PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555480
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555480
Brain Disease Modalities and Software Market size was valued at USD 13,690.32 Million in 2023, expanding at a CAGR of 5.90% from 2024 to 2032.
The diagnosis of brain diseases through the use of multiple imaging modalities has demonstrated enhanced effectiveness when compared to the application of a single modality. However, the availability of multi-modal data in clinical practice is often limited due to financial constraints or the associated risks of radiation exposure. The modalities and software utilized for brain disease encompass a diverse range of technologies and applications aimed at diagnosing, monitoring, and treating various neurological disorders. These tools are vital in contemporary neurology, offering extensive diagnostic capabilities, supporting research initiatives, and improving treatment and rehabilitation results for patients suffering from neurological conditions.
Brain Disease Modalities and Software Market- Market Dynamics
The increasing prevalence of neurological disorders and demands for safer and non-invasive imaging devices is expected to drive the growth of the market
With the aging of the global population, there is a notable rise in the prevalence of neurological disorders, including Alzheimer's disease, Parkinson's disease, multiple sclerosis, and epilepsy. This expanding demographic of patients necessitates the development of sophisticated diagnostic and therapeutic approaches. In 2021, neurological disorders accounted for 443 million years of healthy life lost due to illness, disability, and premature mortality (measured in disability-adjusted life years), positioning them as the leading cause of the global disease burden, surpassing cardiovascular diseases, as reported by the Institute for Health Metrics and Evaluation. Non-invasive imaging techniques, such as MRI and PET scans, present a safer alternative to invasive methods, minimizing the risk of complications and discomfort for patients, which in turn promotes their wider acceptance. Additionally, advancements in imaging technologies, including high-resolution MRI, functional MRI (fMRI), and enhanced PET scans, create opportunities for the Brain Disease Modalities and Software market. However, limited awareness and accessibility may pose challenges to the market's growth.
Brain Disease Modalities and Software Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.90% over the forecast period (2024-2032)
Based on product type segmentation, Brain Imaging Modalities was predicted to show maximum market share in the year 2023
Based on Patient Type segmentation, Pediatrics was the leading type in 2023
Based on Indication segmentation, Traumatic Brain Injury (TBI) was the leading type in 2023
Based on End-User segmentation, Diagnostic Imaging Centers were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Brain Disease Modalities and Software Market is segmented based on Product Type, Patient Type, Indication, End-User, and Region.
The market is segmented into two categories according to product type: Brain Analysis Software and Brain Imaging Modalities. Brain Imaging Modalities holds the majority share in the market. Within this sector, brain imaging modalities are crucial in offering a comprehensive understanding of brain structure and function.
The market is segmented into three groups according to Patient Type: Adults, Infants, and Pediatrics. Pediatrics holds the largest share of the market. Specialized imaging modalities and software solutions are essential in pediatric neurology to effectively diagnose and treat brain diseases in young patients.
The market is segmented into eight categories according to Indication: Traumatic Brain Injury (TBI), Headache disorders, Epilepsy, Sleep disorders, Parkinson's disease, Stroke, Huntington's disease, and Dementia. Traumatic Brain Injury (TBI) holds the largest share in the market. TBI is a significant focus area where cutting-edge brain imaging technologies and software solutions are utilized to enhance diagnosis, monitoring, and rehabilitation.
The market is segmented into three distinct categories according to the End-User: Hospitals and Clinics, Ambulatory Surgery Centers, and Diagnostic Imaging Centers. Among these, Diagnostic Imaging Centers hold a dominant position in the market. These facilities employ various brain imaging techniques and software applications to diagnose, monitor, and manage neurological disorders.
Brain Disease Modalities and Software Market- Geographical Insights
This market is geographically extensive, encompassing North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These areas are further categorized based on the countries contributing to business activities. North America is the leading region, primarily due to the increasing integration of artificial intelligence in medical imaging and significant technological advancements. Specifically, the United States and Canada are at the forefront of incorporating AI and machine learning into medical imaging and diagnostic software. These innovations facilitate enhanced image analysis, boost diagnostic precision, and optimize workflows, thereby providing North American firms with a competitive advantage. In 2020, the American College of Radiology (ACR) was surveyed to assess the utilization of AI among its members in clinical settings, receiving 1,427 responses, which revealed that 33.5% of radiologists were employing AI in their practices. Europe ranks as the second-largest region for market growth, attributed to high healthcare expenditure and adoption rates.
The Brain Disease Modalities and Software Market exhibits a high level of competition, with a multitude of participants striving to secure market share through innovation, strategic alliances, and advancements in technology. Companies are making substantial investments in research and development to create state-of-the-art imaging modalities and software solutions. Significant emphasis is placed on artificial intelligence and machine learning, which are pivotal in improving diagnostic precision and operational efficiency. Leading firms are acquiring smaller enterprises and startups to broaden their technological capabilities and access novel innovations in the diagnosis and treatment of brain diseases. Additionally, organizations are enhancing their market presence by penetrating new geographic territories and emerging markets, thereby leveraging the increasing demand for sophisticated brain disease diagnostic tools.
On May 6, 2022, during the International Society for Magnetic Resonance in Medicine (ISMRM) 2022 Annual Meeting, GE Healthcare announced the further advancement of its innovative deep learning image reconstruction solution, AIR Recon DL, to its extensive customer base through both upgrades and new purchases across its MR product portfolio.
Royal Philips, a prominent global entity in health technology, in collaboration with Synthetic MR, a company specializing in magnetic resonance imaging (MRI) software solutions based in Linkoping, Sweden, has today unveiled Smart Quant Neuro 3D. This innovative development represents a significant progression in providing objective decision support for the diagnosis and therapeutic evaluation of neurological conditions such as multiple sclerosis (MS), traumatic brain injury (TBI), and dementia.