Advanced Brain Technologies featured in The State of the Brain Fitness Software Market 2009 Report published today.
This annual report profiles the top 20 companies in the brain fitness software market. Despite being one of the first movers in the brain fitness market with the introduction of the original BrainBuilder® software program in 1999 Advanced Brain Technologies is grouped in the “Wait and See” category in terms of market position. This is due to our focus not being exclusively brain fitness software.
As a market leader in music-based intervention we are diversified beyond software unlike the other leading companies in the report which offer strictly software based solutions for assessment and improvement of cognitive functions.
With new research and developments in market sectors including; consumer, healthcare, K-12, corporate, and military, our market position will be shifting significantly in the next 12 to 24 months.
1) Growth market: Consumers, seniors’ communities and insurance providers drove year on year sustained growth, from $225m in 2007 to $265m in 2008. Revenues may reach between $1 billion to $5 billion by 2015, depending on how important problems (Public Awareness, Navigating Claims, Research, Health Culture, Lack of Assessment) are addressed.
2) Increased interest and confusion: 61% of respondents Strongly Agree with the statement “Addressing cognitive and brain health should be a healthcare priority.” But, 65% Agree/Strongly Agree “I don’t really know what to expect from products making brain claims.”
3) Investment in R&D seeds future growth: Landmark investments by insurance providers and government-funded research institutes testing new brain fitness applications planted new seeds for future growth.
4) Becoming standard in residential facilities: Over 700 residential facilities – mostly Independent and Assisted Living facilities and CCRCs – have installed computerized cognitive training programs.
5) Customer satisfaction: Consumers seem more satisfied with computer-based products than paper-based options. But, satisfaction differs by product. When asked “I got real value for my money”, results were as follows: Lumosity.com (65% Agree), Puzzle Books (60%), Posit Science (52%), Nintendo (51%) agreed. Posit Science (53% Agree) and Lumosity.com (51%) do better than Puzzle Books (39%) and Nintendo (38%) at “I have seen the results I wanted.”
6) Assessments: Increasing adoption of computer-based cognitive assessments to baseline and track cognitive functions over time in military, sports, and clinical contexts. The Alzheimer’s Foundation of America now advocates for widespread cognitive screenings after 65-75.
7) Specific computerized cognitive training and videogames have been shown to improve brain functions, but the key questions are, “Which ones”, and “Who needs what when?”
8) Aggressive marketing claims are creating confusion and skepticism, resulting in a distracting controversy between two misleading extremes: (a) “buying product XYZ can rejuvenate your brain Y years” or (b) “those products don’t work; just do one more crossword puzzle.” The upcoming book The SharpBrains Guide to Brain Fitness aims to help consumers navigate these claims.
9) Developers can be classified into four groups, based on our Market and Research Momentum analysis: we find 4 Leaders, 8 High Potentials, 3 Crosswords 2.0, and 6 Wait & See companies.
10) Increased differentiation: Leading companies are better defining their value proposition and distribution channels to reach specific segments such as retirement communities, schools, or healthcare providers.
Order a copy of the report at www.sharpbrains.com.