Neurofeedback Systems Market: Current Analysis and Forecast (2022-2028)

Neurofeedback systems is a noninvasive procedure that measures a patient's brainwaves and provides the patient with real-time feedback about how the brain is functioning. It's a type of biofeedback, which is a mind-body technique that aims to help patients gain voluntary control over certain body functions. The rising incidence of neurological diseases such as ADHD, insomnia, anxiety disorder, and other neurological disorders is increasing the demand for neurofeedback systems, thereby driving the growth of the market. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2020, about 87% of strokes were ischemic strokes in which the flow of the blood toward the brain is blocked and brain cells die in aged people.

The Neurofeedback systems Market is expected to grow at a steady rate of around 7% owing to the increasing incidences of neurogenerative diseases worldwide. According to the World Health Organization (WHO), in 2021, more than 55 million people were living with dementia worldwide, and there are nearly 10 million new cases every year. Major companies in the market focus on research and development of neurofeedback therapies and devices. For instance, in May 2020, Naxon Labs launched Explorer, a neurofeedback system for professionals in the fields of engineering and information technology, neuroscience, and medicine. This system helps display real-time brain wave frequencies through any output device with Bluetooth connectivity.

Based on type, the neurofeedback systems market is segmented into frequency neurofeedback system (FNS), low energy neurofeedback system (LENS), slow cortical potential neurofeedback system (SCP-NF), hemoencephalographic neurofeedback system (HEG), and others. Frequency neurofeedback system (FNS) held a significant market share in 2020. This is the most simple and common type of therapy, and it's sometimes even referred to as "surface neurofeedback." It involves attaching two to four electrodes to the head to detect frequencies related to ADHD, anxiety, and insomnia. According to the World Health Organization, in 2021, depression is a common mental disorder. Globally, it is estimated that 5% of adults suffer from depression.

Based on application, the neurofeedback systems market is divided into attention deficit hyperactivity disorder (ADHD), pain management, insomnia, anxiety disorder, and others. Among these, anxiety disorders grow with a significant CAGR during the forecast period. T With neurofeedback, the information about changes in your brain's electrical activity is instantaneous. It's a way to train the brain to reduce anxiety at the source. As per the Anxiety and Depression Disorders Association of America (ADAA), in 2020, anxiety disorders affect 40 million Americans aged 18 and above every year.

For a better understanding of the market adoption of the Neurofeedback systems industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America dominated the neurology patient monitoring market in 2020. This can be attributed to the region having well-established healthcare facilities, technological advancements, and presence of major key players, the availability of medical reimbursement in the US, and awareness campaigns regarding neurological disorders. According to the National Institute of Health, in 2021, roughly 1.7 million persons in the United States suffer from Traumatic brain injury (TBI) each year. The growing incidence of neurological diseases helps in increasing the demand for clinical trials of neurofeedback systems.

Some of the major players operating in the market include: BrainMaster Technologies Inc., Mind Media, Neurocare Group AG, Neurobit Systems, BEE Medic, Thought Technology Ltd., Wearable Sensing, Mitsar Co. LTD., NeuroNoodle Neurofeedback and Coaching LLC