Neurofeedback Market Set to Witness Significant Growth by 2024-2031 | Neuro Care Group, Myndlift Ltd, InteraXon Inc

BURLINGAME, CALIFORNIA, UNITED STATES, May 24, 2024 /EINPresswire.com/ -- Market Overview:

Neurofeedback is an alternative brain training technique that uses an electroencephalogram (EEG) to measure and train brain wave patterns. EEG measures electrical activity produced by the firing of neuron within the brain. Neurofeedback aims to increase self-regulation of brain function by training patients to consciously control certain aspects of their own brain activity.

Market Dynamics:

The neurofeedback market is witnessing high growth owing to rising adoption for treatments of mental health disorders such as depression, anxiety, and attention deficit hyperactivity disorder (ADHD). Additionally, increasing awareness about alternative therapies and clinical evidence demonstrating effectiveness of neurofeedback for various conditions is further fueling adoption. Furthermore, surge in demand for non-pharmacological treatments and rise in geriatric population suffering from neurological disorders will continue to boost market growth over the forecast period. Introduction of portable and easy to use neurofeedback devices is also expected to offer lucrative growth opportunities for players in the market.

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Neurofeedback Market Opportunity: Rising Mental Health Issues offer significant Growth Opportunities

Mental health conditions like anxiety, depression, stress, and insomnia are reaching epidemic proportions due to changing lifestyles and increased stress levels. These disorders account for a massive global disease burden but have low treatment rates. A majority of patients either remain untreated or rely on medication alone which may cause dependence or side effects on long-term use. Neurofeedback offers a safe non-pharmacological modality to treat multiple such conditions by regulating brain waves without any drugs. Compared to traditional long-term therapies, it provides faster symptom relief. Its non-invasive nature and minimal side effects are increasing acceptability among patients. With growing mental health awareness, people are looking for effective non-drug options. This wide unmet medical need, along with its efficacy in a relatively short duration compared to other therapies, offers massive market opportunities for neurofeedback. Its emerging applications in additional conditions like Alzheimer's, Parkinson's, traumatic brain injury, schizophrenia, OCD, etc. could further expand the market scope.

Neurofeedback Market Trend: Integration with mHealth and Telehealth emerging as a Key Trend

Rapid advancements in digital technologies are enabling healthcare providers to deliver neurofeedback therapy remotely through telehealth and mHealth solutions. Cloud-based platforms, wireless sensors, and VR/AR are transforming neurofeedback into a connected digital experience. This allows effective treatment delivery at home or from any location. It is eliminating the need for patients to visit clinics regularly for training sessions. The adoption of tele-neurofeedback solutions has accelerated during the pandemic by allowing continuity of care while maintaining social distancing. This user-friendly approach is improving accessibility and affordability of neurofeedback therapy

Leading Key Players Include in This Report:

Neuro Care Group, Myndlift Ltd, Brainmaster Technologies, Inc., Mitsar Co. Ltd, Emotiv, Brainworks, Mindfield Biosystems Ltd. , Narbis, Thought Technology Ltd., InteraXon Inc., Mind Media USA Inc., and NeuralScan

Since the report focuses on the healthcare sector, it also sheds light on key development in the said industry and latest R&D activities. It educates business owners on newly approved products, ongoing research and development, and products under the trial phase and in the pipeline.

Detailed Segmentation:

By Product: Amplifiers, Electrodes or Sensors, Computer Software
By System: Frequency/Power Neurofeedback System, Slow Cortical Potential Neurofeedback (SCP-NF) System, Low-Energy Neurofeedback System (LENS), Hemoencephalographic (HEG) Neurofeedback System, Live Z-Score Neurofeedback System, Low-Resolution Electromagnetic Tomography (LORE-TA), Functional Magnetic Resonance Imaging (fMRI)
By Application: Attention Deficit Hyperactivity Disorder (ADHD), Anxiety, Depression, Epilepsy, Insomnia, Drug Addiction, Schizophrenia, Others
By End User: Hospitals, Ambulatory Surgical Center, Clinics, Others

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Neurofeedback Market Drivers: Growing Prevalence of Neurological Disorders is expected to drive the Neurofeedback Market

Neurological disorders are becoming increasingly common across the globe. According to WHO, neurological disorders account for over 10% of the global disease burden. Some of the commonly occurring neurological disorders include epilepsy, Alzheimer's disease, Parkinson's disease, stroke, migraine, and many others. The rising incidence and prevalence of such conditions is creating significant demand for effective treatment and management options. Neurofeedback is emerging as an efficient non-invasive treatment option for various neurological and psychiatric conditions. Its efficacy to treat disorders like epilepsy, ADHD, insomnia, anxiety, depression, and PTSD without any drugs is boosting its acceptance among patients and healthcare providers. The ability of neurofeedback to improve brain functions and alleviate symptoms is fueling its adoption.

Neurofeedback Market Restrain: Lack of Awareness and Understanding about Neurofeedback Therapy acts as a major Restrain

Despite proven efficacy, neurofeedback is still an unfamiliar concept for many healthcare providers and patients globally. Compared to widely used options like medications and psychotherapy, neurofeedback is in a nascent stage. Lack of proper understanding about its principles and functioning mechanism is limiting its widespread adoption. Many patients and clinicians remain skeptical about its non-invasive attributes. Misconceptions around neurofeedback being alternative or unproven are hindering appropriate referrals. Insufficient marketing initiatives from manufacturers to promote its advantages compared to traditional therapies are also restricting market growth. Limited insurance reimbursements in some countries pose affordability challenges for neurofeedback treatment, especially since multiple sessions are required over weeks or months to achieve results. However, ongoing research validating neurofeedback outcomes for various conditions and enhanced efforts by industry players and medical institutes to educate people are expected to address this in the coming years.

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✤ Validation and Credibility: Neurofeedback Market research reports offer independent and unbiased analyses conducted by industry experts. This lends credibility to the information presented and enhances the trust and confidence of stakeholders, including investors, partners, and customers.

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