May 22, 2024
Neuroimaging Market

The Global Neuroimaging Market Propelled By Growing Adoption Of Advanced Technologies In Diagnostics

The neuroimaging market has witnessed immense growth driven by the increasing adoption of advanced technologies such as magnetic resonance imaging (MRI), positron emission tomography (PET), computed tomography (CT), and others in neurological diagnosis. Neuroimaging techniques provide non-invasive visualization and assessment of brain structures that aids in identifying abnormalities, guiding surgeries, and monitoring treatment outcomes. MRI is extensively used for neuroimaging due to its excellent soft tissue contrast and ability to capture anatomical details without exposing patients to ionizing radiation. PET scans utilizing radioactive tracers enable functional analysis of the brain and are critical for diagnosing neurological conditions such as Alzheimer’s disease, Parkinson’s disease, and stroke.

The global neuroimaging market is estimated to be valued at US$ 5.2 billion in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2027, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends witnessed in the Global Neuroimaging Market Size is the constant advancements focused on improving image resolution and reducing scanning time. Manufacturers are developing next-generation MRI and PET scanners equipped with high magnetic fields of up to 7T, which boosts signal-to-noise ratio and acquires detailed images. Moreover, new hardware and software solutions are speeding up MRI scans allowing clinicians to examine more patients. Vendors are also incorporating artificial intelligence capabilities to automate image interpretation and diagnosis. This aids radiologists in streamlining workflow and offering timely treatment guidance. The emerging trend of integrating PET and MRI modalities within a single scanner is also gaining traction as it enables acquisition of anatomic and metabolic information simultaneously.

Porter’s Analysis

Threat of new entrants: The neuroimaging market requires high R&D investments and regulatory approvals posing a moderate threat of new entrants.
Bargaining power of buyers: The presence of many players gives buyers higher bargaining power in this market.
Bargaining power of suppliers: Proprietary technologies and differentiated product offerings provide suppliers with higher bargaining power.
Threat of new substitutes: Technological advancements can lead to new substitute neuroimaging modalities and analytic solutions posing a moderate threat.
Competitive rivalry: The market consists of global players offering differentiated products intensifying competitive rivalry.

Key Takeaways

The global neuroimaging market is expected to witness high growth.

Regional analysis: North America dominates the neuroimaging market owing to the large patient base, availability of advanced diagnostic systems and growing prevalence of neurological disorders in the region. Asia Pacific region is expected to grow at the fastest rate during the forecast period supported by improving healthcare infrastructure, rising healthcare spending and increasing awareness.

Key players operating in the neuroimaging market are Siemens Healthineers, GE Healthcare, Philips, Canon Medical Systems Corporation and Fujifilm Holdings Corporation. Key players are focusing on new product launches and innovations to consolidate their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it