Below I have reproduced from www.sharpbrains.com its highlights of its 2009 Brain Fitness Market report.
Perhaps the most interesting aspect for me to note as a provider of an affordable brain training product are the statistics of satisfaction and value for money:
These are the stats for the question, “I got real value for money”
Lumosity.com – 65% Agree
Puzzle Books – 60% Agree
Posit Science – 52% Agree
Nintendo – 51% Agree
And for “I have seen the results I wanted”
Posit Science – 53% Agree
Lumosity.com – 51% Agree
Puzzle Books – 39% Agree
Nintendo – 38% Agree
Here are the highlights in full…
Top Highlights from The State of the Brain Fitness Software Market 2009 Report
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.