by Neuroimaging refers to visualization techniques used in modern medicine and neuroscience to map the function and structure of the brain. Common neuroimaging techniques includes Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Positron Emission Tomography (PET), Electroencephalography (EEG), and Magnetoencephalography (MEG). Neuroimaging helps detect changes in the brain caused by various medical conditions such as Alzheimer’s disease (AD), traumatic brain injury, Parkinson’s disease, and stroke. It plays a vital role in understanding brain’s role in various diseases and disorders.
The Neuroimaging Market is estimated to be valued at Us$ 37.63 Bn or in 2023 and is expected to exhibit a CAGR Of 6.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing prevalence of neurological disorders worldwide is driving the growth of the Neuroimaging Market. It is estimated that around 1 billion people globally suffer from some form of neurological disorder according to the World Health Organization. Moreover, growing geriatric population prone to neurological disorders such as Alzheimer’s and dementia is also fueling market growth. According to the United Nations, the global population aged 60 years and above is projected to double from 12% to 22% between 2015 and 2050. Furthermore, technological advancements in neuroimaging equipment such as multi-modality imaging systems, portable MRI, and CT scanners are introducing greater efficiency and accuracy in disease diagnosis and treatment monitoring, thereby propelling market expansion over the forecast period.
Segment Analysis
The global Neuroimaging market is dominated by the magnetic resonance imaging (MRI) sub-segment. MRI accounted for over 40% market share in 2023 due to its widespread usage for brain imaging applications. MRI provides high-quality images of the brain and is considered the gold standard for clinical diagnosis of various neurological disorders such as stroke, epilepsy, tumors and dementia.
PEST Analysis
Political: Guidelines and regulations regarding the use of diagnostic imaging by regulatory bodies like the FDA provide a stable regulatory environment for market growth.
Economic: Rising healthcare expenditure across developing nations is increasing investments and upgrading of diagnostic imaging facilities. High cost of advanced neuroimaging systems also presents an opportunity for manufacturers.
Social: Growing global incidence of neurodegenerative disorders like Alzheimer’s and Parkinson’s is driving demand for enhanced diagnostic techniques. Increased awareness regarding benefits of early disease diagnosis supports market expansion.
Technological: Introduction of novel techniques like functional MRI, diffusion tensor imaging and machine learning is enhancing accuracy and capabilities of neuroimaging. Wider availability of multi-modality systems combining technologies will bolster the market.
Key Takeaways
The Global Neuroimaging Market Size is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing incidence of neurological disorders and growing applications of neuroimaging in therapeutics development and drug discovery. The market size for 2023 is estimated at US$ 37.63 Bn.
North America dominated the neuroimaging market and is expected to maintain its lead, supported by presence of major players, strong demand and availability of research funding. Asia Pacific exhibits lucrative growth opportunities driven by rising healthcare spending, expansion of diagnostic chains and growing medical tourism.
Key players operating in the neuroimaging market include GE Healthcare, Siemens Healthineers, Philips Healthcare, Toshiba Medical Systems Corporation, Hitachi Healthcare, Canon Medical Systems Corporation, Mindray Medical International Limited, Esaote SpA, NeuroLogica Corporation, NeuroVive Pharmaceutical AG, Brainlab AG, Akili Interactive Labs Inc., Brainomix Ltd., Imaging Science International, Mevis Medical Solutions, NeuroVista, Neusoft Medical Systems, Positron Corporation, Shimadzu Corporation, Trifoil Imaging. Major players are focusing on AI-enabled analytical software and multi-modality imaging solutions to strengthen 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
