedback is a form of biofeedback that teaches individuals to self-regulate their brain processes by detecting brain waves and creating a feedback signal. This method is typically used to offer Audio and/or visual input. Accordingly, brain activity that is desired or undesirable is accompanied by positive or negative feedback.

Neurofeedback, also known as Neurotherapy, uses electroencephalography (EEG) to monitor brain activity and provide real-time feedback through sounds and images. To improve neurological regulation, neurofeedback therapy primarily targets the central nervous system. Neurofeedback therapy has shown to be quite effective for several mental health issues, including post-traumatic stress disorder, attention deficit hyperactivity disorder, and obsessive-compulsive disorder. Even those with severe brain injuries can gain from it.

Market Dynamics Prevalence of Neurological Disorders and Brain Dysfunction Propel the Global Neurofeedback Systems Market

The increasing prevalence of neurodegenerative illnesses worldwide, technological developments, expanding research and development activities in the relevant market, rising investment, and rising product launches are the main factors driving the global market for neurofeedback systems. According to the National Organization for Rare Disorders, 200,000 Americans were at risk of Huntington's disease in 2019, and over 30,000 Americans had the condition. The patient's functional abilities are impacted by this illness, which frequently results in problems with movement, cognition, and psychological well-being. Thus, brain monitoring is essential in some neurodegenerative diseases. The increasing frequency of these illnesses will therefore fuel the market.

Increasing product releases and more significant technological advancements will contribute significantly to the market's growth. For example, Naxon Labs developed the Explorer neurofeedback system in May 2020 for engineering, information technology, neurology, and medical professionals. This technique helps to display the brain wave frequencies in real time on any output device via Bluetooth communication. These scientific developments will alter how neurodegenerative diseases are managed, increasing the market. Neurofeedback systems also need more time and contain expensive devices, which are expected to restrain market growth throughout the projected period.

Brain dysfunction is mainly caused by the rising incidence of neurological disorders, stress, and other conditions that affect or, in some manner, disrupt brain function. For instance, a study by Charles M. Morin, issued in the JAMA Network Open Journal in November 2020, found that during a 5-year follow-up period, about 13.9% of initially good sleepers developed an insomnia condition, with incidence rates being about 17.7% higher in women than in men. The prognosis and management of insomnia may be significantly impacted by the long-term detrimental effects of persistent insomnia. Additionally, a high comorbidity rate between insomnia and specific medical or psychological issues has been observed. These figures directly result from the population's rising stress levels due to modern lifestyles, which is expected to drive demand for neurofeedback devices.

Technology and its expanding applications within the healthcare industry promote the development of new goods. The market for neurofeedback systems is expected to expand in the future. Globally, the burden of neurological dysfunction is anticipated to rise, and with it, the demand for fresh products will map anxiety and stress in the future. The six primary uses of brain-computer interfaces-restoration, replacement, augmentation, supplementation, improvement-and as a research tool-are the focus of the European Commission's Brain/Neural Computer Interaction Horizon 2020 project. Six primary application themes-improving, supplementing, restoring, replacing, enhancing, and as a research tool-are included in the project. As a result of this project's potential to improve the lives of people with neurodegenerative disorders, the market is predicted to expand.

Regional Insights

North America will command the maximum market share, expanding at a CAGR of 7.9% over the forecast period. Due to its advanced healthcare infrastructure and plenty of hospital-connected medical device companies, North America is primarily responsible for developing this market. North America is also the region that has contributed most to the market's growth because many companies have decided to focus their clinical advancement efforts in developed markets, primarily the United States. The rising prevalence of the target diseases in this region is a significant driver of market growth.

Up to 20% of Americans have insomnia each year, according to the American Academy of Sleep Medicine 2020. Children with poor sleep patterns are more likely to experience behavioral insomnia, affecting 30% of kids overall. According to the Anxiety and Depression Disorders Association of America, 40 million Americans aged 18 and older could experience an anxiety disorder yearly by 2020. As a result, the region's high rate of insomnia and anxiety problems increases demand for neurofeedback devices, propelling the market growth.

Europe will likely generate USD 529 million, growing at a CAGR of 7.3% over the forecast period. Germany currently has one of the largest neurofeedback marketplaces in Europe, and throughout the forecast period, it is expected to grow significantly. Due to factors such as the rising prevalence of chronic diseases, the aging population, the increasing need for practical solutions, and worthwhile endeavors by the key industry players, the market in Germany is growing.

In Germany, there were around 1,585,166 dementia patients in 2018, and by 2050, that number is projected to rise to 2,748,178, according to the Alzheimer's Europe 2019 report. Similarly, there will be 3.43% more people with dementia in the general population in 2050 than in 2018. It is projected that there will be an increase in dementia cases in the following years, which will be good for business. The neurofeedback system is used to treat dementia and other neurological diseases. So, it is believed that this will encourage market expansion.

Key Highlights

• The global neurofeedback systems market had a revenue holding of USD 1,070 million in 2021. It is expected to reach USD 1,940 million by 2030, growing at a CAGR of 7.72% during the forecast period (2022–2030).
• Type-wise, the global neurofeedback systems market includes Frequency Neurofeedback, Low Energy Neurofeedback, Slow Cortical Potential Neurofeedback, Hemoencephalographic Neurofeedback, Low-Resolution Electromagnetic Tomography, and Functional Magnetic Resonance Imaging Systems. The Frequency Neurofeedback system section is projected to advance significantly and hold the largest market share over the forecast period.
• Application-wise, the global neurofeedback systems market includes Attention Deficit Hyperactivity Disorder (ADHD), Pain Management, Insomnia, Anxiety Disorder, and Other Diseases. The ADHD section is projected to advance at a CAGR of 8.2% and hold the largest market share over the forecast period.
• Region-wise, the global neurofeedback market includes North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. North America holds dominion over other regions.