Neurofeedback, also known as brain wave feedback, is a technique that uses real-time displays of brain activities like electroencephalography (EEG) activity to teach self-regulation of brain function. Neurofeedback has been found useful in treating various mental health disorders like depression, attention deficit hyperactivity disorder (ADHD), anxiety, insomnia, addiction, and others.

The global neurofeedback market is estimated to be valued at US$ 1253.5 Mn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The opportunity to treat various neurological disorders through neurofeedback presents a massive growth prospect for the neurofeedback market. Neurofeedback techniques are being studied as potential treatment options for several neurological disorders such as ADHD, insomnia, addiction, epilepsy, traumatic brain injury, and autism spectrum disorder. For instance, numerous studies have shown success in reducing symptoms of epilepsy using neurofeedback training. Research also indicates that neurofeedback may help reduce drug use in individuals with addiction and improve sleep patterns in people with insomnia. Growing evidence of neurofeedback's effectiveness in treating various neurological disorders is generating increased awareness and uptake of the technology. This widespread application of neurofeedback in the area of neurotherapeutics presents lucrative opportunities for players in the neurofeedback market.

Porter's Analysis
Threat of new entrants: The neurofeedback market requires high capital investments setting up neurofeedback equipment and high R&D costs to develop new equipment. This poses moderate threat of new entrants.

Bargaining power of buyers: The neurofeedback market has a large customer base with increasing demand creating low bargaining power for buyers.

Bargaining power of suppliers: There exist a few key equipment providers indicating moderate bargaining power for suppliers in this market.

Threat of new substitutes: There exist limited substitute treatment options for conditions addressed by neurofeedback making threat of substitutes low.

Competitive rivalry: The market is dominated by some major players intensifying competitive rivalry.

SWOT Analysis
Strength: Neurofeedback equipment provides non-invasive brain training with growing clinical evidence of effectiveness for various conditions. Rising awareness is generating increased demand.
Weakness: Lack of insurance coverage and reimbursement limits wide adoption of neurofeedback. High costs of equipment pose affordability challenges.
Opportunity: Untapped growth regions especially in Asia Pacific present expansion opportunities. Potential in new application areas like mental healthcare presents scope for market expansion.
Threats: Stringent regulatory approvals and clinical validations required which delays product launches. Reimbursement related uncertainties threaten sustained growth.

Key Takeaways
The Global Neurofeedback Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 1253.5 Mn.

Regional analysis: North America dominates the global neurofeedback market currently owing to availability of advanced healthcare facilities and neurofeedback coverage under insurance in countries like the US. Asia Pacific region is expected to grow the fastest during the forecast period led by India and China on account of rising geriatric population, growing awareness and improving access to neurofeedback therapy.

Key players: Key players operating in the neurofeedback market are Citibank, Bank of America, JPMorgan Chase, Wells Fargo, HSBC, BNP Paribas, MUFG Bank, Mizuho Bank, SMBC, Barclays, Deutsche Bank, Credit Suisse, Morgan Stanley and Goldman Sachs, Royal Bank of Canada, Toronto-Dominion Bank, Banco Santander, Lloyds Banking Group, and NatWest Group, Intesa Sanpaolo. These major players are focused on expanding their geographic footprint and developing new neurofeedback equipment with advanced features.

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