According to the research, the global brain imaging modalities market size was valued at $11.54 billion in 2021 and is predicted to reach $17.99 billion by the end of 2030. During the projected period 2022-2030, the market is estimated to develop at a CAGR of 5.71%. In the discipline of neurological testing, imaging tools of the brain are utilised for the purpose of identifying anomalies in the neurons being tested. Neurological illnesses such as Parkinson's disease, epilepsy, brain tumours, Alzheimer's disease, and sleep problems are all caused by abnormalities in the growth of neurons. Other neurological disorders include dementia and sleep disturbances. Functional brain imaging devices are an excellent option to invasive neurosurgery in a number of clinical situations.
These systems keep an eye on the dynamics of the brain, keeping track of things like neuronal activity, cerebral oxygen capacity, strokes, tumours, blood pressure, traumatic cranial injuries, and other crucial activities. Non-invasive imaging systems for the functional brain, such as Magnetic Resonance Imaging (MRI), Electro Encephalogram (EEG), Functional Near Infrared Spectroscopy (FNIR) Systems, Magnetoencephalography (MEG) Systems, etc., are the primary drivers of revenue growth in the industry. These imaging systems are also responsible for the majority of the functional brain imaging industry's revenue. Applications of functional brain imaging systems are an integral component of radiographic and neuroimaging techniques.
Monitoring the brain's electrical activity non-invasively enables detection of a variety of sleep problems as well as the influence of anaesthesia. In addition to this, it is able to detect real-time imaging of the brain's signals and can even forecast ictal episodes for individuals who suffer from epilepsy, which is a major factor contributing to its rising popularity.
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Increase in Brain Cancer to Foster Market Growth
The expansion of the overall brain imaging market is anticipated to be driven in large part by the rising rates of neurodegenerative illnesses and the rising prevalence of brain cancer throughout the world. It is also anticipated that the introduction of novel products from major players in the imaging segment would boost the overall market for brain imaging.
One of the most important aspects that is predicted to drive the market during the forecast period is the rising number of traffic accidents that are occurring all over the world. One of the drivers that is expected to increase the revenue of the brain imaging market is the technological advantages in the imaging techniques. Another driver is the availability of reimbursement programmes for various types of imaging tests, including brain imaging tests. Both of these factors are expected to increase.
High cost of brain Imaging System to Hinder Market Growth
A significant obstacle to the expansion of the worldwide industry is the relatively high cost of functional brain imaging systems. This results in patients being reluctant to seek medical attention and healthcare institutions passing up opportunities to make use of available resources, which acts as a barrier to the expansion of the market.
In addition to the fixed costs of the systems, a significant percentage of the expenses are also accounted for by the brain imaging consumables, brain imaging software, and brain imaging tailored service options.
Development of Healthcare Diagnostics to Spur Market Opportunities
It is anticipated that the continuously expanding healthcare diagnostics and imaging segment as well as novel initiatives for the management of neurological diseases would provide increasing potential for growth in the global functional brain imaging systems market. In addition, an increase in the number of patients requiring critical care for brain aneurysms and traumatic brain injuries is driving up the need for functional brain imaging equipment.
It is also anticipated that increasing applications of functional brain imaging systems for the prevention of brain haemorrhage in hospitals and ambulatory care centres under the supervision of authorised caregivers would drive the expansion of the market.
The use of innovative radioactive biomarkers in conjunction with the appropriate and tried-and-true equipment for functional brain imaging is helping to increase the rate of acceptance among surgeons, doctors, and oncologists alike. Patients have also shown a high level of acceptability for functional brain imaging systems as a result of the large value structure that these technologies offer in the treatment of brain-related diseases.
Based on imaging type, the global brain imaging modalities market is segmented as: Computed Tomography (CT), Positron Emission Tomography (PET), Magnetic resonance imaging (MRI), single photon emission computed tomography (SPECT).
Based on Patient Type - Adults and Paediatrics and Infants. Based on end user, the global brain imaging market is segmented as: Pharmaceutical Companies, Contract research organization (CRO’s), Biotech Companies, Research Institutes.
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One of the most lucrative markets may be in North America, which is one of the many important regions. The rise has been backed, to a considerable extent, by significant investments made in the healthcare business as well as the implementation of cutting-edge functional imaging technology. It is anticipated that the United States will continue to see substantial growth during the projection period, which will allow it to maintain its dominant position in the North American region in 2020 with a total market share of 82.9 percent. The existence of a well-established and continuously expanding healthcare system as well as large functional brain imaging system providers in the nation are the primary factors propelling the expansion of this market.
The functional brain imaging market in Europe is dominated by Germany, which is expected to hold a share of 31.7 percent in the year 2020. Because Germany has access to a significant amount of institutional financing for research and development, the overall level of research that is being conducted in the European region has significantly improved.
On the other hand, Asia Pacific is a regional market that has a lot of potential. The increase in research and development in brain imaging that is taking place in its economies is the primary driver of the rise. In 2020, China's share of the East Asian market was 42.9 percent, and it is anticipated that this percentage would rise over the course of the projection year. The introduction of the COVID-19 epidemic resulted in an increase in demand within the China functional brain imaging market. This was made possible by China's investment of 15 percent of its income in operations related to imaging research and development.
At RSNA 2020 in November 2020, Philips unveiled IntelliSpace Portal 12, a next-generation Advanced Visualization Workspace with AI capabilities. To support diagnostic process, including follow-up and communication across cardiology, pulmonology, cancer, and neurology, IntelliSpace Portal now includes a strong set of new AI-assisted quantitative evaluation and automatic results production tools. Its AI-assisted pulmonary capabilities include the evaluation of COVID-19-related complicated lung diseases.
Siemens unveiled its smallest and lightest whole-body MRI in November 2020.
In October 2020, MR Solutions secured a purchase order for their preclinical equipment worth up to USD 10 million from prestigious institutions.