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:
The cognitive bias modification treatment market comprises digital and AI-powered solutions that help individuals modify their unconscious cognitive biases. These solutions typically involve computerized tasks and games that train individuals to recognize and reshape biased thought patterns. The applications target common biases like risk perception, social judgments, negativity bias, and confirmation bias. Key products include smartphone apps, web-based programs, and virtual reality experiences designed with the help of psychologists and cognitive scientists. The treatments are gaining popularity for managing anxiety, depression, addiction, and other mental health issues by improving cognitive flexibility.
Market Dynamics:
Increasing adoption of digital mental health solutions: The integration of AI and digital technologies has enabled the development of engaging and accessible cognitive bias modification programs. Many programs can be self-administered using smartphones and desktops, expanding their reach. The convenience of digital solutions is driving their higher adoption compared to conventional therapies.
Growing awareness about impacts of cognitive biases: Scientific research is providing deeper insights into how unconscious biases influence human behaviors, relationships, and decision-making. This is raising awareness about the need to identify and address biases. As individuals and organizations recognize the role of biases, demand is rising for innovative treatments that can help manage them.
Segment Analysis
The global cognitive bias modification treatment market can be segmented based on modality into online and offline training. Online training segment dominates the market and is expected to continue its dominance over the forecast period. This is because it offers more flexible accessibility to users with features like games, videos, and interactive content resulting in better engagement and outcomes. Users can access online cognitive training programs on their smartphones, laptops, or desktops at their own convenience.
PEST Analysis
Political: Governments across various countries are supporting initiatives that promote mental health and well-being. This includes programs related to cognitive behavioral training.
Economic: The rising penetration of consumer electronics and internet connectivity is driving the adoption of online cognitive training platforms which offer affordable subscriptions.
Social: Growing awareness about mental health issues and benefits of cognitive behavioral therapies is encouraging people to opt for digital cognitive bias modification programs.
Technological: Advancements in artificial intelligence, machine learning, and gamification are enabling development of more engaging and effective digital cognitive training solutions. platforms are using these technologies to personalize training experiences.
Key Takeaways
The Global Cognitive Bias Modification Treatment Market Growth is expected to witness high, exhibiting CAGR of 7.9% over the forecast period, due to increasing prevalence of mental health problems and rising adoption of digital therapeutics. The market size for 2023 is estimated to be US$ 83.2 Mn.
By region, North America holds the largest share of the global cognitive bias modification treatment market currently. This is due to early adoption of advanced healthcare technologies and presence of major players. However, Asia Pacific region is expected to exhibit the highest growth rate during the forecast period driven by large population base, increasing awareness, and improving internet connectivity in the region.
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 focused on developing personalized and engaging online programs to expand their consumer base and gain higher market share.