Following a number of other optimistic industry forecasts, a new report has been released predicting the revenue growth of the global ‘Digital Brain Health Market’. Published by SharpBrains, an independent market research firm, the report gives in-depth trend analysis and a complex infographic (see below) that presents all information and data in a comprehensive visual form.The report, entitled The State of the Digital Brain Health Market 2012-2020 – Transforming Health with Digital Tools to Assess, Monitor, and Enhance Cognition across the Lifespan analyzes data and trends in mainstream digital technologies and in different customer segments.
“We want to provide the most comprehensive analysis and forecast of the substantial transformation underway within the brain health field,” said Alvaro Fernandez, CEO of SharpBrains, recently named a Young Global Leader by the World Economic Forum.
“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. 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.”
SharpBrains forecasts the market for digital brain health to grow exponentially to between $4 and $10 billion by 2020, with $6 billion being the most likely scenario. It also predicts the Asia Pacific region to likely surpass North America and Europe by 2017.
The report analyzes data and trends in four key customer segments and in two types of digital technology that are already going mainstream. These technologies are the following:
- Software including fully computerized cognitive training and behavioral therapies
- Biometrics-based monitoring and brain training solutions that measure physiological responses such as heart rate variability and electroencephalography.
SharpBrains conducted analysis of more than 200 companies operating in this sector, and asked scientists to identify the most important innovation opportunities from their published research. Results from 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.”
Click on the image to see the infograph in full size: