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Cognitive Bias Modification (CBM) treatment involves a variety of therapeutic techniques aimed at modifying implicit biases that are hypothesized to underlie various mental health conditions. CBM programs target implicit biases implicated in anxiety, depression, addiction, and other mental illnesses through repeated computerized tasks that expose patients to non-threatening stimuli in order to gradually shape more adaptive associations. The global rise in prevalence of various mental disorders such as anxiety, depression, addiction etc has increased the demand for more effective therapeutic solutions. CBM treatment offers a promising alternative or adjunct to traditional therapies by targeting automatic thought processes at the root of many mental illnesses.
The global Cognitive Bias Modification Treatment Market is estimated to be valued at US$ 182.5 Million in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Digitalization of healthcare and growing adoption of online therapy has increased interest in digital CBM programs that can be self-administered by patients remotely. Leading CBM therapy providers are investing in virtual reality based treatments that can offer more engaging and effective training of cognitive biases. VR environments allow for realistic simulations that help reshape associations at a deeper level. If ongoing clinical studies show promising results, VR based CBM therapy may emerge as standard of care for certain mental health conditions in the coming years.
Porter’s Analysis
Threat of new entrants: Low, due to high capital requirement for R&D and regulation compliances.
Bargaining power of buyers: Moderate, as there are limited players in the market but growing awareness is increasing bargaining power.
Bargaining power of suppliers: Low to moderate, as suppliers of various therapy tools have no substitute.
Threat of new substitutes: Low, as no close substitutes available currently for cognitive bias modification treatments.
Competitive rivalry: High, as major players are focusing on new product launches and geographical expansion to gain higher market share.
Key Takeaways
The global Cognitive Bias Modification Treatment market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America dominated the global market in 2022 and is expected to maintain its lead over the forecast period as well. This can be attributed to early adoption of digital therapeutics, presence of key players, and favorable reimbursement policies in the region. Asia Pacific is projected to witness the highest CAGR during the forecast period with increasing mental health awareness and improving healthcare infrastructure in the region.
Key players: Key players operating in the Cognitive Bias Modification Treatment market are Pear Therapeutics, Medrio, Real Apps, Mind strong health, Cognitive Bias Tech, and Cognitive Research Trust. Pear Therapeutics has a strong product portfolio of digital therapeutic solutions for mental health conditions. Mindstrong Health uses neural networks and AI to examine a patient’s speech patterns and thought processes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
