Global Magnetoencephalography Market
Magnetoencephalography (MEG) is a vital step in pre-surgical evaluation of patients with epilepsy and brain tumors. The clinical application segment primarily includes diagnosis of conditions like epilepsy, dementia, schizophrenia, stroke, brain tumor, and others. In the diagnosis of epilepsy, MEG has proven to be an effective method as MEG tests have high sensitivity to small neuronal population in the neocortical region. According to the data published by the National Center for Biotechnology Information (NCBI) in June 2017, over 30% of epileptic patients amenable to neurosurgical treatments require non-invasive brain imaging, such as magnetoencephalography (MEG)
The global magnetoencephalography market was valued at US$ 253.3 million in 2018 and is expected to witness a robust CAGR of 4.5% throughout the forecast period (2019-2026).
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Technological advancements in MEG systems is expected to drive market growth
The key market players have been focusing on new product launches and technological innovations, which is providing a momentum to the global market growth. For instance, in 2017, 1.9 million collaborative projects between scientists at the University of Nottingham and University College London (UCL) is focusing on improving the way the human brain is mapped. Focusing on the development of magnetoencephalography (MEG), researchers have 3D printed a prototype helmet that may yield quadruple the sensitivity of current MEG devices.
Growing preference for magnetic resonance Imaging (MRI) scanning, computerized axial tomography (CT) scanning, and Positron emission tomography (PET) scanning is however expected to hamper the global magnetoencephalography market growth over the forecast timeline. According to a research published in the Journal of the American Medical Association in March 2018, Japan had 52 MRI scanners and 107 scanners per 1 million people, respectively. The U.S. had the second-highest number of MRI scanners (38), and the third-highest number of CT scanners (41). Furthermore, the U.S. performed 118 MRIs per 1,000 people compared to other 11 countries of 82 MRI’s per 1,000 population.
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Global Magnetoencephalography Devices Market – Regional Insights
North America holds a dominant position in the global magnetoencephalography market, owing to the presence of renowned market players in the U.S., including Advanced Brain Monitoring Inc., Cadwell Laboratories Inc., CAS Medical Systems, DePuy Synthes Companies, Electrical Geodesics, Inc., and HeadSense Medical, Inc. Furthermore, Europe accounts for the second-largest market share, due to the rapid technological advancements in MEG systems in the region. For instance, in November 2017, Leti, a France-based technology research institute, developed a next-generation MEG scanning system, wearable brain scanner or MEG helmet for improved diagnosis of epilepsy and brain tumor.
Asia Pacific is recognized as the fastest-growing region in the global magnetoencephalography market, on account of the increasing incidence of mental health disorders in the region. According to the World Health Organization’s (WHO) 2016 report, China, India, Indonesia, Bangladesh, and Pakistan recorded the highest incidence rates of anxiety and depression.
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Global Magnetoencephalography Devices Market – Competitive Landscape
The key players operating in the global magnetoencephalography devices market include Compumedics Limited, Croton Healthcare, Ricoh Company, Ltd., and CTF MEG International Services LP.
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