Neurofeedback systems are used by medical professionals to measure and train the human mind to understand their physiological processes in order to enhance the health and lifestyle of diseases patients. Neurofeedback systems are used to treat conditions, like attention-deficit/hyperactivity disorder (ADHD), depression, anxiety, epilepsy, and sleep disorder. They are also used to improve creative performance and enhance concentration. Neurofeedback has been found to be a potentially effective solution for a number of neurological conditions.
The global Neurofeedback Systems Market is estimated to account for US$ 1,146.6 Mn in terms of value by the end of 2022.
Increase in demand for neurofeedback systems across the globe is expected to drive growth of the global neurofeedback systems market during the forecast period. For instance, neurofeedback is a potentially effective solution for a number of neurological conditions, and thus, there is an increase in demand for neurofeedback systems worldwide. In May 2020, Naxon Labs announced the launch of Explorer, a neurofeedback system for professionals in the fields of engineering and information technology, neuroscience, and medicine. The system help display real-time brain wave frequencies through any output device with Bluetooth connectivity. This in turn is expected to augment growth of the global neurofeedback systems market.
Increasing burden of brain dysfunctions is expected to offer significant growth opportunities for players in the global neurofeedback systems market. For instance, neurofeedback systems can be used for the treatment of several brain dysfunctions such as anxiety disorder, epilepsy, pain, and others. According to Anxiety and Depression Disorders Association of America (ADAA), in 2020, anxiety disorders affected 40 million Americans aged 18 and above every year. According to the American Academy of Sleep Medicine 2020, insomnia affects up to 20% of persons in the United States each year. Thus, with the rise in burden of insomnia and anxiety disorders, the demand for neurofeedback systems is also increasing, driving the growth of the market.
High cost of neurofeedback system and time consuming procedure are major factors expected to hamper the growth of the global neurofeedback systems market. Neurofeedback is a method that assists subjects in controlling their brain waves consciously, and neurofeedback systems are the devices that assist the subject to consciously control their brain, but these devices and procedures are very costly and time consuming. This in turn is expected to restrain growth of the market.
Global Neurofeedback Systems Market - Impact of Coronavirus (Covid-19) Pandemic:
The global pandemic, with its rapid spread, has exacerbated anxiety and depression in populations globally, leading to mental health disorders in people. The prevalence of depressive and anxiety disorders increased during 2020 due to the outbreak of COVID-19 (pandemic). In the first year of the pandemic, the prevalence of anxiety and depression increased by around 25%, according to the World Health Organization (WHO), March 2022 report. The pandemic provided an opportunity for market players to develop innovative ways/methods to address the global burden of increasing number of depressive and anxiety disorders, thereby driving the market growth.
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The global neurofeedback systems market was valued at US$ 1,069.6 Mn in 2021 and is forecast to reach a value of US$ 1,779.7 Mn by 2028 at a CAGR of 7.6% between 2022 and 2028.
Among application, attention deficit hyperactivity disorder (ADHD) segment held dominant position in the global neurofeedback systems market in 2022, accounting for 31.1% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Technological advancements is one of the major trends expected to boost the growth of the global neurofeedback systems market over the forecast period. Technology and its rising applications in the healthcare sector are paving the way for the development of novel products. Thus, players in the market are focusing on launching and developing novel products in the market. Moreover, the rising burden of neurological dysfunction around the world and increasing demand for innovative products to map neurological disease over the forecast period are also expected to boost the market. This in turn is expected to continue during the forecast period.
Major players operating in the global neurofeedback systems market include Neurocare Group AG, Bee Medic Gmbh, Thought Tech Ltd., and Mind Media BV, among others.
In October 2021, Sens.ai planned to launch its wearable headset to treat stress by measuring heart rate variability. The system trains and stimulates the central nervous system through audio-visual cues and light therapy with real-time reading and adapting to both the heart and brain's activity. It helps in calming the nervous system for sound sleep and builds memory capacity.
In September 2021, NeuroWave Systems received approval from the Food & Drug Administration (FDA) for NeuroSENSE NS-901 Monitor. It is a brain function monitor for assessing the adequacy of anesthesia and sedation in clinical settings and monitoring the state of the brain in anesthetized patients (18 years of age and older).
In December 2020, AlphaBeats received an investment from LUMO labs to develop a system that combines neurofeedback technology with music to reduce effects of stress. This technology helps analyze real-time brain activity to adjust the music to bring the brain into a relaxed state.