Magnetoencephalography Devices Market, by Application (Clinical Application, (Dementia, Autism, Schizophrenia, Multiple Sclerosis, Stroke, Epilepsy, Traumatic Brain Injury, Brain Tumor), and Research Applications), by End User (Hospitals, Imaging Centers, and Academic & Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
was valued at US$ 253.3 million in 2018, and is projected to exhibit a CAGR of 4.5% over the forecast period (2019 - 2026), as highlighted in a new report published by .
The magnetoencephalography (MEG) device market is expected to witness significant growth over the forecast period, owing to technological advancements. For instance, in March 2018, researchers from the Sir Peter Mansfield Imaging Centre, University of Nottingham, and Welcome Centre for Human Neuroimaging, developed a next generation brain scanner similar to a helmet, allowing patients to move naturally while scanning.
Moreover, increasing prevalence of neurodegenerative disorders across the globe, such as dementia, epilepsy, schizophrenia, and autism is expected to propel magnetoencephalography (MEG) devices market growth over the forecast period. For instance, according to the report of Global Burden of Neurodegenerative Disorders presented at the 61st IAEA General Conference on September 21, 2017, 46.8 million people worldwide have dementia. As per the same source, among 46.8 million people with dementia, 1-2% of the global population is above the age of 65.
Furthermore, rising incidence of traumatic brain injury (TBI) is expected to accelerate growth of the MEG devices market in the near future. For instance, according to data published in March 2019 by the Centers for Disease Control and Prevention (CDC), around 2.87 million TBI-related emergency department (ED) visits, hospitalizations, and deaths occurred in the U.S. in 2014, accounting for over 837,000 of health emergencies, which also included children.
Browse 40 Market Data Tables and 48 Figures spread through 174 Pages and in-depth TOC on "Magnetoencephalography Devices Market, By Application (Clinical Application, (Dementia, Autism, Schizophrenia, Multiple sclerosis, Stroke, Epilepsy, Traumatic brain injury, Brain Tumor), and Research Applications), By End User (Hospitals, Imaging Centers, and Academic & Research Institutes), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2026"
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Key players in the magnetoencephalography market are engaged in research and development of devices especially for the pediatric population. For instance, in November 2014, researchers from the Boston Children’s Hospital launched a baby magnetoencephalography (MEG) system for pediatric patients.
Key Takeaways of the Magnetoencephalography Devices Market:
- The global magnetoencephalography devices market is expected to exhibit a CAGR of 4.5% over the forecast period (2019–2026) owing to increasing technological advancements in the magnetoencephalography market, and rising prevalence of neurodegenerative disorders across the globe
- Among application type, the dementia sub-segment is expected to account for a major revenue share by 2026, owing to increase incidence of dementia worldwide. For instance, according to the World Alzheimer Report, in 2016, an estimated 46.5 million people were suffering from Alzheimer’s disease worldwide.
- Major players operating in the global magnetoencephalography devices market include Compumedics Limited, Croton Healthcare, Ricoh Company, Ltd., and CTF MEG International Services LP.