May 26, 2024
Neuroplasticity Market

Neuroplasticity is Estimated to Witness High Growth Owing to Rising Adoption of Neuroplasticity Therapies

Neuroplasticity refers to the brain’s ability to change and adapt as a result of experience. Through ongoing research, neuroplasticity therapies are being developed to treat neurological and mental health conditions. Neuroplasticity therapies aims to rewire neural pathways in the brain through various techniques like neurofeedback, transcranial magnetic stimulation, and cognitive training programs. These therapies are finding increasing applications in treating conditions like stroke, traumatic brain injury, depression, PTSD and others. Neurofeedback uses real-time displays of brain activity to teach patients to modify their brain waves. transcranial magnetic stimulation uses magnetic fields to stimulate targeted areas of the brain. Cognitive behavioral therapies utilize techniques like mindfulness to help retrain patterns of negative or unhelpful thinking. The global Neuroplasticity Market is estimated to be valued at US$ 6.61 Bn in 2023 and is expected to exhibit a CAGR of 27.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising adoption of neuroplasticity therapies is expected to be a major driver for the neuroplasticity market growth over the forecast period. As research validates the effectiveness of neuroplasticity techniques in treating various brain conditions, their adoption is increasing globally. Neuroplasticity therapies are minimally invasive and have lesser side effects compared to drugs and surgery making them an attractive option for patients. Furthermore, advancements in technologies like brain imaging, neurofeedback devices, and non-invasive brain stimulation devices are supporting the development of more targeted and effective neuroplasticity therapies. Growing aging population also contributes to the market growth as elderly individuals are more susceptible to neurological disorders.

SWOT Analysis
Strength: The neuroplasticity market has strong growth potential due to rising incidence of neurological disorders. Growing awareness regarding treatment options and various therapies available is further driving the market. Additionally, advancement in technology for neuroplasticity treatment is expected to fuel the market growth during the forecast period.

Weakness: High cost of neuroplasticity treatment procedures is a major challenge for this market. Lack of reimbursement policies in developing nations also restricts the market growth to some extent.

Opportunity: Growing healthcare expenditure in emerging economies presents lucrative opportunities. Furthermore, ongoing research and development activities to develop novel and effective therapeutic options will create new opportunities over the coming years.

Threats: Limited number of trained professionals is a threat for this specialized market. Stringent regulatory approval process also delays the product launch hampering the market growth potential.

Key Takeaways
The Global Neuroplasticity Market Demand is expected to witness high growth. North America is currently the dominant as well as the fastest growing regional market. Increasing prevalence of neurological disorders, presence of well-established healthcare infrastructure, and high healthcare spending are the major factors attributed to its leading position. According to a recent study, neurological disorders affect over 1 billion people worldwide with Alzheimer’s and other dementias ranking amongst the top 10 causes of death in developed nations.

Key players operating in the neuroplasticity market are NeuroTherap, Boston Scientific Corporation, MEDTRONIC, St. Jude Medical, Cochlear, Sonova, Aleva Neurotherapeutics, and NeuroPace.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it