The neuroimaging market allows for the visualization, characterization, and measurement of cerebral and spinal structures and functions. MRI scanners produce detailed anatomical images of the brain and spinal cord while CT and PET scans provide functional information about neurological processes. Neuroimaging plays a critical role in the diagnosis, management, and treatment monitoring of neurological illnesses such as stroke, dementia, epilepsy, brain trauma, and tumors.
The global neuroimaging market is estimated to be valued at US$ 43.35 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 To 2031. Key Takeaways
Key players:
Key players operating in the neuroimaging market are THERMO FISHER SCIENTIFIC INC.F. HOFFMANN-LA ROCHE LTD Illumina, Inc.QIAGEN GenomeMe NanoString Technologies, Inc. BD bioMerieux SA GenMark Diagnostics, Inc.Perkin Elmer, Inc.
Key opportunities: Rising government initiatives to encourage Neuroimaging Market Growth adoption, untapped potential in emerging economies, and development of portable neuroimaging systems offer lucrative growth opportunities.
Global expansion: Leading companies are investing in R&D to develop advanced MRI and PET technologies and expanding into Asia Pacific and Latin America seeing rising neurological burden and healthcare expenditures.
Market drivers: The primary driver propelling the neuroimaging market growth is the increasing incidence and prevalence of neurological disorders worldwide due to aging populations and improving diagnostic rates. An estimated 1 billion people suffer from brain disorders globally.
PEST Analysis
Political: Healthcare reforms and rising funds for medical imaging research are positively impacting the market. However, stringent regulations can increase compliance costs.
Economic: Growing affluence is enabling private spending on advanced healthcare procedures. Meanwhile, aging populations require more neurological care.
Social: Public awareness drives preventive screening adoption. However, stigma around brain disorders sometimes limits diagnostics.
Technological: AI and cloud integration enhance diagnosis through automated imaging. Wearables also enable remote monitoring. Advancements like optogenetics open new diagnostic avenues.
The North American region dominates the market in terms of value. This is attributed to factors like rising healthcare expenditure, presence of key players and developed economic conditions enabling large adoption. The Asia Pacific region is poised to witness the fastest growth during the forecast period. This can be accredited to growing medical tourism, rising healthcare standards and expanding patient pool within developing economies.
The major regions concentrating the majority of market share in terms of value are North America and Western Europe. Advanced healthcare infrastructure and high healthcare spending enable large-scale adoption of neuroimaging modalities within these developed areas. Factors like favourable reimbursement scenario and presence of prominent industry players also contribute to high market concentration within these regions.