After many months of work (and we hope many new neurons and stronger synapses in our brains), we have just released our inaugural report on the emerging Brain Fitness Software Market, the first to define the brain fitness and training software market and analyze the size and trends of its four customer segments. We estimate the size of the US brain fitness software market at $225M in2007, up from $100m in 2005 (50% CAGR). The two segments that fueled the market growth: consumers (grew from $5m to $80m, 300% CAGR) and healthcare & insurance providers (grew from $36m to $65m, 35% CAGR).
Highlights from The State of the Brain Fitness Software Market 2008 report include:
1) 2007 was a seminal year for the US Brain Fitness software market, which reached $225 million in revenues – up from an estimated $100 million in 2005.
2) Over 20 companies are offering tools to assess and train cognitive skills to four customer segments: consumers; healthcare and insurance providers; K12 school systems; and Fortune 1000 companies, the military, and sports teams.
3) The Nintendo Brain Age/ Brain Training phenomenon has driven much of the growth. The consumer segment grew from a few million in 2005 to an estimated $80 million in 2007.
4) There is major confusion in the market, so education will be key. Users and buyers need help to navigate the maze of products and claims.