Neurofeedback, also known as EEG biofeedback, is a type of biofeedback that uses real-time displays of brain activity—most commonly electroencephalography (EEG)—in an effort to teach self-regulation of brain function. Neurofeedback training aims to help individuals voluntarily control brain activity and physiological parameters associated with various behavioral, cognitive, and neurological conditions. It is used clinically to treat issues such as attention deficit hyperactivity disorder (ADHD), anxiety, depression, sleep problems, traumatic brain injuries, or substance abuse issues. With growing adoption of neurofeedback technology in mental health treatment and clinical research.
The global Neurofeedback Market is estimated to be valued at US$ 1253.5 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global Neurofeedback market is primarily driven by growing adoption of neurofeedback technology in mental health treatment and clinical research. With neurofeedback able to treat conditions like ADHD, depression, and anxiety in a non-invasive way, it is gaining popularity as an alternative treatment method to medications. Research studies show neurofeedback training can physically change the structure and function of the brain, improving how it regulates thoughts, emotions, and behaviors. This ability of neurofeedback to modulate brain plasticity through non-invasive self-regulation makes it a promising area for clinical research as well. Major organizations like NIH have increased funding for neurofeedback trials in recent years, adding to the growing body of evidence supporting its efficacy especially for conditions where medication has potential side effects. Increasing demand for non-pharmacological treatment options and ongoing clinical validation is expected to boost adoption of neurofeedback and support market growth over the forecast period.
The neurofeedback market is dominated by the EEG devices subsegment. EEG devices account for more than 70% of the neurofeedback market share owing to their high usage for neurofeedback treatment. EEG devices provide direct access to monitoring brainwaves and allow neurofeedback practitioners to train specific cortical areas responsible for various neurological conditions.
Political: Governments across various countries are supporting the adoption of neurofeedback therapies by providing reimbursement for neurofeedback treatment procedures. This is driving the growth of the neurofeedback market.
Economic: Rising disposable income levels have increased affordability for expensive neurofeedback therapy procedures globally. Neurofeedback devices and software solutions also provide long term cost savings by enabling condition management without recurrent medication costs.
Social: Growing social awareness about advantages of non-invasive treatment methods and rising preference for alternate therapies is positively impacting the neurofeedback market. Users are more willing to try neurofeedback to manage neurological, psychiatric and cognitive conditions.
Technological: Advancements in neuroimaging, connectivity and signal processing technologies have enhanced neurofeedback protocols. Platforms now offer personalized, mobile and gamified neurofeedback treatments. This is expanding applications and driving greater user engagement.
The Global Neurofeedback Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing focus on mental wellness. The global Neurofeedback Market is estimated to be valued at US$ 1253.5 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.
The regional growth is led by North America which currently accounts for over 40% market share owing to established healthcare infrastructure and rising cognitive disorders. Europe is also emerging as a major regional market for neurofeedback driven by favourable reimbursement schemes and growing acceptance of alternate therapies.
Key players operating in the neurofeedback market are Citibank, Bank of America, JPMorgan Chase, Wells Fargo, HSBC, BNP Paribas, MUFG Bank, Mizuho Bank, SMBC, Barclays, Deutsche Bank, Credit Suisse, Morgan Stanley, Goldman Sachs, Royal Bank of Canada, Toronto-Dominion Bank, Banco Santander, Lloyds Banking Group, NatWest Group, Intesa Sanpaolo. The key players are focusing on launching innovative platforms with portability and gaming features to expand applications and gain higher customer acceptance.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it