Functional Brain Imaging Systems Market 2022
Functional Brain Imaging Systems Market is slated to grow on a decent note, i.e. witness a CAGR of 6.3% from 2022-2031, reaching US$ 7.7 Bn by the year 2022-2031. Workflows are getting streamlined due to increased connectivity and quicker internet. This is an era of medical IoT, which goes on to implement wearable devices and several other integrated applications for catering to healthcare needs. This would continue shortly as well.
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As per Persistence Market Research’s latest revised industry analysis, the global functional brain imaging systems market was valued at over US$ 3.9 Bn in 2020, and is expected to exhibit a CAGR of 6.3% over the forecast period (2021-2031).
Increasing incidence of neurological disorders globally, such as Alzheimer’s disease, epilepsy, and other dementias; cerebrovascular diseases, including migraine, brain tumors, and other headache disorders; and traumatic disorders due to head trauma; is anticipated to fuel demand for functional brain imaging systems over the coming years.
Advanced research & development and rapid pace of advancements in embedded systems and microelectronics have accelerated development and improvement of brain signal monitoring technologies such as multichannel EEG and fMRI devices. Functional brain imaging system manufacturers are expected to see new growth prospects as the healthcare diagnostic industry evolves and new measures for neurological illness management become available.
Furthermore, increasing need for intensive care for traumatic brain injury and brain aneurysm and availability of new advanced magnetics technologies in these devices are further anticipated to escalate the ease of investigating the central nervous system with lesser processing time. This is expected to boost revenue growth and adoption of functional brain imaging systems over the decade.
Adoption of hybrid imaging consisting of positron emission tomography (PET) and MRI scan is increasing globally. Asian countries and many countries from Africa are attracting and encouraging start-up companies as well as global manufacturers to set up their manufacturing facilities in their regions, especially in the healthcare sector. Major manufacturers of brain imaging systems can grab these opportunities to capitalize on economies of scale so as to strengthen their position in the market.
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Key Takeaways from Market Study
- By product, electro encephalography systems are expected to hold 54.3% market value share by the end of 2031, primarily because of high prevalence of central nervous system disorders.
- Based on modality, standalone devices are leading with 78.7% market share in 2020, encompassing stationary healthcare settings, including hospitals.
- Hospitals dominated the end-user segment with a share of around 50.6% in 2020, due to increasing imaging and diagnostic procedures for infectious diseases.
- By region, North America is slated to be the leading market with a value share of 37.2% at the end of the forecast period, owing to the presence of major market players in the region.
“Rising prevalence of infectious diseases affecting the central nervous system and subsequent occurrence of neural disorders will drive demand of functional brain imaging systems,” says an analyst of Persistence Market Research.
Market Competition
Acquisitions, mergers, expansions, and product launches are key strategies adopted by manufacturers to increase their consumer base in different regions.
- In 2020, Medtronic received both, CE mark and FDA approval, for its devices- Percept™ PC Deep Brain Stimulation (DBS) System with BrainSense™ technology. This DBS system provides personalized and data-driven neurostimulation treatment by way of capturing, recording, and tracking patient-specific brain signals.
- In November 2019, Canon Medical Systems Corporation acquired Switzerland-based MRI research & development company Skope Magnetic Resonance Technologies AG. This acquisition is expected to facilitate the development of innovative technologies in MR imaging and diagnostics.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the functional brain imaging systems market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
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Key Questions Answered in the Functional Brain Imaging Systems Market Report
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