Wilmington, Delaware, United States, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The digital brain health market was valued at US$ 184.7 billion in 2021. The market is predicted to expand at a 7.3% CAGR from 2022 to 2031. The digital brain health market is expected to reach US$ 382.9 billion.
Stress, anxiety, and depression can be managed with meditation and mindfulness apps. During the COVID-19 pandemic, people distancing themselves from the pandemic and dealing with its stresses significantly increased their use of these apps. Patients have difficulty accessing many early detection tools, such as MRI scans, as dementia rates are expected to double every 20 years.
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With BCIs, brain health can be revolutionized by communicating directly with external devices. With BCIs, neurological conditions could be managed, cognitive abilities improved, and even digital technologies could be controlled by the brain.
Neurofeedback will develop into more sophisticated digital platforms that allow users to enhance their cognitive abilities, such as memory, attention, and problem-solving. The technique can benefit both individuals with cognitive impairments and healthy individuals seeking to enhance their mental performance.
Brain training games and applications will offer more effective and engaging ways to enhance cognition. A new generation of digital tools and artificial intelligence-driven assessments will improve the early detection and diagnosis of dementias and other neurodegenerative diseases.
Key Findings of Market Report
- Improved patient outcomes, cost reductions, and operational efficiency can be achieved through digital solutions in hospitals.
- Increasing technologies and the demand for easy-to-access software solutions will fuel the future growth of digital brain health.
- Telehealth is growing in popularity due to the increasing demand for convenient and home-based care.
- Research and development funding for digital brain health is expected to drive market demand.
- Technological advances and the launch of various AI brain health apps are driving the market.
Digital Brain Health Market Drivers
- With the growth of tailored medicine, brain-computer interaction and remote monitoring, and psychological needs, the digital brain health market is expected to continue to grow. Increasing numbers of individuals are seeking tools to enhance their mental health and fitness, with a greater awareness of the importance of brain health.
- Developing and accessing digital brain health solutions has become easier with technological advances, including mobile apps, wearable devices, virtual reality, and artificial intelligence.
- An individual's specific needs and goals can be addressed by digital brain health solutions, allowing for improvements in cognitive abilities. Telehealth and remote monitoring have been accelerated by the COVID-19 pandemic, developing a convenient way for consumers to access mental health services on-the-go.
- Digital brain health solutions have become more accepted and utilized as awareness of mental health issues has grown. As mental and cognitive health become increasingly linked, people become more aware of their interrelationships. Digital brain health interventions are increasingly supported by scientific research, which encourages individuals to make investments in these solutions.
Global Market for Digital Brain Health Regional Outlook
- North America is expected to hold a significant share of the global market for digital brain health during the forecast period. A National Institute of Mental Health survey indicates that 52.9 million adults in the United States suffer from mental illness. An aging population and increased awareness of cognitive health drive demand for digital brain health in the United States. The progress of technology and the increasing popularity of mobile phones are also driving the demand in the market.
- Increasing brain health disorders in Asia-Pacific primarily contribute to the market's growth. By implementing digital technologies and solutions, healthcare providers can improve patient outcomes and reduce healthcare costs. A rise in awareness and demand for online consultations is expected to drive the market in the coming years. Increasing government programs and initiatives will further contribute to the market's growth.
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Key Players in the Digital Brain Health Industry
Several local and international players compete in the global market for digital brain health. The key strategies the prominent players adopt are product portfolio expansion and mergers and acquisitions.
Key Players in Digital Brain Health Include
- Cerner Corporation (Oracle)
- Core Solutions, Inc.
- Holmusk
- IBM
- Netsmart Technologies, Inc.
- NXGN Management, LLC.
- Qualifacts Systems, Inc.
- Spring Care, Inc.
- The Echo Group
- Valant
Key Developments in the Global Digital Brain Health Domain
- In August 2023, Peak XV and Jungle will sponsor Neurowyzr, a brain health platform. In seed funding, the Singapore-based startup has raised $2.1 million. With angel investment participation, Jungle Ventures and Peak XV's Surge program led the oversubscribed round.
- In October 2023, GrayMatters Health (GMH), an advanced provider of digital self-neuromodulation, announced the appointment of Kirk Thelander to the position of Chief Commercial Officer for the company. A mental health technology and digital therapeutics industry veteran with over 17 years of experience, Thelander joins GMH's US-based executive team as part of its growth strategy.
Market Segmentation for Digital Brain Health Market
Functionality
- Clinical Functionality
- Electronic Health Records (EHR)
- Clinical Decision Support (CDS)
- Care Plans/Health Management
- E-Prescribing
- Telehealth
- Others
- Administrative Functionality
- Financial Functionality
Component
- Software
- Devices
End-user
- Hospitals
- Specialty Clinics
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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