Neuroimaging Market is Anticipated to Witness High Growth Owing to Wide Range of Diagnostic Applications

 

Neuroimaging Market

Neuroimaging involves the use of various scanning techniques such as computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), and electroencephalography (EEG) to image the structure and function of the brain. Neuroimaging provides detailed anatomical and physiological information with high spatial resolution. It serves as a non-invasive diagnostic technique for various neuropsychiatric and neurological disorders such as Alzheimer's disease, Parkinson's disease, epilepsy, traumatic brain injury, stroke, and brain tumors. The rising prevalence of these disorders, development of advanced neuroimaging techniques, growing adoption of minimally invasive surgical procedures, and increasing funding for neurology research are some of the major factors anticipated to drive the growth of the global neuroimaging market.

The Global neuroimaging Market is estimated to be valued at US$ 43.35 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the neuroimaging are THERMO FISHER SCIENTIFIC INC.F. HOFFMANN-LA ROCHE LTD, Illumina, Inc.,QIAGEN, GenomeMe, NanoString Technologies, Inc., BD, bioMerieux SA, GenMark Diagnostics, Inc., and Perkin Elmer, Inc.

There is a huge opportunity due to growing awareness about neurodegenerative disorders and increasing availability of Neuroimaging Market Growth. Developing countries are expected to provide major opportunities for neuroimaging device manufacturers owing to growing healthcare expenditure.

Major players are focusing on expanding their presence in emerging markets of Asia Pacific and Latin America through strategic partnerships and acquisitions. Companies are investing hugely in R&D to develop advanced neuroimaging techniques such as molecular neuroimaging using PET ligands and 7T MRI offering ultra-high field strength.

Market drivers

Rising prevalence of neurological disorders - The prevalence of neurological disorders such as Alzheimer's disease, epilepsy, brain tumors, and stroke is increasing significantly worldwide. Neuroimaging helps diagnosis and monitor the progression of these disorders non-invasively.

Increasing healthcare expenditure - Growing healthcare spending on advanced diagnostic technologies, rising discretionary incomes, expansion of healthcare infrastructure are driving the demand for neuroimaging devices and procedures globally.

Market restrain

High cost of advanced neuroimaging devices - Positron emission tomography (PET) and magnetic resonance imaging (MRI) scanners have very high acquisition and maintenance costs, limiting widespread adoption especially in developing nations.

Stringent regulatory framework - Neuroimaging devices are subject to stringent regulatory processes that make the approval time-consuming. Additionally, smaller players often face challenges complying with the complex regulations.

Segment Analysis

The Neuroimaging market is dominanted by the functional magnetic resonance imaging (fMRI) sub segment accounting around 30% of the total market share in 2024. fMRI allows the study of brain function by detecting changes associated with blood flow which serves as an indirect measure of neural activity in the brain or spinal cord of humans or other animals. It is extensively used for clinical applications like neurology, psychiatry and surgical planning.

Global Analysis

North America dominated the neuroimaging market in 2024 with the largest share of around 40% owing to the high adoption rates of advanced neuromaging systems and presence of leading players in the region. The Asia Pacific region is expected to witness the fastest growth during the forecast period driven by rising geriatric population, growing awareness about neurology disorders and increasing healthcare expenditure. The growing demand for early and accurate diagnosis of neurological conditions along with rising research in the field of neuroscience will further support the regional market growth in APAC region.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)