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:
- 94 percent of consumers agreed or strongly agreed with the statement: "Addressing cognitive and brain health should be a healthcare priority."
- 83 percent agreed or strongly agreed that, "I would personally take a brief assessment every year as an annual mental check-up.'"
- The same percentage agreed or strongly agreed that, "Adults of all ages should take charge of their own 'brain fitness,' without waiting for their doctors to tell them to."
- Nearly three-quarters (73 percent) agreed or strongly agreed that, "Digital technologies can significantly complement other behavioral and drug-based interventions."
"Despite the economic downturn, this market has still
grown from $600 million in annual revenues in 2009 to more than $1 billion by
the end of 2012," said Alvaro Fernandez, CEO of SharpBrains. "With
more than two billion people worldwide currently suffering from brain-based
health and productivity challenges, it is rewarding to see a new generation of
technologies and methodologies being developed and implemented to confront this
challenge in efficient and scalable ways."
Source: healthcarefinancenews
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