The cognitive bias modification treatment focuses on recognizing and modifying negative thinking patterns, unhealthy beliefs, and maladaptive schemas responsible for mental health issues like anxiety, depression, and substance abuse. It helps patients identify automatic thoughts that influence behaviors and emotions in an unhealthy manner. The global Cognitive Bias Modification Treatment Market is estimated to be valued at US$ 167.1 million in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of the cognitive bias modification treatment market is the increasing awareness about mental health issues. Various nonprofit organizations and government bodies are bringing mental health issues to the spotlight through awareness campaigns. They are educating people about different mental health conditions, their symptoms, and available treatment options. As more people recognize issues like anxiety, depression or substance abuse in themselves or others, the demand for cognitive bias modification treatment is expected to increase significantly during the forecast period. The treatment helps patients recognize and correct maladaptive thoughts at the root of various mental health issues, making it an effective option.
SWOT Analysis
Strength: Cognitive bias modification treatment helps to reduce the compulsive behaviors and unhealthy mindsets. It effectively modifies the biases in a patient’s mind without use of any medication.
Weakness: The treatment requires active participation and consistency from patients to see long term effects. There is a lack of awareness about this treatment modality among general public.
Opportunity: With rising mental health issues, the acceptance of such digital therapies is increasing. Growing investments provide scope to develop more effective and engaging tools for cognitive bias modification.
Threats: Alternative treatment options like cognitive behavioral therapy and medications are preferred by many patients and physicians. Data privacy and tool accessibility are key challenges.
Key Takeaways
The global cognitive bias modification treatment market is expected to witness high growth over the forecast period of 2023 to 2030.
North America region currently dominates the market and is expected to continue its dominance led by growing acceptance for digital therapies in the US and Canada. However, Asia Pacific region is likely to offer lucrative opportunities owing to rise in disposal incomes, increased mindfulness about mental health and digital technologies adoption in countries like China, India and Japan.
Key players operating in the cognitive bias modification treatment market are Anxiety Canada, Cambridge Cognition Ltd, Cogmed, Ingredients, Triple Rim and PBC. These companies provide digital tools and online platforms to help patients unlearn unhealthy biases through practice and conditioning techniques. Major players are engaged in partnerships with health centers to offer online or blended treatment programs. They are also investing in AI and virtual reality based tools to make experience more engaging for younger population.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it