July 18, 2024

Brain Training Apps is Estimated To Witness High Growth Owing To Rise In Use Of Smartphones

Market Overview:

Brain training apps are smartphone apps that are designed to enhance cognitive abilities such as memory, problem-solving, decision making, attention span and other executive functions. These apps incorporate features like puzzles, trivia, visual and auditory exercises that stimulate different areas of the brain. They are widely used by students, professionals, elderly population and others to keep their brain active.

Market Dynamics:

The brain training apps market is witnessing high growth owing to rise in use of smartphones. According to Mobile World Congress, global smartphone penetration was estimated to be 76% in 2023. Growing reliance of population on smartphones has prompted brain training apps developers to introduce innovative solutions tailored for mobile devices. Additionally, increasing elderly population that is susceptible to cognitive decline is another major driver. As per WHO, number of people aged 65 years and above is projected to reach 1.5 billion by 2050 from 703 million in 2019. Brain training apps offer cognitive exercises especially designed for older adults to maintain mental agility and prevent conditions like dementia. This is further propelling the market growth.

SWOT Analysis
Strength: Brain training apps effectively engage the user to build cognitive skills at their own pace and convenience. The apps offer a wide variety of scientifically validated games and exercises targeting different cognitive abilities like memory, attention, problem-solving etc. They analyze user performance and prescribe personalized training regimes. Most apps provide detailed performance reports to help track progress.
Weakness: The effectiveness of brain training depends highly on consistent and long-term use which many users find difficult. Lack of physical interactions can limit cognitive benefits for some users. Not all apps have clinically tested programs to effectively improve broader cognitive abilities.

Opportunity: Growing elderly population prone to age-related cognitive decline presents a major market opportunity. Increasing consumer awareness about maintaining brain health through digital solutions also boosts prospects. The untapped rural segments in developing nations are emerging as new potential markets.
Threats: Entry of other digital platforms like AR/VR based solutions providing more immersive training experiences can pose threats. Lack of clear evidence on real-world benefits may reduce user motivation to stick with brain training over long run.

Key Takeaways

The Global Brain Training Apps Market Demand  is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing consumer awareness about benefits of digital cognitive training solutions.

Regional analysis: North America dominated the global market in 2023, accounting for around 35% of total share due to high healthcare expenditures and increasing adoption of digital health technologies. Asia Pacific is projected to witness highest CAGR exceeding 25% during 2023-2030. Countries like India, China and Japan are emerging as highly lucrative markets owing to rapidly growing elderly populations and increasing affordability of smart devices.

Key players: Key players operating in the brain training apps market are CogniFit, Elevate, Peak, Rosetta Stone Ltd., LearningRx, Lumosity, HAPPYneuron, Inc., Wise Therapeutics, Inc., Easybrain and Happify, Inc. CogniFit and Elevate captured over 25% share of the global market in 2023 through scientifically validated programs and engaging game-based approaches to cognitive training.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it