Number of pages: 100 | Report Format: PDF | Published date: June 27, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global digital brain health market was valued at US$ 198.4 billion in 2022 and is expected to register a revenue CAGR of 7.21% to reach US$ 371.3 billion by 2031.
Digital Brain Health Market Fundamentals
Digital brain health refers to the use of technology and digital tools to enhance and support cognitive function, mental well-being, and overall brain health. It encompasses a wide range of applications, including mobile apps, computer programs, virtual reality (VR) experiences, wearable devices, and online platforms that are specifically designed to target and improve various aspects of brain function. Digital brain health solutions often focus on areas such as memory, attention, problem-solving, decision-making, emotional regulation, and overall cognitive performance. These tools leverage the principles of neuroscience, cognitive psychology, and artificial intelligence to provide personalized and engaging experiences that can help individuals optimize their brain health. Some common features and activities in digital brain health tools include cognitive training, mental well-being support, brain-computer interfaces, and many more.
The field of digital brain health is continuously evolving, and ongoing research is being conducted to evaluate the effectiveness of these tools in improving cognitive function, promoting mental well-being, and supporting brain health across different populations, including healthy individuals, older adults, and individuals with neurological conditions or cognitive impairments.
Digital Brain Health Market Dynamics
The fast evolution of technology has resulted in the creation of sophisticated digital tools that may successfully target and activate certain brain functions. This includes the use of virtual reality, artificial intelligence, brain-computer interfaces, and wearable devices, which have expanded the possibilities for digital brain health interventions. Furthermore, neurological conditions such as Alzheimer's disease, Parkinson's disease, and stroke are becoming more prevalent. Digital brain health tools can be used as supportive interventions to manage symptoms, improve cognitive function, and enhance the quality of life for individuals with these conditions. According to the Parkinson's Foundation, over 90,000 people are diagnosed with Parkinson's disease in the United States each year, and 10 million are living with it globally. Moreover, there is growing awareness and recognition of the importance of brain health and its impact on overall well-being. Individuals are seeking proactive ways to maintain and improve their cognitive function, leading to increased demand for the global digital brain health market. According to the WHO’s factsheet of June 2022, 1 in 8 individuals globally suffer from mental disorders.
However, while digital brain health tools have the potential to reach a wide audience, there are still barriers to accessibility and inclusivity. Factors such as affordability, technological literacy, and access to high-speed internet can limit the adoption of these tools, particularly among underserved populations or older adults who may face challenges in using digital technologies. Furthermore, digital brain health tools often collect sensitive personal and health data from users. Privacy and data security concerns can be a significant restraint for individuals who are cautious about sharing their personal information and may be reluctant to engage with these tools due to data breaches or misuse of their data. Additionally, integration into healthcare systems, privacy & data security concerns, and lack of personalized approach are some of the restraints impeding the overall market growth.
Digital Brain Health Market Ecosystem
The global digital brain health market is analyzed from the following perspectives: component, functionality, end user, and region.
Digital Brain Health Market by Component
Based on the component, the global digital brain health market is segmented into software and devices.
The software segment is expected to register the fastest CAGR of 7.53% during the forecast period, owing to the increased use of mental health applications. Several software-based applications and platforms are designed to improve cognitive function, mental well-being, and brain health. These software solutions leverage technology and algorithms to deliver various cognitive training programs, assessments, tracking tools, and other interactive experiences. Software in the digital brain health market offers a wide range of cognitive training programs. These programs consist of interactive exercises and games that target specific cognitive domains such as memory, attention, problem-solving, and cognitive flexibility. The software adapts the difficulty level based on user performance, providing personalized and engaging training experiences. Software tools are typically available as mobile apps or accessible through online platforms. Mobile apps offer the advantage of convenience and portability, allowing users to engage in brain health activities anytime and anywhere. Online platforms provide access to a broader range of features, including community forums, educational resources, and data synchronization across devices. These aspects contribute to the growth of the software segment.
Digital Brain Health Market by Functionality
Based on the Functionality, the global digital brain health market is segmented into administrative functionality, clinical functionality, and financial functionality.
The clinical functionality segment accounted for a prominent share of the market, owing to clinical functioning tools being specifically intended for healthcare providers and utilized for clinical assessment, diagnosis, and treatment of brain health diseases. Clinical functionality refers to the specialized uses and characteristics of digital technologies that are created and utilized in clinical settings for cognitive function and mental health condition assessment, diagnosis, treatment, and monitoring. It focuses on leveraging digital technologies to support healthcare professionals in delivering evidence-based interventions and improving patient outcomes. The clinical functionality segment further splits into e-prescribing, care plans/health management, electronic health records (EHR), clinical decision support (CDS), telehealth, and others.
Digital Brain Health Market by End User
Based on the end user, the global digital brain health market is segmented into hospitals, specialty clinics, and others.
The specialty clinics segment accounted for a prominent revenue share in 2022. Specialty clinics refer to specialized healthcare facilities that focus on the assessment, diagnosis, treatment, and management of cognitive function, brain health, and mental well-being using digital tools and technologies. These clinics provide comprehensive care and interventions specifically tailored to individuals with cognitive impairments, neurological conditions, or mental health concerns. Specialty clinics foster collaboration and care coordination among healthcare professionals involved in the care of individuals with cognitive impairments or neurological conditions. These clinics may collaborate with primary care physicians, neurologists, mental health professionals, and other specialists to ensure comprehensive and integrated care. Specialty clinics often offer remote monitoring and telehealth services, allowing individuals to receive ongoing care, support, and follow-up through virtual consultations. This enables individuals to access specialized care from the comfort of their own homes, which is particularly beneficial for those who have limited access to in-person visits or need long-term monitoring. These overall factors contribute to the growth of the specialty clinics segment.
Digital Brain Health Market by Region
Geographically, the global digital brain health market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global digital brain health market with the largest revenue share in 2022 and is expected to register a CAGR of 6.9% during the forecast period, attributed to due to the increasing awareness of brain health, a large aging population, technological advancements, a robust healthcare infrastructure, and rising neurological disorders. For instance, according to the Centre for Disease Control and Prevention’s factsheet, in 2020, around 5.8 million Americans were living with Alzheimer’s disease, and by 2060 the number is projected to be 14 million. Additionally, companies across the region are continuously involved in partnerships, mergers as well as acquisitions which are also expected to improve the digital brain health market outlook. North America is a hub for research and development in the field of digital brain health. Leading academic institutions, research centers, and companies collaborate to advance the understanding of brain health, develop new interventions, and validate the efficacy of digital brain health solutions through clinical trials and studies. The region's emphasis on scientific research and evidence-based practice drives the growth and adoption of digital brain health technologies.
Digital Brain Health Market Competitive Landscape
The prominent players operating in the global digital brain health market are:
Digital Brain Health Market Strategic Developments
Digital brain health refers to the use of technology and digital tools to enhance and support cognitive function, mental well-being, and overall brain health.
The global digital brain health market was valued at US$ 198.4 billion in 2022.
The estimated market size of the global digital brain health market in 2031 is US$ 371.3 billion.
The revenue CAGR of the digital brain health market during the forecast period will be 7.21% from 2023 to 2031.
Some key companies operating in the global digital brain health market are Core Solutions Inc., IBM Corporation, Netsmart Technologies Inc., NXGN Management LLC, Qualifacts Systems LLC, and Echo Group.
*Insights on financial performance are subject to the availability of information in the public domain