Functional Brain Imaging Systems Market

Market Study on Functional Brain Imaging Systems: Increasing Prevalence of Neurological Disorders Driving Market Expansion

Functional Brain Imaging Systems Market Segmented By Functional Near Infrared Optical Brain Imaging Systems, Preclinical Brain Imaging, Magnetic Resonance Imaging

  • December-2021
  • PMRREP23050
  • 310 Pages
  • Healthcare
  • PPT, PDF, WORD, EXCEL

Market Snapshot

The global functional brain imaging systems market is currently valued at around US$ 4.2 Bn, and is set to experience a significant 6.3% CAGR from 2021 to 2031. As per Persistence Market Research’s detailed industry analysis, Electroencephalography (EEG) Systems, by product, held a high market share of 55.3% in 2020 in the overall sales of functional brain imaging equipment. Functional brain imaging devices account for over 81% share of the global surgical imaging market.

Functional Brain Imaging Systems Market Size (2020)

US$ 3.9 Bn

Projected Market Value (2031)

US$ 7.7 Bn

Global Market Growth Rate (2021-2031)

6.3% CAGR

Share of Top 5 Countries

62%

Find Out More about the Report Coverage

Companies

  • Koninklijke Philips N.V.
  • General Electric Company
  • Canon Medical Systems Corporation
  • EB Neuro S.p.A.
  • MinFound Medical Systems Co., Ltd
  • Neurosoft
  • Medtronic Plc
  • Nihon Kohden Corporation 
  • Hitachi Medical Systems
  • Elekta
  • Siemens AG
  • General Electric Company

Functional Brain Imaging System Sales Analysis from 2016 to 2020 Vs Market Outlook for 2021 to 2031

Functional brain imaging devices are used in the field of neurological testing for the detection of abnormalities in neurons. Abnormality in the development of neurons causes neurological disorders such as Parkinson’s disease, epilepsy, brain tumour, dementia, Alzheimer’s, and sleep disorders. Functional brain imaging systems are a great alternative to invasive neurosurgery.

These systems monitor brain dynamics such as neural activity, cerebral oxygen capacity, strokes, tumour, blood pressure, traumatic cranial injury, and other critical functions. Functional brain imaging systems such as Magnetic Resonance Imaging (MRI), Electro Encephalogram (EEG), Functional Near Infrared Spectroscopy (FNIR) Systems, Magnetoencephalography (MEG) Systems, etc., are non-invasive systems of imaging and are the prime drivers of revenue growth in the industry. Functional brain imaging system applications comprise of an essential part of radiological and neuroimaging procedures.

Non-invasive brain signal monitoring can identify various sleep disorders along with the effect of anaesthesia. Additionally, it can detect real-time imaging of brain signals and even predict ictal episodes for epilepsy patients, thereby driving its popularity.

The global functional brain imaging systems market expanded at 5.1% CAGR over the past 5 years, and is slated to surge at 6.3% CAGR over the next ten years.

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What Opportunities Can Functional Brain Imaging System Manufacturers Expect Going Ahead?

Persistently developing healthcare diagnostics and imaging segment and innovative initiatives for neurological disease management are expected to present greater opportunities of growth for the global functional brain imaging systems market. Furthermore, rising need for intensive care in brain aneurysm and traumatic brain injury is boosting demand for functional brain imaging systems.

Growing application of functional brain imaging systems for prevention of brain haemorrhage at hospitals and ambulatory care centres under the supervision of authorised caregivers is also projected to drive market expansion.

Application of novel radioactive biomarkers with the right and tested functional brain imaging equipment is augmenting adoption among surgeons, physicians, and oncologists alike. Functional brain imaging systems also find widespread acceptance among patients due to a substantial value structure in the treatment of brain related disorders.

Key functional brain imaging system suppliers are steadily establishing their focus on providing services and refining their facilities to boost market penetration. In this scenario, dependency on direct sales channels is rising in economies such as China and India.

Visits by direct sales persons result in prospects for the preparation of staff for apt use of functional brain imaging systems for patients. This spawns better effectiveness and training protocol for caregivers, which forms the probability of recurrent purchases from end users, and, in turn, will drive functional brain imaging product sales.

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What are the Factors Restraining Demand for Functional Brain Imaging?

High functional brain imaging system prices is a major hindrance for growth of the global market. This leads to patient reluctance and resource pass up by healthcare facilities, thus acting as a restraint for market growth.

Besides the fixed costs of systems, brain imaging consumables, brain imaging software, and brain imaging customized services also account for a large proportion of the costs.

Both, MRI and MEG technology require high precession magnetic sensors within the super conducting shield area. These are extremely heavy for wearing outside of clinical settings. Comfort and usability are significant challenges to the potential for such technologies to be utilized in the long duration for brain imaging applications.

Besides, adverse events and challenges associated with the use of functional brain imaging systems, such as examining brain structures and diagnosing a wide range of disorders, such as strokes, tumours, aneurysms, spinal cord injuries, and brain dysfunction, may hamper demand for imaging systems and restrain market growth to some extent.

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Country-wise Insights

Why are Functional Brain Imaging Device Suppliers Eyeing the U.S. Market?

The U.S. dominated the North American region with a total market share of 82.9% in 2020, and is projected to continue experiencing high growth throughout the forecast period.

Growth of this market is driven by the presence of an established and growing healthcare system and major functional brain imaging system suppliers in the country.

Why is Germany Considered a Lucrative Market for Functional Brain Imaging Systems in Europe?

Germany dominates the European market for functional brain imaging, with a share of 31.7% in 2020. Germany possesses considerable institutional funding for research & development, due to which, the quality of research has intensified in the European region.

Is China an Emerging Market for Functional Brain Imaging Equipment?

China held 42.9% share in the East Asia market in 2020, and this is projected to increase over the forecast period. The China functional brain imaging market experienced rising demand with the advent of the COVID-19 pandemic. This was supported by China investing 15% of its revenue in imaging research & development activities.

Category-wise Insights     

Will Demand for EEG Systems Keep Rising Rapidly?

By product, EEG systems project lucrative growth at a CAGR of 6.1% over the forecast period. This high growth is associated with recent technological advances in electroencephalography devices, making a strong case for their place within the diagnosis spectrum of neurological disorders.

Which Functional Brain Imaging Systems Modality is Widely Adopted?

Standalone functional brain imaging devices hold a revenue share of 78.9% in 2021, and are projected to thrive over the forecast period as well. This high growth is associated with growing prevalence of central nervous system disorders across regions.

Impact of COVID-19

With growing disease outbreak and frequent epidemics, the need for easy-to-use functional brain imaging systems will continue to grow at a steady pace.  Governments all over the world are trying their best to deal with the pandemic, which requires aggressive testing to stop the spread of infection.

Increasing evidence that SARS-CoV-2 not only affects the respiratory tract but also influences the central nervous system has led to functional brain imaging demand growth. This growth will be supported by advanced non-invasive imaging techniques that resolve the probable appearance of disease before it is detected by standard MRIs.

What is the Impact of Market Consolidation on This Business Space?

Considering consolidation activities in the global market, mergers and acquisitions have emerged as one of the key growth strategies by market players. Prominent functional brain imaging device manufacturers are strengthening their product ranges through acquisitions and reaching out to key as well as emerging markets.

For instance:

  • In September 2019, Nihon Kohden launched VitalEEG to rapidly assess brain health in unconscious patients.
  • In November 2020, GE Healthcare announced U.S. FDA 510(k) clearance of the SIGNA 7.0T Magnetic Resonance Imaging (MRI) scanner, the world’s most powerful FDA-cleared MRI device available.

Competitive Landscape       

The strategy of expansion, new product launches, and approvals by key manufacturers is strengthening their market presence.

  • In November 2020, Philips introduced a next generation of Advanced Visualization Workspace – IntelliSpace Portal 12 – with AI capabilities at RSNA 2020. IntelliSpace Portal features a robust set of new AI-assisted quantitative assessment and automatic results generation features to support diagnostic workflow, including follow-up and communication across cardiology, pulmonology, oncology and neurology. Its AI-assisted pulmonary capabilities include the assessment of complex lung conditions associated with COVID-19.
  • In November 2020, Siemens launched its smallest and most lightweight whole-body MRI.

Similarly, recent developments related to companies manufacturing functional brain imaging products have been tracked by the team at Persistence Market Research, which are available in the full report.

Functional Brain Imaging Systems Industry Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • The Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • BENELUX
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • South Africa

Key Market Segments Covered

  • Product
  • Modality
  • End User
  • Region

Key Companies Profiled

  • Koninklijke Philips N.V.
  • General Electric Company
  • Canon Medical Systems Corporation
  • EB Neuro S.p.A.
  • MinFound Medical Systems Co., Ltd
  • Neurosoft
  • Medtronic Plc
  • Nihon Kohden Corporation
  • Siemens AG
  • Hitachi Medical Systems
  • Elekta

Pricing

Available upon Request

Key Segments of Functional Brain Imaging Systems Industry Research

By Product

  • Functional MR Imaging (fMRI) Systems
  • Functional Near Infrared Spectroscopy (fNIRS) Systems
  • Magnetoencephalography (MEG) Systems
  • Electroencephalography (EEG) Systems
  • Positron Emission Tomography (PET) Systems

By Modality

  • Stand-Alone Functional Brain Imaging Systems
  • Portable Functional Brain Imaging Systems

By End User

  • Functional Brain Imaging Systems for Hospitals
  • Functional Brain Imaging Systems for Office-based Clinics
  • Functional Brain Imaging Systems for Ambulatory Surgical Centres
  • Functional Brain Imaging Systems for Diagnostic Imaging Centres

- FAQs -

The global functional brain imaging systems market is worth US$ 3.9 Bn at present, and is set to expand 1.8X over the next ten years.

The global market is expected to reach US$ 7.7 Bn by the end of 2031, with sales revenue expected to register 6.3% CAGR.

From 2016-2020, the market for functional brain imaging systems expanded at the rate of 5.1%, owing to advanced technology with high-end products & innovations in imaging systems.

Geographical expansion by companies, various strategic partnerships, mergers and acquisitions, continuous product development, new launches, and increasing product consolidation activities are some of the key trends being witnessed in this marketplace.

The U.S., Japan, Germany, China, and Canada are expected to drive most demand for functional brain imaging products.

North America is one of the key markets for functional brain imaging, with the U.S. expected to account 86.1% market share.

Demand for functional brain imaging systems in Europe is expected to register growth at 6% CAGR over the next ten years.

The U.S., Japan, and Germany are key functional brain imaging product manufacturers.

China appears to uphold a share of 42.9% in the East Asia market, while Japan holds a revenue share of 48.1%.

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