Brain health technology market to exceed $1B by year's end
The market for brain health technology will surpass $1 billion by the end of 2012, and is set to grow at a brisk thereafter, to between $4 and $10 billion by 2020, according to SharpBrains, a San Francisco-based market research firm.
The industry report, "The State of the Digital Brain Health Market 2012-2020 – Transforming Health with Digital Tools to Assess, Monitor and Enhance Cognition across the Lifespan," offers insights into the digital revolution transforming brain health and heath overall, officials say.
Such software includes computerized Web-based and mobile cognitive assessments, cognitive training and cognitive behavioral therapies, as well as biometrics-based monitoring and brain training tools that measure physiological responses such as heart rate variability and electroencephalography.
"A major driver of this growth in consumer and provider demand is a significant ongoing demographic trend: an aging population," according to the report's executive summary. "On a global scale, with the total senior population expected to triple (to 1.5 billion) over the next 30 years, aging populations will make brain health even more important moving forward."
"We see a growing portion of the 78 million baby boomers in the U.S. alone investing time and effort into retaining their mental sharpness," the report reads. "This trend also motivates healthcare and insurance providers to introduce and test innovative solutions, mainly from a health & wellness (although not yet clinical) perspective."
The report finds that a market of some $6 billion is the most likely scenario by 2020. It predicts the Asia Pacific region will likely surpass North America and Europe by 2017 in its usage of the technology.
In addition to analyzing consumers' use of this technology to manage and improve their brain health and performance outside clinical settings, SharpBrains conducted in-depth analysis of more than 200 companies operating in this sector, and asked scientists to identify the most important innovation opportunities from their published research, officials say.
Among the study's findings with regard to consumers: