Neuroimaging market is estimated to be valued at US$ 56.58 Billion in 2030

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the neuroimaging market. Coherent Market Insights’ analyst projected the neuroimaging market to be valued at US$ 56.58 Bn in 2030. It is expected to exhibit a CAGR of 6% over the forecast period 2023-2030.

Rising prevalence of neurological disorders and growing demand for accurate diagnosis drives market growth. According to WHO, neurological disorders affect over 1 billion people worldwide with Parkinson disease and Alzheimer disease.

The surge in neurological disorders has increased the demand for accurate diagnostic techniques like MRI, CT scans. Technological advancements in neuroimaging modalities also drives market growth. It supports high resolution images, driving its adoption.

Key market trends include: Integration of artificial intelligence with neuroimaging is a key trend driving market growth. AI assists in automated image analysis, detection of anomalies in MRI and CT scan images. Anthropic has developed an AI-based tool, Clara which analyses neuroimaging scans and detects abnormalities in the brain.

Mobile and wearable neuroimaging devices: Demand for portable diagnostic solutions at home care settings has led to development of compact neuroimaging devices. Companies are focusing on designing wearable EEG monitoring devices and portable MRI machines. General Electric has developed a portable MRI machine suitable for operation in ambulances and emergency rooms.

Neuroimaging Market Opportunities: fMRI is expected to witness significant growth over the forecast period. It uses magnetic fields and radio waves to produce cross-sectional images of the brain. FMRI has revolutionized the field of cognitive neuroscience. This enables non-invasive functional brain mapping in vivo. The growing applications of fMRI in clinical diagnosis, drug development and cognitive neuroscience are expected to propel the growth of this segment.

Positron Emission Tomography (PET) segment will drive the demand for neuroimaging market. PET imaging uses radiotracers to depict metabolic processes in the brain like neuroreceptor binding or glucose metabolism. PET has benefits over anatomical MRI as it provides functional or molecular information. Combined PET/CT and PET/MRI systems integrating anatomical and functional imaging capabilities.

Key Market Takeaways: The global neuroimaging market is anticipated to witness a CAGR of 6% during the forecast period 2023-2030. This is owing to the growing geriatric population and rising prevalence of neurological disorders.

On the basis of imaging type, the functional Magnetic Resonance Imaging (fMRI) segment is expected to hold a dominant position. This is owing to its non-invasive nature and widespread research applications.

On the basis of end user, the hospitals segment is expected to hold the largest share over the forecast period. This is due to availability of advanced imaging facilities and trained professionals.

North America is expected to hold a dominant position over the forecast period. This is due to supportive government initiatives and higher spending on neurological research.

Competitor Insights: Key players operating in the neuroimaging market include 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.

Recent Developments:  In November 2020, Siemens Healthineers, launched the Magnetom Free.Max. It is high-field MRI system which is more efficient and user-friendly than traditional MRI systems. More information in full report