Global Brain Disease Modalities and Software Market Grows Steadily at a CAGR of 4.71%

Conventional methods of imaging the brain include computed tomography (CT) and magnetic resonance imaging (MRI), as well as more recent imaging technologies like positron emission tomography (PET) and hybrid methods that combine PET with MRI or CT. In spite of the fact that it has been in use for a very long time, magnetic resonance imaging (MRI) is still considered to be a conventional technology. “However, more and more often, advanced MRI techniques such as diffusion tensor imaging (DTI), diffusion-weighted imaging (DWI), susceptibility-weighted imaging (SWI), and dynamic susceptibility contrast (DSC) imaging are being used in places like North America and Europe." Industry Dynamics Neurological problems are becoming more common and prevalent The incidence and prevalence of neurological illnesses, including Alzheimer's disease, epilepsy, Parkinson's disease, Huntington's disease, headache disorders, multiple sclerosis, cerebral palsy, and stroke, have considerably grown during the past several decades around the globe. A increasing number of people throughout the world are falling ill due to brain illnesses, which encompass a wide range of conditions spanning the developmental, psychiatric, and neurodegenerative domains. This is mostly attributable to the increasing number of elderly people in the population (by 2050, more than 20% of the global population is expected to be aged over 65 years). According to projections made by the American Medical Association (AMA), by the year 2030, a minimum of 60% of people aged sixty-five and older would be coping with the effects of more than one chronic disease. Increasing AI Integration in Medical Imaging Artificial intelligence is being used more and more in the imaging of the brain, with the goal of improving both the picture quality and the diagnostic accuracy. AI has made significant strides in medical imaging, particularly in the areas of image quality enhancement, image segmentation, and the automation of ailment categorization. Because of these advancements, doctors now have access to artificial intelligence systems that are more useful in interpreting images and determining the best course of therapy for their patients. Increasing Demand for Safer and Non-invasive Medical Imaging Equipment There has been a significant trend in patient choice away from invasive methods of diagnosis and treatment and toward minimally invasive procedures in recent years. Scans such as magnetic resonance imaging (MRI), computed tomography (CT), and positron emission tomography (PET-CT) are common non-invasive methods of medical imaging that provide three-dimensional pictures of the body to assist in the identification of illnesses.” In addition to this, there is a growing demand for safer imaging technologies that make use of a reduced amount of radiation. Integration of 3D Amplified MRI, a New Advancement in Technology” “Integration of imaging solutions with novel biomarkers to enable diagnosis of a wider range of neurological disorders and integration of 3D amplified MRI, a new technological advancement in the field of brain imaging, present an opportunity for growth in the global brain disease modalities and software market.” This presents an opportunity for the global brain disease modalities and software market. Regional Overview of Brain Disease Modalities and Software Market The North American brain modalities and software market is being driven by the rapidly advancing integration of technology “in the field of medical imaging, the growing demand for software-based imaging solutions” in order to make accurate diagnoses, and the rising prevalence of neurological disorders. Due to its large number of MRI, CT, and PET–CT scanner manufacturers, the continent holds the top spot in the world market for brain imaging modalities. The healthcare system in North America is often considered to be among the most sophisticated in the entire globe. “The application of artificial intelligence (AI) in medical imaging has led to the development of AI-powered hardware devices (scanners), as well as software solutions for imaging and the interpretation of images.” APAC is a fast rising market for brain modalities and software, with a CAGR of over 7% expected over the forecast period. The need for radiological equipment and software is being driven by increased healthcare spending, a high number of market players, growing awareness of early sickness diagnosis, and the rising prevalence of brain illnesses. Key Highlights The global brain disease modalities and software market size was estimated to be worth $13.02 billion in 2021, and it is expected to reach $5 billion by 2030, expanding at a CAGR of 6.50% from 2021 to 2030. AI is rapidly being used in the field of brain imaging to increase image quality and diagnostic accuracy. AI achievements in medical imaging include image quality augmentation, segmentation, and automated sickness categorization. Market is growing due to rise in neurological disorders. The Brain Disease Modalities and Software market is segmented into the following categories: offering, patient type, application, end user, and region. Based on offering,“the brain modalities and software market is bifurcated into brain imaging modalities, and brain analysis software.”This division is based on the kind of products that are offered. The market share that was held by the category that dealt with brain imaging modalities was the greatest among these Based on patient type, the market is categorized into adults, pediatrics & infants. Among them, the category of paediatrics and newborns is anticipated to have substantial increase throughout the course of the projection period. Based on end user the market for brain modalities and software devices is divided into hospitals and clinics, neurology centres, ambulatory surgical centres (ACS), and diagnostic imaging centres. It is anticipated that the diagnostic imaging centres would maintain their position during the predicted period The North American brain modalities and software market is being driven by the rapidly advancing integration of technology “in the field of medical imaging, the growing demand for software-based imaging solutions”in order to make accurate diagnoses, and the rising prevalence of neurological disorders. APAC is a fast rising market for brain modalities and software, with a CAGR of over 7% expected over the forecast period. Competitors in Brain Disease Modalities and Software Market “Key Players in the global brain modalities and software market are Koninklijke Philips N.V., General Electric Company, Canon Inc., Siemens Healthineers AG, Vuno Co. Ltd., Fujifilm” Holdings Corporation, Imaging Biometrics LLC, A.I. Analysis Inc., Aspect Imaging Ltd., Subtle Medical Inc, IXICO plc, and Mint Labs Inc. Recent developments by key players “Subtle Medical Inc., a healthcare technology startup, announced a cooperation with Bayer AG, a life science” corporation, in November 2021 to study ways to use AI to help in illness diagnosis and monitoring. “Hyperfine Inc. announced its entry into the Canadian market” in December 2021, with Health Canada issuing a licence for their portable MRI gadget " Swoop." The licence also covers the recently FDA-approved deep learning-based enhanced reconstructive software. “The Swoop system is now available for purchase in Canada,” thanks to this licence. Nano-X Imaging Ltd. completed “its merger with Zebra Medical Vision Ltd., a deep learning medical imaging analytics” business, in November 2021. MDWEB LLC ("MDW"), a decentralised marketplace linking imaging facilities with radiologists, and USARAD Holdings Inc., a supplier of teleradiology services, were also reported as successful strategic acquisitions. Brain Disease Modalities and Software Market: Segmentation Based on Offering Brain Imaging Modalities Brain Analysis Software Based on Patient Type Adults Brain diseases Neurodegenerative diseases Paediatrics & Infants Brain diseases Neurodegenerative diseases Based on Application Traumatic Brain Injury (TBI) Headache disorders Epilepsy Sleep disorders Parkinson's disease Stroke Huntington's disease Dementia Based on End User Hospitals and Clinics Ambulatory Surgery Centers Diagnostic Imaging Centers Regional Analysis North America US Canada Europe Germany France UK Italy Spain Asia-Pacific (APAC) China India Japan Australia South Korea Latin America (LATAM) Brazil Mexico Middle East and Africa (MEA) Saudi Arabia South Africa