Brain Disease Modalities and Software Market Size, Share & Trends Analysis Report Based on Offering (Brain Imaging Modalities, Brain Analysis Software), Based on Patient Type (Adult, Paediatrics & Infants), 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) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

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 $21.54 billion by 2030, expanding at a CAGR of 6.50% from 2021 to 2030.

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. 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."

When it comes to quantitative analysis, the scanned pictures that may be produced through these different modalities can benefit greatly from the addition of brain imaging software. A more precise diagnosis of neurological conditions may be made with the assistance of quantitative insights into the structure, biomarkers, and other minor anomalies found in the brain. This is an invaluable tool.

Market Dynamics

Market Drivers

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 has developmental, psychiatric, and neurodegenerative domains. This is mostly attributable to the increasing number of elderly people in the population. According to projections made by the American Medical Association (AMA), by the year 2030, a minimum of sixty percent of people aged sixty-five and older would be coping with the effects of more than one chronic disease.

It is now important than ever to keep an eye on the activities of both the brain and the nervous system as the prevalence of neurological conditions continues to rise. There are several neurological illnesses and disorders that worsen over time, and the chance of developing them grows with age. In addition, the incidence of other illnesses and ailments, such as sickle cell disease and heart abnormalities, is on the rise as well. Because cardiac operations can occasionally disrupt the normal working of the brain, there is a significant and growing need for brain monitoring equipment. This is one of the primary reasons why.

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 like 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.

Market Restraints

Research High Cost of Complicated Procedures and Tools for Monitoring the Brain

The high cost of brain monitoring operations and devices is a significant issue that is constraining the worldwide market for brain monitoring, particularly in developing nations with inadequate reimbursement systems. Monitoring systems for the brain are notoriously difficult to understand, and the treatments that necessitate their usage are almost always prohibitively expensive. For instance, the cost of a typical EEG ranges anywhere from around USD 200 to USD 700, but for extended monitoring, this technique might cost as much as USD 3,000. A dual-channel TCD may be purchased for roughly 3,000–3,200 USD, while an ICP monitor can be purchased for approximately 340–500 USD. Similarly, the cost of a single MEG system is between between 2.5 and 3 million US dollars. It is challenging for healthcare institutions, especially in nations that have shown widespread adoption of high-tech medical equipment, to acquire MEG devices because of the hefty price tag associated with them. In addition, the cost of maintenance and any other associated indirect charges contribute to an increase in the overall cost of ownership of these devices, which acts as a barrier to their widespread use.

Due to financial limitations, smaller hospitals and ASCs that operate independently are less likely to invest in costly and advanced technology; this trend is especially prevalent in poor nations. Due to high cost of these operations and the poor reimbursement scenario, only a very small pool of patients in underdeveloped nations are able to afford neurological therapies. This pool of patients is relatively restricted. As a consequence of this, medical institutions are hesitant to make investments in innovative or technologically sophisticated systems, which restricts the market for brain monitoring devices.

Market Opportunities

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 market for brain disease modalities and software.” This presents an opportunity for the global brain disease modalities and software market.

In contrast to the traditional MRI picture, which is static, the recently developed technique known as 3D amplified MRI enables medical professionals to observe the pulsations of the brain. The display of brain activity in real time has a huge potential to discover difficult-to-find anomalies, which would be of great assistance in the process of making a diagnosis.

Using this new technical innovation to their advantage, businesses who compete in the worldwide market for brain illness modalities and software can get a competitive advantage in that industry.

Regional Analysis

The North American brain disease 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. “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 rapidly rising area, with a CAGR of roughly 7% predicted over the projection period. Increased healthcare spending, the existence of a large number of market participants, expanding awareness of early illness diagnosis through the use of sophisticated diagnostic imaging technologies, and the rising frequency of brain disorders are all driving market expansion in the area.

Several conferences and activities are being held in the region to promote awareness about diagnostic imaging methods. In April 2019, for example, “the Radiology Asia 2019 conference was held in Singapore.” “The conference supported a unique opportunity for information sharing among medical imaging equipment makers and radiologists from Southeast Asia, Australia, and New Zealand about the benefits of new imaging techniques in healthcare.” Breast imaging, paediatric radiology, neuroradiology, and patient care were among the topics presented during the conference. In addition, the 13th International Conference on Quantification of Brain Function using PET, which focused on breakthroughs in diagnostic imaging technology, was held in Japan in July 2019. Due to these conferences, there is a greater understanding of modern diagnostic imaging technology in the region. This, in turn, is assisting the APAC market's expansion.

Segmental Analysis

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 disease 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. This is mainly attributable to the rising prevalence of neurological, traumatic brain traumas, psychotic, and sleep disorders, as well as the requirement for early diagnosis and the growing awareness of patients.

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. Some neurological conditions are inborn and caused by birthing mishaps, such as haemorrhage, asphyxia, and hydrocephalus. These conditions can also be caused by a viral or bacterial infection that is contracted during pregnancy, delivery, or after birth, as well as by the use of alcohol or drugs while pregnant. In addition, an increasing number of people suffering from traumatic brain injuries is another important aspect that is propelling the market.

Based on application the global brain disease modalities and software market is divided into several categories These include traumatic brain injury (TBI), headache disorders, epilepsy, sleep disorders, Parkinson's disease, stroke, Huntington's disease, and dementia, among others. In the year 2020, TBI controlled a large portion of the market share. This is primarily the result of an increase in the number of people who sustain traumatic brain injuries all over the world. This, in turn, has generated a high demand for the effective diagnosis and treatment of cases like these, which in turn resulted in the extensive use of brain modalities and software devices.

Based on end user the brain disease modalities and software market 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 analysis of brain modalities and software is a difficult procedure that calls for high-priced and cutting-edge gear and equipment, the majority of which are located in diagnostic imaging centres. In addition, the costs of maintaining brain modalities and software devices place a disproportionately high burden on healthcare institutions in comparison to the costs incurred by other end-users.

Impact of covid-19

COVID-19 has positive and negative market consequences, as carbon emissions have decreased globally due to the lockout. COVID-19's reduction in emissions is a short-term benefit. Still, when industries and enterprises attempt to recoup some of their financial losses in the first quarter of the year, carbon emissions will rise dramatically. COVID-19 had a negative impact on global recycling efforts. Countries, notably the United States, have halted or decreased recycling programs to focus on collecting additional domestic waste or because services have been disrupted by the virus.

Also, with industries slowly returning to normalcy following the COVID-19 outbreak, this shift in workplace health and safety is expected to increase due to mandatory social distancing and continuous personal care through sanitization to eliminate even the tiniest possibility of COVID-19 spread. COVID-19 has impacted various companies' revenues, and if the lockdown is lifted, companies will turn their attention to operations to make up for their losses.

Recent Developments

“Subtle Dedical 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. declared 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.