Brain Imaging Modalities Market Size, Share & Trends Analysis Report By Imaging Type (Computed Tomography (CT), Positron Emission Tomography (PET), Magnetic Resonance Imaging (MRI), Single Photon Emission Computed Tomography (SPECT)), By Patient Type (Adults, Pediatrics, Infants), By End-User (Hospitals, Diagnostic Centers, Research Institutes) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global brain imaging modalities market size was valued at USD 13.09 billion in 2023. It is estimated to reach USD 21.57 billion by 2032, growing at a CAGR of 5.71% during the forecast period (2024–2032). In recent years, the growth of the brain imaging modalities market has been driven by the surging cases of neurological diseases like Alzheimer’s disease, Parkinson's disease, stroke, etc., globally, which increase the demand for imaging solutions as early diagnosis is the key to the disease prevention and treatment. Furthermore, the incorporation of advanced technologies like AI and ML in these imaging modalities is estimated to create opportunities for the global brain imaging modalities market growth.

Highlights

• Magnetic Resonance Imaging (MRI) is dominating the imaging type segment
• The adult category is dominating the patient type segment
• Hospitals dominate the end-user segment
• North America is the highest shareholder in the global market

Market Overview

Brain imaging modalities are the various techniques utilized to visualize and analyze the structure and function of the brain. These techniques are broadly bifurcated into two categories: structural imaging and functional imaging. Structural imaging is used to visualize brain anatomy and diagnose gross injuries and intracranial diseases. CT, MRI, and PET are some of the most common structural imaging modalities used. CT utilizes X-rays to create detailed images of the brain's structure, whereas MRI uses magnetic fields and radio waves to generate high-resolution images of the brain's anatomy.

PET, on the other hand, detects metabolic activity in the brain by injecting a small amount of radioactive tracer into the patient's bloodstream. Functional imaging is used to assess brain activity and function. Common functional imaging modalities include functional MRI (fMRI), electroencephalography (EEG), magnetoencephalography (MEG), and near-infrared spectroscopy (NIRS). fMRI measures brain activity by detecting changes in blood flow and oxygenation, whereas EEG and MEG measure electrical activity. In contrast, NIRS measures brain activity by detecting changes in the concentrations of oxygenated and deoxygenated hemoglobin in the blood.

Market Dynamics

Global Brain Imaging Modalities Market Drivers

Rising Prevalence of Neurological Disorders

The surging incidence of neurological disorders such as Alzheimer's disease, Parkinson's disease, and stroke is a major driver for the brain imaging modalities market. According to the WHO, neurological disorders are responsible for more than 6% of the global burden of disease. Alzheimer's Disease International (ADI) reports that approximately 50 million people worldwide are living with dementia, and this number is expected to triple by 2050. This rising prevalence necessitates advanced diagnostic tools for early and accurate detection, driving the demand for brain imaging technologies.

Moreover, the growing geriatric population, which is more susceptible to neurological disorders, further propels market growth. The United Nations estimates that by 2050, one in six people in the world will be over the age of 65, up from one in eleven in 2019. This demographic shift underscores the vital need for improved brain imaging solutions to address the health challenges posed by aging populations. As a result, significant investments are being made in the development of advanced imaging modalities such as MRI, CT, PET, and SPECT, which offer detailed insights into brain structure and function, facilitating better diagnosis and treatment planning.

Global Brain Imaging Modalities Market Restraint

High Cost of Imaging Equipment

The high cost of imaging equipment is a significant restraint in the brain imaging modalities market. Advanced imaging systems such as fMRI, PET, and MEG are expensive to purchase and maintain, posing a financial challenge for healthcare facilities, especially in low and middle-income countries. For instance, the cost of a new MRI machine can range from $150,000 to $3 million, depending on the complexity and features of the system.

Additionally, the operational and maintenance costs, including the need for specialized technicians and regular software updates, further add to the financial burden. This high cost limits the accessibility of advanced imaging technologies to a broader population, particularly in regions with limited healthcare budgets. Moreover, the reimbursement policies for imaging procedures are often insufficient to cover the expenses, discouraging healthcare providers from adopting these technologies. The financial constraints hinder the widespread adoption of brain imaging modalities, potentially affecting the quality of care for patients with neurological disorders.

Global Brain Imaging Modalities Market Opportunities

Integration of Artificial Intelligence in Imaging Systems

The integration of artificial intelligence (AI) in imaging systems presents a significant opportunity for the brain imaging modalities market. AI technologies, including machine learning and deep learning algorithms, have the potential to revolutionize the field by enhancing image analysis and interpretation. AI-powered imaging systems can process large volumes of data rapidly and identify patterns that might be difficult for human radiologists to detect. This capability improves diagnostic accuracy and enables earlier detection of neurological conditions.

For instance, AI algorithms have shown promise in identifying early signs of Alzheimer's disease from brain scans, potentially leading to timely interventions. Additionally, AI can assist in automating routine tasks, reducing the workload of healthcare professionals and allowing them to focus on more complex cases. The growing investment in AI research and development, coupled with collaborations between technology companies and healthcare providers, is expected to drive the adoption of AI in brain imaging. Moreover, AI in the medical imaging market is projected to reach USD 2.2 billion by 2024, growing at a CAGR of 36.9%. This trend highlights the vast potential for AI to transform brain imaging modalities and improve patient outcomes.

Regional Analysis

Based on region, the global market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

North America Dominates the Global Market

North America dominates the global brain imaging modalities market, primarily driven by the United States and Canada. The region's leadership is attributed to several factors, including advanced healthcare infrastructure, substantial healthcare expenditure, and extensive research activities. The U.S. healthcare system is characterized by its robust investment in medical technology and innovation. According to the American Hospital Association, U.S. hospitals spend over $300 billion annually on medical technology, including state-of-the-art imaging equipment. This substantial investment enables the adoption of cutting-edge imaging technologies, like functional Magnetic Resonance Imaging (fMRI), Positron Emission Tomography (PET), and Magnetoencephalography (MEG).

Moreover, the high prevalence of neurological disorders in North America necessitates advanced diagnostic tools. The Alzheimer's Association reports that more than 6 million Americans live with Alzheimer's disease, and this number is expected to rise as the population ages. The increasing incidence of other neurological conditions, such as Parkinson's disease and epilepsy, further drives the demand for sophisticated brain imaging modalities. The region's focus on early diagnosis and effective management of these disorders underscores the need for advanced imaging techniques.

Additionally, North America benefits from strong support for research and development (R&D) in the medical field. The presence of leading research institutions and collaboration between academia and industry fosters innovation in brain imaging technologies. Government initiatives and funding, such as those from the National Institutes of Health (NIH), play a crucial role in advancing research and improving diagnostic capabilities. The integration of artificial intelligence (AI) in imaging systems is another significant driver in the region. North American companies are at the forefront of developing AI-powered imaging solutions that enhance diagnostic accuracy and efficiency. Thus, the combination of advanced healthcare infrastructure, significant investment in technology, high prevalence of neurological disorders, and strong R&D support positions North America as a dominant player in the global brain imaging modalities market.

The Asia Pacific region is poised for significant growth in the brain imaging modalities market, driven by increasing healthcare investments and rising awareness of neurological disorders. Countries like China and India are at the forefront due to their large populations and improving healthcare infrastructure. The rapid urbanization and economic development in these countries are leading to higher disposable incomes, enabling more people to access advanced medical technologies. Additionally, government initiatives to enhance healthcare services and promote early diagnosis of diseases are boosting the demand for brain imaging modalities. Furthermore, the rising prevalence of neurological disorders, coupled with increasing investments in research and development, propels the adoption of brain imaging technologies in this dynamic region.

Segmental Analysis

The global market is bifurcated into imaging type, patient type, and end-user.

Based on imaging type, the market is segmented into Computed Tomography (CT), Positron Emission Tomography (PET), Magnetic Resonance Imaging (MRI), and Single Photon Emission Computed Tomography (SPECT).

Magnetic Resonance Imaging (MRI) will dominate the market during the forecast period. Several factors can be credited to the fact that magnetic resonance imaging (MRI) is the dominant modality in the market for brain imaging. In the first place, magnetic resonance imaging (MRI) is able to produce high-resolution images of the brain, which enables precise diagnosis and monitoring of neurological conditions. To begin, magnetic resonance imaging (MRI) is a non-invasive imaging technique, which means that it does not use radiation like computed tomography (CT) scans do. This makes it a safer option for patients. Thirdly, magnetic resonance imaging (MRI) has a wide range of applications in the field of neurology, including the diagnosis and monitoring of neurological conditions such as dementia, heart disease, multiple sclerosis, stroke, and brain tumors.

Based on patient type, the market is segmented into adults, pediatrics, and infants.

The adult segment is estimated to own the market over the forecast period. This dominance is established by the higher prevalence of neurological conditions and increased demand for brain imaging services among adults. Adults frequently require brain imaging modalities for the diagnosis and monitoring of a variety of neurological disorders, including brain tumors, stroke, dementia, and other conditions that are more common in the adult population. The Adult segment's dominance in the Brain Imaging Modalities market is reinforced by the larger patient population in this category, which results in a higher volume of brain imaging procedures performed on adults than on pediatrics and infants. Furthermore, adults frequently present with a broader range of neurological conditions, necessitating the use of brain imaging modalities for accurate diagnosis and treatment.

Based on end-users, the market is bifurcated into hospitals, diagnostic centers, and research institutes.

The hospitals segment held the largest market share throughout the forecast period. This dominance is based on hospitals' central role in providing healthcare services, such as diagnostic imaging for neurological conditions. Hospitals are outfitted with advanced imaging technologies such as MRI, CT, PET, and SPECT, which enable comprehensive brain imaging services for patients requiring neurological assessments and treatments. Hospitals are primary care facilities where patients receive various medical services, including diagnostic imaging for neurological disorders. The availability of brain imaging modalities in hospitals allows for timely and accurate diagnosis of brain-related conditions, resulting in appropriate treatment plans and patient care. Furthermore, hospitals frequently have specialized departments and neuroimaging centers dedicated to brain imaging research, highlighting their market importance.

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

• May 2024- Fischer Medical Ventures (FMVL), based in Chennai, has successfully produced its own magnetic resonance imaging (MRI) systems within the country. This achievement makes FMVL the first company in India to manufacture locally, reducing the nation's dependence on imported devices. The company is also willing to engage in acquisitions and investments in order to expand its range of medical imaging and medical technology products.
• April 2024- The UCSF Department of Radiology and Biomedical Imaging, along with the Hyperpolarized MRI Technology Resource Center (HMTRC), has conducted two studies that provide improved imaging techniques for cancer in the kidney, brain, and pancreas. Injectable hyperpolarized chemicals allow MRI imaging experts to accurately assess the fluctuating metabolic rates of cells in organs, facilitating the identification and mapping of cancerous regions.