Neuroplasticity refers to the brain’s ability to change and adapt as a result of experience. Products associated with neuroplasticity include cognitive rehabilitation therapies, brain training games, education and learning tools, and more. These help stimulate neuroplastic changes in the brain and aid conditions like stroke, traumatic brain injury, Alzheimer's, and other cognitive disorders. The Global Neuroplasticity Market Size is estimated to be valued at US$ 7.62 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Cognitive rehabilitation therapy is one key opportunity in the neuroplasticity market owing to its ability to enhance neuroplastic changes. Cognitive rehabilitation utilizes neuroplastic principles and aims to retrain mental functions such as attention, memory, problem-solving skills, language skills, and more which are impaired due to conditions like stroke, traumatic brain injury, dementia etc. It helps activate and strengthen neural pathways through repetitive mentally stimulating activities and exercises. With rising cases of cognitive disorders worldwide, the demand for cognitive rehabilitation is increasing significantly as it offers hope of recovery through adaptations in neural connections. This wide applicability and efficacy of cognitive rehabilitation in leveraging neuroplasticity makes it a major market opportunity over the forecast period.
Porter’s Analysis
Threat of new entrants: The neuroplasticity market has a moderate threat of new entrants due to large capital requirement for R&D and clinical trials. However, opportunities exist for new companies offering innovative solutions.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established companies offering neuroplasticity solutions. However, demand for advanced therapeutics increases buyers' power.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative ingredient/raw material suppliers. Suppliers may face pressure on pricing and be substitutable depending on supply contracts.
Threat of new substitutes: Low threat of substitutes currently exists due to limited availability of alternative therapies for conditions addressed by neuroplasticity.
Competitive rivalry: The competitive rivalry in the neuroplasticity market is high owing to presence of many global and regional companies offering innovative solutions.
SWOT Analysis
Strengths: Growing geriatric population promoting neurodegenerative disorders and increasing investments in R&D for neuroplasticity solutions.
Weaknesses: High costs associated with development and clinical trials of neuroplasticity solutions limiting market reach. Shortage of skilled neuroscientists.
Opportunities: Untapped growth potential in emerging markets. Use of digital therapeutics based on neuroplasticity.
Threats: Stringent regulatory framework. Reimbursement issues.
Key Takeaways
The global neuroplasticity market is expected to witness high growth supported by increasing prevalence of neurological disorders, growing awareness, and heavy investments in R&D.
Regional analysis: North America currently dominates the global neuroplasticity market owing to increasing adoption of innovative therapeutics, presence of advanced healthcare facilities, and large patient population. Asia Pacific is emerging as a high growth region on account of rising geriatric population, improving healthcare spending, and increasing patient awareness in countries like China and India.
Key players: Key players operating in the neuroplasticity market include Cushman & Wakefield, Tenon Group, Apollo Sindoori, Compass Group PLC, Sodexo, Serco Group PLC, OCS Group, Jones Lang LaSalle, ISS World Services AS, Ecolab Inc., ABM Industries Inc., Aramark Corporation, Vanguard Resources Inc., and Medxcel Facilities Management, among others. Cushman & Wakefield and Jones Lang LaSalle are the leading players focusing on tie-ups and acquisitions to enhance their neuroplasticity therapy portfolio and geographical presence.
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