The neuroimaging market is estimated to be valued at US$ 37.63 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neuroimaging encompasses various medical imaging techniques used to visualize the structure and function of the brain and spinal cord. It is conducted using imaging modalities such as computerized tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), and ultrasound. These imaging techniques provide valuable insights into the brain anatomy and physiology, and aid in the diagnosis and treatment of various neurological disorders such as Alzheimer's disease, dementia, epilepsy, and stroke. Growth in geriatric population and rising prevalence of neurological disorders globally are key factors driving the demand for neuroimaging procedures.
Market Dynamics:
One of the major drivers propelling the neuroimaging market growth is the rising prevalence of neurological disorders. According to the World Health Organization (WHO), neurological disorders account for approximately 6.8% of the global disease burden, with an estimated 1 billion people affected worldwide each year. Conditions such as Alzheimer's disease, dementia, stroke, epilepsy, multiple sclerosis, headache disorders, and others are on the rise globally. This has increased the uptake of neuroimaging procedures for diagnosis and monitoring of treatment efficacy. Furthermore, advancements in neuroimaging technologies such as high-field MRI systems, micro-MRI scanners, and hybrid imaging modalities like PET/MRI and PET/CT are enabling superior visualization of brain structures and functions. This is supporting early and accurate diagnosis of neurological conditions. Growing applications of neuroimaging in neuroscience research and developmental studies is another factor fueling the market growth.
SWOT Analysis
Strength: Neuroimaging market has high growth potential as neurological disorders are on the rise. Advancements in scanning technologies provide more accurate diagnostics. Growing awareness has increased demand for neuroimaging tests.
Weakness: High costs associated with neuroimaging equipment limits access in developing nations. Stringent regulations delay product approval and market entry. Lack of skilled professionals impedes effective diagnostics.
Opportunity: Untapped markets in Asia Pacific and Latin America offer scope for market expansion. Personalized neuroimaging based on AI and machine learning can improve outcomes. Combining neuroimaging data with other modalities creates new application areas.
Threats: Strict privacy and data protection laws increase compliance costs. Reimbursement issues pose challenges. Low diagnosis rates in developing countries constrain revenue growth. Intense competition threatens market share of existing players.
Key Takeaways
The Global Neuroimaging Market Trend is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing incidence of neurological disorders. Rise in trauma and accident cases boosts demand for neuroimaging procedures.
North America dominates the global neuroimaging market currently. Higher adoption of advanced technologies and rising healthcare spending drive the North America market. Asia Pacific is projected to grow at the fastest pace during the forecast period, led by economic development, growing medical tourism, and increasing healthcare investments in India and China.
Key players operating in the neuroimaging market 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. These players are focusing on new product launches and partnerships to strengthen their market position.
