NEUROIMAGING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The Neuroimaging Market size is expected to reach US$ 56.58 Billion by 2030, from US$ 37.63 Billion in 2023, at a CAGR of 6% during the forecast period.

Neuroimaging is the use of medical imaging techniques to study the structure and function of the brain and nervous system. It is used to diagnose and treat a variety of neurological disorders, including Alzheimer's disease, stroke, and brain tumors. The increasing incidence of neurological disorders is a major driver of the neuroimaging market. The World Health Organization (WHO) estimates that neurological disorders affect 1 in 6 people worldwide. The aging population is also a major factor driving the growth of the market, as neurological disorders are more common in older adults.

The growing demand for personalized medicine is another major driver of the neuroimaging market. Personalized medicine is a field of medicine that tailors treatment to the individual patient. Neuroimaging can be used to identify the specific changes in the brain that are associated with a particular disease. This information can then be used to develop personalized treatment plans.

Neuroimaging Market Regional Insights:

• The growth of the market in North America region is being driven by the increasing incidence of neurological disorders, such as Alzheimer's disease, stroke, and brain tumors. The high level of healthcare expenditure and the presence of a large number of imaging centers are also contributing to the growth of the market. The market share of North America is expected to be 34.1% in 2023.
• The growth of the market in Europe region is being driven by the factors similar to North America, as well as the presence of a large number of research institutes. The market share of Europe is expected to be 23.1% in 2023.
• The growth of the market in Asia Pacific region is being driven by the increasing incidence of neurological disorders, the rising disposable income of people, and the increasing government funding for research and development. The market share of Asia Pacific is expected to be 20% in 2023.

Figure 1. Global Neuroimaging Market Share (%), by Region, 2023

Neuroimaging Market Drivers:

• Advancements in Imaging Technology: Continuous technological advancements, such as higher resolution imaging, functional imaging, and real-time data processing, enhance the accuracy and capabilities of neuroimaging techniques.
• Growing Prevalence of Neurological Disorders: The rising incidence of neurological disorders, including Alzheimer's disease, Parkinson's disease, and stroke, fuels the demand for neuroimaging tools for early diagnosis and monitoring.
• Research and Clinical Applications: Neuroimaging is essential in both research and clinical settings, driving demand for imaging equipment and services in neuroscience studies and patient care.
• Aging Population: The increasing elderly population is more prone to neurological conditions, spurring the need for neuroimaging solutions for better disease management.

Neuroimaging Market Opportunities:

• Personalized Medicine: The integration of neuroimaging data with genetic and clinical information offers the potential for personalized treatment strategies, driving the development of precision medicine in neurology.
• AI and Machine Learning Integration: Leveraging artificial intelligence and machine learning algorithms for data analysis and interpretation can enhance the accuracy and efficiency of neuroimaging techniques.
• Emerging Markets: Expansion into emerging markets with increasing healthcare investments and a growing patient population presents opportunities for market growth.
• Remote Imaging Solutions: Developing remote neuroimaging solutions for telemedicine and remote patient monitoring can tap into the evolving healthcare landscape.

Neuroimaging Market Trends:

• Functional Imaging Advancements: Increasing focus on functional imaging techniques like functional MRI (fMRI) and positron emission tomography (PET) for mapping brain activity and connectivity.
• Multimodal Imaging: A trend toward combining multiple imaging modalities (e.g., MRI, PET, CT) to provide comprehensive insights into brain structure and function.
• Teleimaging and Remote Monitoring: Expanding applications of neuroimaging in telemedicine and remote patient monitoring, enabling consultations and diagnostics from a distance.
• Quantitative Imaging Biomarkers: The development of quantitative biomarkers for neurological disorders, aiding in early diagnosis and disease progression monitoring.

Neuroimaging Market Restraints:

• High Equipment Costs: The initial investment and maintenance costs of neuroimaging equipment, such as MRI and PET scanners, can be prohibitively expensive for healthcare facilities.
• Limited Accessibility: Accessibility to neuroimaging services may be limited in some regions, especially in low-income areas, leading to disparities in healthcare access.
• Complexity of Data Interpretation: The complexity of neuroimaging data analysis and interpretation requires specialized training and expertise, leading to challenges in resource-constrained settings.

Recent Developments:

New product launches:

• Siemens Healthineers launched the Magnetom Free.Max: This is a high-field MRI system that is designed to be more user-friendly and efficient than traditional MRI systems. It is also more affordable, making it a more accessible option for patients.
• GE Healthcare launched the Revolution EVO: This is a 3T MRI system that is designed to provide high-quality images with reduced scan times. It is also equipped with artificial intelligence (AI) software that can help to automate tasks and improve diagnostic accuracy.
• Philips Healthcare launched the Ingenia Ambition: This is a 1.5T MRI system that is designed to be more comfortable for patients. It is also equipped with new features, such as real-time imaging, that can help to improve diagnostic accuracy.

Acquisition and partnerships:

• In 2022, General Electric Company (GE Healthcare) acquired Sentimag: This is a company that develops AI-powered solutions for neuroimaging. The acquisition will help GE Healthcare to expand its portfolio of AI-powered solutions for neuroimaging.
• In 2022, Siemens Healthineers acquired C2Finetech: This is a company that develops software for image analysis and visualization. The acquisition will help Siemens Healthineers to expand its portfolio of software solutions for neuroimaging.
• In 2022, Philips Healthcare partnered with Brainlab: This is a company that develops software for image-guided surgery. The partnership will help Philips Healthcare to integrate its neuroimaging solutions with Brainlab's image-guided surgery solutions.

Figure 2. Global Neuroimaging Market Share (%), by Applications, 2023

Top companies in Neuroimaging Market

• 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

Definition: The Neuroimaging Market refers to the commercial sector within the healthcare industry focused on the development, production, distribution, and application of various imaging technologies and techniques designed to visualize and assess the structure, function, and abnormalities of the human brain and nervous system. Neuroimaging plays a critical role in diagnosing, monitoring, and researching neurological and psychiatric disorders, aiding in clinical decision-making and advancing our understanding of the brain.

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