Neuroplasticity refers to the brain's ability to change and adapt as a result of experience and learning new skills. Technologies that enable non-invasive visualization and mapping of the human brain are aiding researchers in gaining deeper insights into neuroplasticity. Advancements in high-resolution brain imaging with the help of tools like functional magnetic resonance imaging (fMRI), positron emission tomography (PET), and magnetoencephalography (MEG) have accelerated the study of neuroplastic changes in the healthy and diseased brain at both structural and functional levels. fMRI, in particular, has revolutionized scientists' ability to observe brain activity in real-time and map changes occurring in the neural networks due to neuroplastic adaptations.
The global neuroplasticity market is estimated to be valued at US$ 5.31 billion in 2022 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. Neuroplasticity has wide-ranging applications in treatment of neurological disorders, cognitive rehabilitation, development of brain-computer interfaces, treating addiction, and reversing effects of age-related cognitive decline. Brain training games and digital therapeutics leveraging principles of neuroplasticity are becoming popular for preventing and managing conditions like Alzheimer's disease, depression, stroke, and more.
Market Dynamics:
Advancements in brain mapping techniques such as fMRI have fueled discoveries around neuroplastic changes, propelling the neuroplasticity market. fMRI provides detailed brain scans that reveal alterations in brain structure and function occurring due to neuroplasticity. This non-invasive method has helped clinicians better understand mechanisms of neuroplasticity and application areas such as post-stroke rehabilitation, traumatic brain injury recovery, and treatment-resistant depression. Developing less expensive and portable fMRI devices can boost access to these technologies and further neuroplasticity research application development. Introduction of digital therapeutics and neuroplasticity-based treatments focused on conditions like addiction, chronic pain, post-traumatic stress disorder also support market growth over the forecast period.
Segment Analysis
The global neuroplasticity market is segmented into clinical domain and by applications. Based on clinical domain, the neuroplasticity market is segmented into neurological & pain disorders, mental health & clinical psychology, ophthalmology and hearing loss. The neurological & pain disorders segment is dominating the neuroplasticity market currently owing to growing cases of strokes, Parkinson's disease, Alzheimer's disease and other neurological disorders. Neurological disorders require neuroplasticity procedures for improving the nervous system function which is driving the growth of this segment.
PEST Analysis
Political: Government initiatives and funding for neurological disorders and neuroplasticity research is increasing globally which is positively impacting the market growth. Economic: Rising healthcare spending and growing awareness is fueling the market growth. The projected CAGR of the market also indicates strong economic growth potential. Social: Increasing incidence of mental health issues, neurological disorders, trauma injuries is creating need for neuroplasticity therapies. Technological: Advancements in brain stimulation devices, imaging techniques and neurological therapies is expanding applications of neuroplasticity and driving the market growth.
Key Takeaways
The Global Neuroplasticity Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America dominates the neuroplasticity currently due to presence of major players, rising healthcare expenditure, and advanced healthcare infrastructure. Asia Pacific is expected to witness fastest growth owing to growing medical tourism, rising research focus, and expansion of key players in emerging markets.
Key players operating in the neuroplasticity market are Medtronic, Boston Scientific Corporation, St. Jude Medical, Inc., Cochlear Limited, BioControl Medical, Ellexa, Soterix Medical, Neurohabilitation, Kinestica, PBC, MindMaze.
For more insights, Read- https://www.pressreleasebulletin.com/neuroplasticity-market-trends-size-and-share-analysis/
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