by The Cognitive Bias Modification Treatment Market is estimated to be valued at US$ 83.2 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cognitive bias modification treatment market involves therapies that helps in modifying dysfunctional cognitive biases responsible for various mental disorders. The therapies mainly involve computerized training programs aimed at reducing negative biases and enhancing positive biases. Treatments include attention bias modification, cognitive control training, interpretation bias modification. The treatments are non-invasive, digital and have shown efficacy against various conditions like depression, anxiety, substance abuse disorders etc.
Market key trends:
One of the key trends driving growth in cognitive bias modification treatment market is increased awareness regarding mental health issues. With rising incidences of anxiety and depression disorders globally, there is growing focus on digital therapies and interventions. Cognitive bias modification treatments are non-invasive solutions that can be self-administered and have shown promise in managing symptoms. Their accessibility and convenience is attracting more individuals to opt for such therapies. Further, supportive regulations and insurance coverage for digital therapies in developed markets is also aiding the adoption of cognitive bias modification treatments.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the cognitive bias modification treatment market is moderate as it requires sizable investments for research and development activities and the market is growing at a significant pace due to increasing prevalence of cognitive disorders.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are several solution providers in the market providing different bias modification treatment programs catering to different needs of the buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are several solution providers developing proprietary bias modification treatment programs using their own methodology and frameworks without being dependent on a specific supplier.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment options available for modifying cognitive biases and this treatment approach has shown promising results clinically making it difficult to be substituted.
Competitive rivalry: is high due to presence of several competitors offering differentiated treatment programs targeting specific cognitive biases.
SWOT Analysis
Strength: Growing clinical evidence for effectiveness of cognitive bias modification treatments in improving cognitive functioning and reducing symptoms. Ability to remotely deliver treatment programs using digital platforms.
Weakness: Lack of strong clinical guidelines and approval pathway from regulatory bodies for some treatment programs yet. High costs associated with development of proprietary treatment methodologies and programs.
Opportunity: Untapped growth opportunities in new geographic regions and application areas like anxiety disorders, substance abuse, etc. Partnerships with clinical research organizations and healthcare providers for scalability.
Threats: Slow adoption rate by medical practitioners and patients due to limited awareness. Risk of new digital technologies disrupting delivery models and customer preferences.
Key Takeaways
The global Cognitive Bias Modification Treatment Market Growth is expected to witness high at a CAGR of 7.9% over the forecast period of 2023 to 2030, due to growing geriatric population base and increasing prevalence of cognitive disorders. The market stood at around US$ 83.2 Mn in 2023 and is expected to reach US$ 139.3 Mn by 2030.
Regional analysis: North America accounted for the major share in the Cognitive Bias Modification Treatment market in 2023 and is expected to dominate over the forecast period. This is attributed to robust healthcare infrastructure, favorable reimbursement policies and presence of major players in the region. Asia Pacific is projected to grow at the fastest pace during the forecast period due to initiatives towards modernization of healthcare systems, rapid digitization and enlarging patient pool in countries like China and India.
Key players operating in the cognitive bias modification treatment market are Cognitive Training Solutions Pty Ltd t/as SWiPE Brain Training, Wise Therapeutics, Mental Mint, MindHabits, Youper Inc., Aralus Digital, and Avegen Health. These players are engaged in developing advanced technology-based treatment programs and establishing clinical partnerships to strengthen their foothold.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
