PUBLISHER: The Business Research Company | PRODUCT CODE: 1387680
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387680
“Brain And Neuroimaging Devices Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on brain and neuroimaging devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for brain and neuroimaging devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The brain and neuroimaging devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Brain and neuroimaging devices are specialized medical tools employed to capture brain structure, functionality, and identify areas impacted by neurological conditions.
The primary types of brain and neuroimaging devices include functional magnetic resonance imaging (fMRI), computed tomography (CT), positron emission tomography (PET), electroencephalography (EEG), magnetoencephalography (MEG), and others. Positron emission tomography (PET) is an imaging technique that gauges cellular metabolic activity in body tissues using radioactive elements. These devices have varied applications in conditions such as Parkinson's disease, traumatic brain injury, epilepsy, dementia, sleep disorders, and are extensively utilized in hospitals, diagnostic centers, and ambulatory surgical centers.
The brain and neuroimaging devices market research report is one of a series of new reports from The Business Research Company that provides brain and neuroimaging devices market statistics, including brain and neuroimaging devices industry global market size, regional shares, competitors with a brain and neuroimaging devices market share, detailed brain and neuroimaging devices market segments, market trends and opportunities, and any further data you may need to thrive in the brain and neuroimaging devices industry. This brain and neuroimaging devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The brain and neuroimaging devices market size has grown strongly in recent years. It will grow from $37.53 billion in 2023 to $39.66 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The historical growth of the sector was influenced by various factors, including advancements in diagnosing and treating neurological disorders, an aging population, research in brain mapping and connectivity, and the development of emerging markets.
The brain and neuroimaging devices market size is expected to see strong growth in the next few years. It will grow to $48.66 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. Anticipated growth in the upcoming period is due to the supportive regulatory landscape, the increasing focus on personalized medicine and targeted therapies, and the emphasis on value-based healthcare. Key trends in the forecast period include advancements in high-resolution and multimodal imaging, the emergence of wearable neuroimaging technologies, as well as the expansion of connectivity and functional imaging techniques.
The rising prevalence of neurological disorders is anticipated to boost the market. As per a report from the European Academy of Neurology, one out of every three people was affected by a neurological disease in 2022. Furthermore, the number of deaths attributed to neurological disorders has surged by nearly 40% over the past three decades. Brain and neuroimaging devices play a crucial role in the diagnosis and management of these disorders, ultimately contributing to increased survival rates. This escalating incidence of neurological diseases is poised to drive the brain and neuroimaging devices market.
The increasing incidence of traumatic brain injuries is projected to drive the growth of brain and neuroimaging devices in the future. Traumatic brain injuries, resulting from sudden external forces, impact an individual's cognitive, emotional, and physical functioning. Brain and neuroimaging devices play a pivotal role in diagnosing and managing these injuries, aiding doctors in identifying structural abnormalities or bleeding. For example, in 2021, the Centers for Disease Control and Prevention recorded 69,473 traumatic brain injury deaths. Additionally, the Brain Injury Association of America reported that around 5.3 million individuals globally were affected by traumatic brain injuries in the same year. This rising prevalence of traumatic brain injuries is a significant factor propelling the growth of the brain and neuroimaging device market.
The brain and neuroimaging devices market faces challenges due to the high costs associated with imaging technology. Sophisticated devices like Electroencephalography (EEG), Positron Emission Tomography (PET), and Functional Magnetic Resonance Imaging (fMRI) are essential for neurological and cognitive psychology research, and brain-computer interface development. These devices often carry significant price tags; for example, new 64-slice CT scanners can range from $500,000 to $700,000, while PET-CT scanners can cost between $225,000 to $750,000. Such substantial expenses create financial barriers for many hospitals and diagnostic labs, particularly in developing nations. Consequently, the high cost of these imaging devices restricts the purchasing capacity of medical facilities, thus affecting the brain and neuroimaging devices market.
Companies and researchers are dedicated to creating portable brain scanners, aiming to transform brain imaging by reducing device costs and ensuring accessibility for all. EMVision Medical Devices, in collaboration with researchers at Queensland University, has introduced a portable brain scanning technology. This innovation allows brain scans to be conducted in various locations, expanding imaging possibilities. Similarly, researchers at University College London have developed a lightweight portable MEG brain scanner that resembles a helmet. This device can capture brain activity even during natural movements, offering enhanced imaging capabilities for patients affected by conditions that cause involuntary body movements, such as epilepsy.
Major companies in the brain and neuroimaging device market are actively involved in developing technology integrated with artificial intelligence (AI), exemplified by the Neuro Suite, aimed at achieving a competitive advantage. The Neuro Suite, incorporating artificial intelligence, is specifically engineered to provide extensive solutions as a brain and neuroimaging device for addressing neurological disorders. For instance, in April 2023, TeraRecon, Inc., a US-based company specializing in medical imaging equipment, introduced the Neuro Suite. This innovative solution leverages artificial intelligence to assist in clinical diagnostics for various neurology diseases such as neuro-oncology, multiple sclerosis, and dementia. It enables radiologists to access a range of artificial intelligence-powered neuroimaging modalities.
Major companies operating in the brain and neuroimaging devices market include GE HealthCare, Siemens AG, Koninklijke Philips, Canon Medical Systems Corporation, Hitachi Medical Systems, Medtronic Plc., EB Neuro S.p.A., Neurosoft, MinFound Medical Systems Co. Ltd., Elekta, Varian Medical Systems, Toshiba Corporation, Shimadzu Corporation, Agilent Technologies Inc., Waters Corporation, Bruker Corporation, PerkinElmer Inc., Luminex Corporation, Bio-Rad Laboratories Inc., Carl Zeiss Meditec AG, Fujifilm Holdings Corporation, Hologic Inc., Nihon Kohden Corporation, Natus Medical Incorporated, RIMED Ltd., Advanced Brain Monitoring Inc., Intranerve Neuroscience Holdings LLC., Nuvasive Inc., SpecialtyCare Inc.
Western Europe was the largest region in the brain and neuroimaging devices market in 2023. North America was the second-largest region in the global brain and neuroimaging devices market report. Africa. was the smallest region in the brain and neuroimaging devices market. The regions covered in the brain and neuroimaging devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the brain and neuroimaging devices market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The brain and neuroimaging devices market consists of sales of imaging equipment for brain and nerves such as functional magnetic resonance imaging, computed tomography, positron emission tomography (pet), electroencephalography, magnetoencephalography, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.