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Cognitive bias modification treatment involves identifying and modifying ingrained cognitive tendencies or biases that are associated with several psychological disorders like depression, anxiety and substance abuse. It employs computerized training programs that work by repeatedly exposing individuals to stimuli in a way that gradually reshapes automatic patterns of thinking. For instance, programs may aim to reduce anxious thoughts by slowly shifting attention away from potential threats. The treatment is non-invasive and allows patients to directly work on cognitive vulnerabilities from the comfort of their own home. It is gaining prominence as a low-cost digital intervention for minimizing psychological distress.
The global cognitive bias modification treatment market is estimated to be valued at US$ 30 Million 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 Dynamics:
Growing Demand for Minimizing Psychological Disorders
As mentioned in the heading, the rising prevalence of depression, anxiety and other mental health issues across the world is fueling the demand for effective yet inexpensive treatment options like cognitive bias modification. As per WHO, depression is now the leading cause of ill health and disability worldwide. Cognitive bias modification can help in addressing the root causes of several psychological disorders by strategically modifying unhealthy thought patterns. This is expected to significantly increase its adoption rate during the forecast period.
Development of Advanced Digital Platforms
The delivery of cognitive bias modification treatment has been improved with the development of sophisticated digital platforms and mobile apps. These platforms make Cognitive bias training programs easily accessible to users anytime, anywhere and provide automated, personalized therapies. The enhanced convenience and scalability of digital platforms is boosting the cognitive bias modification treatment market.
Segment Analysis
The global cognitive bias modification treatment market can be segmented based on treatment type, application, and end-user.
Based on treatment type, the market is segmented into attention bias modification, interpretation bias modification, and approach bias modification. Interpretation bias modification segment is expected to dominate the market during the forecast period owing to increasing focus towards overcoming biases associated with social anxiety and fear-related issues.
PEST Analysis
Political: Cognitive bias modification treatment market is expected to grow significantly owing to rising awareness about mental health issues and increasing government initiatives for improving mental healthcare infrastructure in many countries.
Economic: Rapid economic growth coupled with rising disposable incomes is expected to provide growth opportunities in developing regions. However, high treatment costs may restrain market growth to some extent.
Social: Changing social attitudes towards mental health issues and availability of online cognitive bias modification programs is positively impacting the market growth. Social media is enabling greater awareness regarding available treatment options.
Technological: Advancements in digital technologies and strong research focus on neuroplasticity and cognitive mechanisms underpinning different biases has enabled development of more effective software-based cognitive bias modification programs. Such programs offer flexibility, accessibility and affordability.
Key Takeaways
The global cognitive bias modification treatment market is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis – North America region currently dominates the market owing to presence of major players and higher awareness levels. Asia Pacific region is expected to witness fastest growth supported by rising healthcare spending, growing middle-class population and increasing acceptance of psychological interventions in countries like China and India.
Key players operating in the cognitive bias modification treatment market are PBC (Attention Bias Modification), Inquisit 5 (Interpretation Bias Modification), and Approach Bias Modification.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
