Global Market Study on Functional Brain Imaging Systems: R&D Activities, a Key Strategy


Functional Brain Imaging Systems  Market
  • Published On : Jul-2019 |
  • Pages : 310 Pages |
  • Format :

Persistence Market Research (PMR), in its recent study, determines key growth opportunities in the functional brain imaging systems market for the forecast period 2019-2029. The global report traces the impact of significant trends and notable developments taking place in the functional brain imaging systems landscape. Additionally, it offers actionable intelligence into the functional brain imaging systems market by analyzing the relevance of drivers, restraints, threats, and opportunities. The research study analyzes the microeconomic as well as macroeconomic factors that help in understanding the growth opportunities for the functional brain imaging systems market over the course of the forecast period.

The size of the functional brain imaging systems market has been estimated in terms of value (US$ Mn) and volume (Units). The valuable insights covered in the research report will aid the stakeholders of the functional brain imaging systems market to determine significant opportunities for the advancement of their businesses. This detailed research report profiles some of the leading as well as key players operating in the functional brain imaging systems market.

The comprehensive report provides in-depth information regarding the market players, along with their strategies, financials, and notable developments. This will aid the stakeholders to shift the gears of their strategies to navigate their business in the direction of growth.

Functional Brain Imaging Systems Market – Segmentation

This comprehensive report on the functional brain imaging systems market provides an in-depth assessment of the market attractiveness with the help of segmentation. The functional brain imaging systems market has been segregated based on the product type, distribution channel, modality, and region. The comprehensive report also includes a country-wise analysis of the functional brain imaging systems market, in order to comprehend the demand and supply of the functional brain imaging systems.

Each of the segments covered in the report has been assessed in detail to cull significant insights into the functional brain imaging systems market. The report on the functional brain imaging systems market provides an assessment of the historical and current trends shaping the growth of each segment. In addition to this, it offers value chain analysis, Y-o-Y growth analysis, and supply chain analysis.

Product Type

Modality

Distribution Channel

Region

Functional MR Imaging (fMRI) Systems

Stand-along Device

Hospitals

North America

Functional Near Infrared Spectroscopy (fNIRS) Systems

Portable Device

Office-based Clinics

Latin America

Magnetoencephalography (MEG) Systems

Ambulatory Surgical Centers

Europe

Positron Emission Tomography (PET) System

Diagnostic Imaging Centers

South Asia

Electroencephalography (EEG) System

East Asia

Oceania

Middle East and Africa

Functional Brain Imaging Systems Market – Key Questions Answered

The report offers salient answers to the key questions concerning the stakeholders of the functional brain imaging systems market. Our analysts address these key questions for the stakeholders to have an incisive view of the functional brain imaging systems market. Some of the key questions answered in the study include:

  • What is the functional brain imaging systems consumption scenario in terms of value and volume?
  • What are the significant drivers influencing the growth of the functional brain imaging systems market?
  • How will the functional brain imaging systems market evolve during the forecast period?
  • What are the significant challenges and threats restraining the growth of the functional brain imaging systems market?
  • What are the microeconomic and macroeconomic factors impacting the growth of the functional brain imaging systems market?
  • Which distribution channel will remain the key contributor in terms of value and volume?

Functional Brain Imaging Systems Market – Research Methodology

For compiling this study, a systematic research methodology has been followed, which includes primary and secondary research. For conducting primary research, industry experts, key opinion leaders, manufacturers, distributors, and business heads were interviewed. For conducting secondary research, company annual reports, SEC Fillings and Press Releases, Government Websites, and Factiva were studied. Our analysts also employ a top-down and a bottom-up approach for arriving at the market numbers and validate key insights.

Portability, non-invasiveness, and cost-efficiency continue to drive the momentum of innovation in the healthcare industry, with patients at the center stage. As the number of incidences, and progression of cognitive impairments and neurodegenerative disorders continue to rise at a rapid rate, functional brain imaging systems are surfacing as viable diagnostic devices.

functional brain imaging systems market strategy

Advancements in the R&D activities in microelectronics and embedded systems have been offering a leeway to manufacturers of functional brain imaging systems to integrate efficiency for augmenting sales opportunities. With a surging number of insurance companies ready to cushion the blow of high imaging costs, adoption of functional brain imaging systems has only inclined in hospitals, ambulatory surgical centers, diagnostic imaging centers, and office-based clinics.

Sensing the enormous ROI potential of the functional brain imaging systems market, Persistence Market Research, in its recent study, brings actionable intelligence with reliable market numbers to the fore, in order to aid the stakeholders in making investments in a profitable direction.

Tracing the Evolution of the Functional Brain Imaging Systems Market

Over the past decade, research and development activities leading to the advent of functional brain imaging systems, particularly in neuroscience, in general, has rapidly transpired, owing to the substantial rise in awareness regarding the brain health. Even before the evolution of these systems, patients’ reliance on hospitals as key diagnostic centers remained intact. However, recently, ‘time-efficiency’ being the new attractive proposition for tests, diagnostic imaging centers and ambulatory surgical centers have been running at the forefront in terms of adoption of state-of-the-art diagnostic technologies and equipment.

In 2018, ~58 thousand units of functional brain imaging systems were sold, which corresponds to a global value of ~US$ 3.4 Bn. In order to further enhance the diagnostic accuracy, manufacturers have been combining the best of two or more imaging modalities to form a novel technique. The combination of PET and MRI has been growing as a popular hybrid imaging technique for better disease staging.

The future of the functional brain imaging systems will remain driven by multimodality imaging techniques and development of the specific treatment plans for personalized treatment. However, high costs of functional brain imagining systems and their failure to meet the required safety norms remain hurdles for manufacturers to leap.

Key Trends Shaping the Functional Brain Imaging Systems Market

Hospitals, the Key Distribution Channel

Functional brain imaging systems are spectating high adoption in hospitals, office-based clinics, ambulatory surgical centers, and diagnostic imaging centers, in light of their improved spatial resolution and wide availability. Among these distribution channels, hospitals account for ~46% of the total share of the functional brain imaging systems market, owing to their concentration in large numbers. However, demanding lifestyle of patients has been driving the popularity of diagnostic imaging centers in recent times.

Electroencephalography Systems to Witness High Demand

Electroencephalography systems remain the product of the preferred choice, owing to their competency to record the electrical activity via electrodes in contact of the scalp. In addition, manufacturers mount electrodes in elastic caps to collect data from the cortex at a faster rate.

 However, functional MR imaging (fMRI) systems, with an ability to measure even the minuscule level of changes in blood flow in the brain and detect abnormalities better than other imaging techniques, have been witnessing an exponential increase in their adoption rate.

Stand-alone Devices Remain Preferable over Portable Devices

Growing popularity of functional near infrared system (fNIR) as a standalone functional brain imaging system has been offering in-lab cognitive function assessment to eliminate the traditional limitations of functional MRI. As a result, standalone functional brain imaging systems have been spectating high sales over their portable equivalents. However, as end users demand convenience of use, portability of functional brain imaging systems will come as a handy strategy for manufacturers to grow their sales prospects.

functional brain imaging systems market north america

Functional Brain Imaging Systems Market – Key Winning Strategies for Long Run

Increase Investments in Hybrid Imaging Technique

As diagnostic specificity and sensitivity of functional brain imaging systems remain key criteria governing sales, manufacturers are expending their efforts towards leveraging the prowess of hybrid imaging technique. Combination of MRI and PET has been recognized as an effective imaging technique for the better staging of neurological disorder. Manufacturers can increase their investment in hybrid imaging technique by combining two or more techniques.

Increase Partnerships with Hospitals

Hospitals have been at the forefront of the demand for functional brain imaging systems and are likely to drive sales during the forecast period. Manufacturers can capitalize on the high adoption potential of hospitals by entering into strategic partnerships. In addition, manufacturers can offer customized imaging systems to hospitals, wherein specific disorders can be targeted.

Devise Cost-competitive Strategy in Developing Countries

Currently, North America accounts for a majority of functional brain imaging systems market share, owing to the high expenditures on R&D activities in the healthcare industry coupled with technological leaps. However, the market evinces an exponential growth in East Asia, as investments in the healthcare infrastructure have been on a rise. Manufacturers can cash in on the opportunities unearthed by the developing countries of Asia Pacific by squeezing their profit margins.

Functional Brain Imaging Systems Market – Under a High Degree of Consolidation

The functional brain imaging systems market shows a high degree of consolidation. General Electric Company and Siemens AG collectively account for ~69.5% of the functional brain imaging systems market share.

Considering the nature of the functional brain imaging systems market, research and development initiatives continue to be an influential strategy for the leading players. Siemens AG has been expending efforts towards acquiring technological components as a part of its differentiation strategy, while General Electric Company focuses on the expansion and exports of its products in untapped markets. For instance, in 2018, General Electric announced the installation of its first digital PET in Australia.

The regional players, however, follow a differentiated strategy to acquire a significant share of the functional brain imaging systems market. These players focus on broadening their product portfolio and receiving approvals from regulatory bodies. For example, Medtronic Plc received an FDA approval for its Medtronic Deep Brain Stimulation Therapy devised for treating Parkinson’s disease.

The key opportunities for players remain in the Asia Pacific and Latin America region, which have the potential to operate at a low production cost. In addition, expansion of distribution and sales network in developing countries will turn out to be lucrative for the players operating in the functional brain imaging systems market.

functional brain imaging systems market segmentation

Analysts’ Viewpoint

The author(s) of the report marks the growth prospects of the functional brain imaging systems market as propitious during the period 2019-2029, with an anticipated CAGR of ~7%. Efficiency and accuracy will drive innovation in the functional brain imaging systems market. Investment in hybrid imaging systems will further drive high sales opportunities, given the enhanced efficiency of the systems.

Hospitals, followed by office-based clinics, will remain key distribution channels for functional brain imaging systems, owing to their traditionally-gained popularity. Manufacturers can focus on the development of non-invasive functional brain imaging systems, which will offer high sales prospects, owing to their ease of use. However, concerns regarding the high cost are likely to limit the market from realizing its true potential.

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The availability of cost-effective functional brain imaging systems

Major players in the functional brain imaging systems market are focusing on expanding their global footprints through various strategic partnerships, mergers, and acquisitions. This trend is expected to continue over the forecast period and result in the positive growth of the global market for functional brain imaging systems.

For instance, in 2017, Philips acquired Electrical Geodesics, Inc., a leading player in the neuroimaging market, to establish a new integrated neurological imaging, mapping, and therapy guidance portfolio, as well as strengthen its market position. In July 2017, TomTec Imaging Systems GmbH (TOMTEC), a leading provider of intelligent image analysis software, was acquired by Koninklijke Philips N.V. to furthers strengthen its business in the brain imaging software segment.

Moreover, increase in product consolidation activities, rising research & development activities, including sales & service agreements, new product launches, collaborations, joint ventures, patent transfers, and mergers & acquisitions among global and regional players are a distinguishing phenomenon of the overall competition structure in the global functional brain imaging systems market. Furthermore, the provision of post sales services, onsite service, such as software update, and upgradations result in a steady increase in the sales of functional brain imaging systems in these competitive high-growth markets. Prominent players in the global functional brain imaging systems market are making major investments in R&D and are largely focusing on introducing advanced products to enhance their market shares.

Fragmented market with the presence of few established brands and several local players

Manufacturers in the global functional brain imaging systems market are focused on introducing new innovative products to enhance their market shares.

In November 2016, Neurosoft introduced new 32-channel electrode cap that is specially designed for the Neuron-Spectrum-5 digital EEG and EP system. The new flat construction of electrodes in the system ensures extra comfort for a patient during long-term EEG exams, thus boosting the sales of EEG systems. In February 2016, Medtronic received FDA approval for Medtronic Deep Brain Stimulation (DBS) Therapy for use in people suffering from Parkinson's disease.

The global functional brain imaging systems market is fragmented in nature, and is characterized by perfect competition among few renowned brands and products in the market. Following the patent pool in the functional brain imaging systems market, established manufacturers are exploring newer opportunities for revenue generation. Arbitrating to the growth prospects in emerging markets, various companies, such as Siemens AGCanon Medical Systems CorporationGeneral Electric CompanyNihon Kohden Corporation, and several others, are competing to capture the maximum share in emerging markets. Marketplace discussions related to functional brain imaging systems indicate that diagnostic imaging centers and hospitals exhibit significant untapped growth opportunities for the manufacturers and suppliers of functional brain imaging systems, which can be attributed to the golden rule of replacement, and this trend is extensively observed in the U.S. functional brain imaging systems market in ambulatory care centers and neuro care centers.

Greater attention toward gastrointestinal surgeries

The adoption of hybrid imaging that consists of Positron Emission Tomography (PET) and MRI scan is increasing globally. This advanced technology shortens the acquisition time and provides accurate attenuation correction and fusion imaging, thus leading to an increase in diagnostic sensitivity and specificity. The combination of PET and MRI helps in the better staging of diseases by defining prognostic and treatment monitoring capabilities of the functional and metabolic information given by the conventional nuclear imaging technique. As a result, the application of PET/MRI has essentially increased in a number of clinical examinations, mainly in fields such as musculoskeletal, cardiology endocrinology, oncology, infection, and others. The future of diagnostic imaging procedures will be further revolutionized by multimodality imaging techniques owing to their applicability in the development of a specific treatment plan for personalized treatment. Thus, growing awareness regarding hybrid imaging is expected to fuel the growth of the functional brain imaging systems market during the forecast period.

Product recalls, safety concerns, and reported errors

Both MRI and MEG technology requires 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 for a long duration in brain imaging applications. Moreover, 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, which include strokes, tumors, aneurysms, spinal cord injuries, and brain dysfunction, are likely to hamper the demand for functional brain imaging systems and restrain the growth of functional brain imaging systems market.

For instance, in 2016, GE Healthcare started recalling GE SIGNA Creator (1.5 T) and SIGNA Explorer (1.5 T) MRI devices to address safety concerns under FDA class-II regulations. The company stated that “An incorrect and inconsistent RF power monitoring function resulted in higher than standard thermal dose to the patient and greater than expected localized heating of the body.”

Definition

Functional brain imaging systems are utilized in neurological diagnosis for the detection of any irregularity in the functioning of the neurons, which leads to the growth of brain aneurysm and neurological disorders such as epilepsy, Parkinson’s disease, dementia, brain tumor, Alzheimer’s, and sleep disorders. These brain imaging systems also allow physicians to identify the activity of neurons without invasive neurosurgery. 

About the Report

PMR conducted a research study on the functional brain imaging systems market for the forecast period 2019 to 2029. The report offers a comprehensive evaluation of the business opportunities prevailing in the functional brain imaging systems market, along with insights on the functional brain imaging systems market value analysis based on the region, global & regional market trends, pricing analysis based on product type, regulatory scenario, macroeconomic factors, industry insights, pricing analysis by vendors, new disease indication forecast analysis, hazard analysis, and volume analysis by vendors. The functional brain imaging systems market report elaborates the macro-economic factors influencing the dynamics of the market and its futuristic potential.

Functional Brain Imaging Systems Market: Segmentation

The report on the functional brain imaging systems market offers a comprehensive taxonomy of the market for functional brain imaging systems based on product type, modality, end user, and region. By product type, the functional brain imaging systems market is segmented into Functional MR Imaging (fMRI) System, Functional near Infrared Spectroscopy (fNIRS) System, Magnetoencephalography (MEG) System, Positron Emission Tomography (PET) System and Electroencephalography (EEG) System. The Electroencephalography (EEG) System is one of the commonly used brain imaging systems that is incorporated in neuro clinics. By modality, the functional brain imaging systems market is segmented into stand-alone device and portable device. By end user, the functional brain imaging systems market is segmented into hospitals, office-based clinics, ambulatory surgical centers and diagnostic imaging centers. By region, the functional brain imaging systems market is segment into North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.

Additional Questions Answered

Some of the additional questions addressed in this report on the functional brain imaging systems market are:

  • What is the revenue potential of the functional brain imaging systems market across the regions of North America and Europe?
  • Who are the key competitors and what are their portfolios in the functional brain imaging systems market?
  • What are the major challenges influencing the growth of the functional brain imaging systems market?
  • How is the intervention of regulatory authorities shaping the growth of the functional brain imaging systems market?

Company Profile

  • 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
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