The global 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 products and services that focus on modifying biases that impact human thinking and decision making. Cognitive biases are systematic patterns of deviation from norm or rationality in judgment. Key products include digital therapeutics, web/mobile applications and workshop/training programs that target biases like confirmation, unrealistic optimism and attention biases. These tools train users to overcome their biases through repeated objective feedback and incentivized response practice. The rising adoption of artificial intelligence and gamification in digital tools is making cognitive bias treatment more effective and engaging for users. The increasing research linking biases to issues like loneliness, depression and overconfidence is driving demand for cognitive training.
Market key trends:
One of the major trends in the Cognitive Bias Modification Treatment Market is the rising focus on using artificial intelligence and machine learning algorithms to personalize treatment. AI tools can track individual user behaviors, thought patterns and responses over multiple sessions to gain deeper insights into biases. Using these insights, treatment can be customized on a per-person level to target their particular biases more precisely. AI is also powering conversational agents and virtual therapists that provide feedback to users in a natural language format, improving engagement. Gamification of products through elements like points scoring, levels and badges is another trend enhancing user experience and outcomes. Serious game design principles ensure tasks remain engaging and incentive-driven for effective long-term bias modification.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the cognitive bias modification treatment market is low due to high capital requirements and established customer base of existing players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of alternative treatment options. However, specialized skills required for cognitive bias modification therapies limits options.
Bargaining power of suppliers: The bargaining power of suppliers is low due to low differentiation in parts and services supplied. Suppliers do not have control over pricing.
Threat of new substitutes: Threat of substitutes is moderate as alternative treatment methods like CBT provide comparable outcomes. However, advantages of digital solutions make cognitive bias modification a unique proposition.
Competitive rivalry: High as major players compete on the basis of innovation, service quality and digital solutions.
Key Takeaways
The Global Cognitive Bias Modification Treatment Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing prevalence of mental health disorders. Cognitive bias modification therapy provides effective digital interventions with personalized treatment programs to address conditions like depression, anxiety and substance abuse.
North America is expected to dominate the global market owing to rising mental health awareness initiatives by government and private organizations. In addition, presence of advanced healthcare infrastructure and favorable reimbursement policies drive the market 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. Major players are focusing on expanding their digital solutions and virtual care options to cater to growing demand. Partnerships with healthcare providers and clinical research organizations is also a key strategy adopted.
