Market Size of Neurofeedback Systems Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.30 Billion |
| Market Size (2029) | USD 1.9 Billion |
| CAGR (2024 - 2029) | 7.72 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Neurofeedback Systems Market Analysis
The Neurofeedback Systems Market size is estimated at USD 1.30 billion in 2024, and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 7.72% during the forecast period (2024-2029).
During the COVID-19 pandemic, the mental state of individuals was significantly affected, and consequently, many suffered from different psychiatric and neuropsychiatric disorders. For instance, according to the WHO update, in March 2022, in the first year of the COVID-19 pandemic, the global prevalence of anxiety and depression increased by 25%. Furthermore, according to an article published by Einstein in April 2022, the harmful effect of the pandemic on mental health not only existed during the pandemic but also in the post-pandemic era. These neurological manifestations of post-COVID complications were treated by rehabilitation, oxygen therapy, and immunotherapy, and that significantly reduced anxiety and depression. Besides, the COVID-19 pandemic provided an opportunity to develop innovative methods to address the global burden of the increasing number of neurological manifestations. For instance, according to an article published by PLoS One, in July 2022, neurofeedback was feasible for the treatment of post-COVID neurological complications as well as for studying their inter-relatedness. Hence, the COVID-19 pandemic had a significant impact on the market growth.
The increasing burden of brain dysfunctions and increasing technological advancements towards brain monitoring are the factors that drive market growth. For instance, according to the WHO update, in September 2022, more than 55 million people were living with dementia worldwide, and there are nearly 10 million new cases every year. It also stated that Alzheimer's disease is the most common form of dementia and may contribute to 60%-70% of the cases. Furthermore, according to an article published by Global Burden of Diseases, Injuries, and Risk Factors, in January 2022, the number of people with dementia worldwide are likely to increase by 166%, from about 57.4 million in 2019 to 152.8 million people by 2050. Therefore, the increasing prevalence of such brain dysfunction across the global population is expected to drive market growth over the forecast period.
Besides, various technological advancements and innovative product launches in this domain also boost market growth. For instance, in October 2021, Interaxon Inc. launched the second generation of its popular EEG meditation and sleep headband, Muse S. This updated plush brain-sensing headband uses real-time neurofeedback to help learn the art of meditation for falling asleep. Such development is expected to drive market growth over the forecast period.
Hence, the neurofeedback systems market is anticipated to grow due to the abovementioned factors over the forecast period. However, high costs and time-consuming processes will likely restrain the market growth.
