The Global Neuroimaging Market is estimated to be valued at US$ 37.63 Bn 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 Overview:
Neuroimaging techniques are used to image the structure and function of the brain and central nervous system. Neuroimaging can help diagnose various neurological conditions such as stroke, tumors, epilepsy, Alzheimer’s disease, Parkinson’s disease, among others. Magnetic resonance imaging (MRI) and computed tomography (CT) provide anatomical images, while functional MRI (fMRI) and positron emission tomography (PET) help better understand brain functionality.
Market key trends:
One of the major trends driving the neuroimaging market growth is the increasing prevalence of neurological disorders. As per World Health Organization (WHO), neurological disorders affect over 1 billion people worldwide and is the leading cause of disability. Also, rising geriatric population is expected to increase the cases of neurodegenerative diseases like Alzheimer’s and Parkinson’s disease thereby boosting market revenues. Technological advancements in neuroimaging modalities such as high resolution MRI, molecular neuroimaging, and wireless/portable neuroimaging devices are further propelling the market growth during the forecast period.
SWOT Analysis
Strength: The neuroimaging market benefits from continual technological advancements like high resolution scanners and analysis software which provide more accurate diagnoses. Advances like MRI, CT, PET and functional MRI scans allow doctors to see inside the brain like never before.
Weakness: Neuroimaging equipment is very expensive to purchase and maintain. The high costs of the technology can limit its adoption in underdeveloped and developing regions. Neuroimaging procedures also expose patients to radiation which may increase long term health risks.
Opportunity: Rising incidence of neurodegenerative diseases such as Alzheimer’s and Parkinson’s disease are driving the need for improved diagnostic capabilities. The aging global population is increasing the demand for neuroimaging services to diagnose and monitor brain conditions. Growing health awareness is also encouraging more people to seek neurologic evaluations.
Threats: Stringent regulations surrounding the use of ionizing radiation and privacy of patient data increase compliance complexities and costs. Heavy reliance on technology makes the market vulnerable to cybersecurity threats. Economic slowdowns can negatively impact the procurement of high-cost neuroimaging equipment.
Key Takeaways
The Global Neuroimaging Market Trend is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period, due to increasing prevalence of neurological disorders. Rapid technological advancements are expanding the capabilities of neuroimaging modalities like MRI and PET scans to better detect conditions.
North America dominates the global neuroimaging market due to strong demand and availability of advanced healthcare infrastructure. Presence of leading market players and rising neurological disease burden in the U.S. and Canada support market growth. Asia Pacific is poised to exhibit the fastest growth over the forecast period led by China and India. Increasing healthcare investments and economic development are improving accessibility of neuroimaging technologies in emerging Asia Pacific countries.
Key players operating in the neuroimaging market are 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. Leading players are focusing on product launches and strategic partnerships to strengthen their product portfolios and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it