According to Coherent Market Insights, The global Neuroplasticity Market is expected to grow at a compound annual growth rate (CAGR) of 27.4% throughout the forecast period. As of 2023, the market is valued at US$ 6.51 billion, and it is projected to exceed US$ 35.4 billion by 2030.
Market Dynamics:
The market is growing due to increasing interest in neuroplasticity therapies and the adoption of brain training programs. Neuroplasticity allows the brain to rewire itself in response to experiences, allowing it to make new neural connections throughout an individual's life.
The adoption of various therapies under the principles of neuroplasticity, including meditations, brain games, and physical and cognitive trainings, is increasing. This surging adoption of neuroplasticity therapies is driving the growth in the market.
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Market Trends:
It's seen that there is a prime trend in the market related to the development of digital neuroplasticity therapies. Digital therapies are the technologies using VR/AR, web/ mobile-based brain training programs, and serious games for conditions which affect neuroplasticity, are beneficial as scalable, affordable, and accessible to people, particularly in the pandemic scenario.
Neuroplasticity is one trend which is in growing R&D. The key players of the market are spending significantly on R&D for the development of novel drugs, devices, and treatments using neuroplasticity, which could potentially aid in the conditions of Alzheimer's, Parkinson's, depression, etc. Focus on R&D and digital solutions will bring in new opportunities for the market players in the given forecast period.
Neuroplasticity Market Report Coverage
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Report Coverage |
Details |
|
Market Revenue in 2023 |
US$ 6.51 billion |
|
Estimated Value by 2030 |
US$ 35.4 billion |
|
Growth Rate |
Poised to grow at a CAGR of 27.4% |
|
Historical Data |
2018–2021 |
|
Forecast Period |
2023–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Product Type, By Application, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Increasing prevalence of neurological disorders • Increasing research and development activities • Technological advancements • Growing demand for non-invasive and personalized treatments |
|
Restraints & Challenges |
• Limited awareness and understanding • Regulatory challenges • Cost of therapies • Lack of reimbursement |
Market Opportunities
The software-based solutions segment is expected to hold a sizable market share over the forecast period. Increased adoption of neuroplasticity-focused digital therapeutics and brain training software among individuals seeking mental well-being and cognitive enhancement is driving the segment. Improved accessibility and affordability of software compared to hardware solutions is another factor supporting segment growth.
The hardware-based solutions segment including devices like transcranial direct current stimulation (tDCS) devices and functional magnetic resonance imaging (fMRI) machines holds promising opportunities. Increased funding for neuroplasticity R&D activities and clinical trials is providing tailwinds. However, the segment is currently at a nascent stage with high costs limiting widespread commercialization potential over the forecast period.
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Key Market Takeaways
The global neuroplasticity market is anticipated to witness a CAGR of 27.4% during the forecast period 2023-2030.This is owing to rising prevalence of neurological disorders, growing mental health concerns and increasing willingness to adopt neuroplasticity solutions.
On the basis of product type, the software-based solutions segment is expected to hold a dominant position, owing to higher accessibility and affordable costs.
By application, stroke rehabilitation is poised to lead the market over the forecast period. This is due to the high occurrence of strokes worldwide.
North America is expected to hold a dominant position over the forecast period. This is due to rising healthcare expenditure, presence of key market players and high adoption of neuroplasticity solutions in the region.
Key players operating in the neuroplasticity market include
• NeuroSky Inc.,
• Posit Science Corporation,
• BrainHQ,
• Synaptitude Brain Health,
• Mindmaze SA,
• NeuroVigil Inc.,
• Lumosity,
• Neuronetics, Inc.,
• CogniFit
Recent Developments:
In November 2022, MyndTec Inc., a medical device business, introduced MyndStepTM to its functional electrical stimulation (FES) portfolio. It employs neuroplasticity principles to induce the formation of new neuronal efferent and afferent connections, allowing patients to regain voluntary movement and independence in their daily activities.
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