Neuroimaging Market Set for Explosive Growth, Expected to Hit US$ 56.58 Billion with 6% CAGR | Coherent Market Insights

The Neuroimaging Market is estimated to be valued at US$ 37.63 billion in 2023 and is expected to exhibit a CAGR of 6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

The Neuroimaging Market refers to the use of various imaging techniques to visualize and study the structure and function of the brain. These techniques include Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Positron Emission Tomography (PET), and Single-Photon Emission Computed Tomography (SPECT), among others. Neuroimaging plays a crucial role in the diagnosis, treatment planning, and monitoring of various neurological disorders, such as Alzheimer’s disease, Parkinson’s disease, and stroke, by providing detailed images of the brain. It also finds applications in research and drug development processes.

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Market Dynamics:

The Neuroimaging Market is driven by the increasing prevalence of neurological disorders, such as Alzheimer’s disease and Parkinson’s disease, globally. According to the World Health Organization, around 50 million people worldwide are affected by dementia, with nearly 10 million new cases being diagnosed every year. This has led to a growing demand for neuroimaging techniques for accurate diagnosis and effective treatment planning.

Furthermore, advancements in technology, such as the development of high-resolution imaging systems and the integration of artificial intelligence (AI) algorithms, have significantly improved the accuracy and efficiency of neuroimaging procedures. These advancements have resulted in a greater adoption of neuroimaging techniques by healthcare professionals, thereby boosting market growth.

TOP Players in Market Report 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.

Neuroimaging Market Detailed Segmentation:

• By Technology:
  • Magnetic Resonance Imaging (MRI)
  • Computed Tomography (CT)
  • Positron Emission Tomography (PET)
  • Single Photon Emission Computed Tomography (SPECT)
  • Functional Magnetic Resonance Imaging (fMRI)
  • Diffusion Tensor Imaging (DTI)
  • Magnetoencephalography (MEG)
  • Electroencephalography (EEG)
  • Others
• By Application:
  • Neurological Disorders
    • Alzheimer’s Disease
    • Parkinson’s Disease
    • Multiple Sclerosis
    • Epilepsy
    • Stroke
    • Others
  • Psychiatric Disorders
    • Schizophrenia
    • Bipolar Disorder
    • Depression
    • Anxiety Disorders
    • Others
  • Traumatic Brain Injury (TBI)
  • Brain Tumors
  • Others
• By End-User:
  • Hospitals and Clinics
  • Diagnostic Centers
  • Research Institutes
  • Ambulatory Surgical Centers
  • Others
• By Image Type:
  • Structural Imaging
  • Functional Imaging
  • Hybrid Imaging

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Market Drivers:

1. Increasing prevalence of neurological disorders

The global neuroimaging market is primarily driven by the increasing prevalence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, and stroke. According to the World Health Organization (WHO), nearly 1 billion people worldwide suffer from neurological disorders, and this number is anticipated to increase significantly in the coming years. Neuroimaging techniques, such as magnetic resonance imaging (MRI), positron emission tomography (PET), and computed tomography (CT), play a vital role in the diagnosis and treatment of these disorders. These imaging techniques provide detailed images of the brain’s structure and function, which help in understanding the underlying causes of neurological disorders and assist in developing appropriate treatment plans. Consequently, the rising prevalence of neurological disorders is expected to drive the demand for neuroimaging solutions, thereby fueling market growth.

2. Technological advancements in neuroimaging modalities

Another significant driver of the neuroimaging market is the continuous technological advancements in neuroimaging modalities. With the advent of advanced imaging techniques, such as functional MRI (fMRI) and diffusion tensor imaging (DTI), neuroimaging has become more precise and reliable in diagnosing various neurological conditions. These technological advancements have also led to the development of more portable and cost-effective neuroimaging devices, making them more accessible to healthcare facilities and patients. For instance, the introduction of 3D imaging technology has revolutionized the field of neuroimaging by providing high-resolution images with enhanced spatial and temporal resolutions. Moreover, the integration of artificial intelligence and machine learning algorithms in neuroimaging systems has further improved the accuracy and efficiency of image analysis and interpretation. As a result, these technological advancements are driving the adoption of neuroimaging solutions in the healthcare sector, thereby propelling market growth.

Market Restraints:

1. High cost of neuroimaging procedures

The high cost associated with neuroimaging procedures is one of the major restraints for market growth. Neuroimaging technologies, such as MRI and PET, require expensive equipment and resources, which significantly increases the overall cost of these procedures. Additionally, the cost of maintenance and operation of these devices is also substantial. This high cost makes neuroimaging services inaccessible to a large section of the population, especially in developing countries with limited healthcare resources and infrastructure. Furthermore, the high cost of neuroimaging procedures poses financial challenges for healthcare providers and payers, impacting their willingness to invest in these technologies. As a result, the affordability of neuroimaging services remains a significant concern, limiting their widespread adoption and hindering market growth.

2. Safety concerns associated with radiation exposure

The safety concerns associated with radiation exposure during certain neuroimaging procedures, such as CT scans, pose a significant restraint to the market. Radiological imaging techniques involving ionizing radiation have been associated with potential risks, including an increased risk of cancer and other harmful effects on the body. Although the radiation dose used in neuroimaging procedures is relatively low and considered safe, repeated exposure to radiation over time can still pose health risks, especially in pediatric patients and pregnant women. These safety concerns have led to the growing preference for non-invasive imaging techniques, such as MRI and fMRI, which do not involve radiation. However, these alternatives may not always be feasible or cost-effective, particularly in resource-constrained settings. Therefore, addressing the safety concerns associated with radiation exposure is crucial to strengthen the confidence of patients, healthcare providers, and regulators in neuroimaging technologies, and to drive market growth.

In summary, the neuroimaging market is driven by the increasing prevalence of neurological disorders and the continuous technological advancements in neuroimaging modalities. On the other hand, the high cost of neuroimaging procedures and safety concerns associated with radiation exposure pose significant restraints to market growth. Overcoming these challenges will be vital to further expand the neuroimaging market and improve the accessibility and affordability of neuroimaging services worldwide.

Key Developments:

• 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.

Table of Contents

Chapter 1 Market Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Market Size Analysis from 2023 to 2030

Chapter 2 Competition by Types, Applications, and Top Regions and Countries
2.1 Market (Volume and Value) by Type
2.3 Market (Volume and Value) by Regions

Chapter 3 Production Market Analysis
3.1 Worldwide Production Market Analysis
3.2 Regional Production Market Analysis

Chapter 4 Neuroimaging Sales, Consumption, Export, Import by Regions (2023-2023)
Chapter 5 North America Market Analysis
Chapter 6 Europe Market Analysis
Chapter 7 Middle East and Africa Market Analysis
Chapter 8 Asia Pacific Market Analysis
Chapter 9 Latin America Market Analysis
Chapter 10 Company Profiles and Key Figures in Neuroimaging Business
Chapter 11 Market Forecast (2023-2030)
Chapter 12 Conclusions

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