The neuroplasticity market comprises brain training game applications, cognitive assessment & rehabilitation devices and brain training software. Brain training games are digital tools that use principles of neuroplasticity to enhance visualization, memory, focus and other cognitive functions. These gamified training tools provide an engaging experience to users and are widely adopted due to their user-friendly nature. Continuous development and incorporation of updated advances in neuroscience in brain training games has further strengthened their utility and effectiveness.

The Global Neuroplasticity Market size was valued at US$ 6.51 billion in 2023 and is projected to reach US$ 35.4 billion by 2030, growing at a CAGR of 27.4% from 2023 to 2030.

Key Takeaways

Key players operating in the neuroplasticity market are NeuroSky Inc., Posit Science Corporation, BrainHQ, Synaptitude Brain Health, Mindmaze SA, NeuroVigil Inc., Lumosity, Neuronetics, Inc., CogniFit, BrainHQ, SharpBrains, Emotiv Inc., BrainCo, Neuroscape, Neuroplast BV, Reha Technology AG, Virtualware Group, Nexeon Medsystems Inc. Key players are extensively focusing on R&D to develop advanced products along with strategic collaborations for expanding their geographic presence.

Growing demand for neuroplasticity solutions owing to increasing incidence of neurological disorders along with rising elderly population are major factors expected to propel the market growth over the forecast period. As per WHO, neurological disorders affect over 1 billion people annually globally. Neuroplasticity solutions help in improving memory and overall neurological health.

Furthermore, Neuroplasticity Market Growth players are expanding their geographical presence to leverage growth opportunities in emerging markets like Asia Pacific and Latin America. Favorable government policies and initiatives supporting technological advancements in healthcare are some factors attracting market players in these regions. For instance, in September 2021, Mindmaze expanded its operations in India by launching its business unit in Bengaluru.

Market key trends

Rising adoption of digital therapeutic and brain training applications owing to the coronavirus pandemic is a major trend in the neuroplasticity market. During the pandemic, individuals were advised to stay indoors and maintain social distancing. Digital brain training applications gained significant traction owing to their self-administered nature and ability to enhance cognition while staying at home. Moreover, substantial funding and investments in companies offering brain training or neuroplasticity solutions are further fueling advancements and innovations in the market.

Porter’s Analysis

Threat of new entrants: The neuroplasticity market is somewhat difficult to enter due to high investments needed for R&D and clinical trials. However, technological advancements have lowered the entry barriers.

Bargaining power of buyers: Individual buyers have low bargaining power due to several treatment options available. However, large institutions can negotiate on price and demand innovative solutions.

Bargaining power of suppliers: The presence of many device manufacturers and service providers gives buyers options to choose from. Suppliers depend on innovations and after-sales service to maintain strong relationships.

Threat of new substitutes: Alternate treatment options like cognitive therapy, medications and lifestyle changes pose a threat. New technologies promoting neuroplasticity through non-invasive means can replace existing substitutes.

Competitive rivalry: The market comprises numerous global and local players offering diverse products. Players compete on technology, service, price and marketing. Collaboration is also prominent to address the massive market potential.

Geographical Regions With Market Concentration

North America dominates the Neuroplasticity Market Regional Analysis with the highest share, backed by rising geriatric population, neurological disorders and favorable reimbursements. Presence of key players and high awareness increase the regional market value.

Fastest Growing Geographical Region

Asia Pacific region is poised to grow at the fastest CAGR during the forecast period. Factors such as increasing healthcare expenditures, expanding patient pool of neurological diseases, growing medical tourism and rapid technological adoption drive the regional market. Initiatives to spread awareness about brain trainin would further support market growth in Asia Pacific.

Get more insights on- Neuroplasticity Market

For Deeper Insights, Find the Report in the Language that You want.

About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)