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Functional Brain Imaging Systems Market

Rising prevalence of brain disorders such as brain cancer, stroke, epilepsy, and other seizure disorders worldwide to drive the market growth in the projected time frame

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

Functional Brain Imaging Systems Market Outlook (2023-2033)

Worldwide revenue from the functional brain imaging systems market stands at US$ 4.5 Bn in 2022, with the global market estimated to surge ahead at a CAGR of 6.4% to reach a valuation of US$ 9.0 Bn by the end of 2033.

Attributes Key Insights

Functional Brain Imaging Systems Market Size (2022)

US$ 4.5 Bn

Projected Market Value (2033)

US$ 9.0 Bn

Global Market Growth Rate (2023-2033)

6.4% CAGR

Market Share of Top 5 Countries

63.3%

As assessed by Persistence Market Research, stand-alone device segment is expected to hold a largest market value of US$ 3.8 Bn by 2023. Overall, functional brain imaging systems market sales account for approximately 16.1% revenue share in the global medical imaging equipment market, which was valued at around US$ 28.0 Bn at the end of 2022.

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Sales Analysis of the Global Functional Brain Imaging Systems Market from 2014 to 2022 Vs Market Outlook for 2023 to 2033

The global market for functional brain imaging systems recorded a historic CAGR of 6.3% in the last 8 years from 2014 to 2022.

The market for functional brain imaging systems is expected to grow as a result of the rising prevalence of brain disorders such as brain cancer, stroke, epilepsy, and other seizure disorders worldwide. Additionally, the advancement of medical technology and the growing development of imaging technologies are benefiting market expansion.

The market is expanding as a result of increased road deaths and the growing significance of brain imaging. Globally, the Indian subcontinent had around 151 thousand road accidents in 2020. The market is expected to rise as a result of an ageing population and an increase in dementia cases among the age category. According to CDC estimates, more than 7.8 million individuals had dementia in 2020, and this number is expected to increase to 12.9 million by 2027.

When there are urgent or major clinical needs for brain imaging, more difficult and clinically risky surgeries known as invasive techniques must be done. As a result, the demand for non-invasive operations is rising because they can generally be carried out without any invasive interventions or medical complications.

With effects of anaesthesia, various sleep disorders can both be detected with non-invasive brain signal monitoring. It can also identify real-time brain imaging signals and even forecast onset episodes in people with epilepsy.

  • MEG and EEG among these non-invasive imaging methods have remarkable temporal resolution, while MEG and MRI exhibit greater spatial resolution.

The global market is thus likely to show high growth over the coming years at a CAGR of 6.4% and reach a global market size of US$ 9.0 Bn by 2033.

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What Factors Will Drive the Functional Brain Imaging Systems Market to Grow Over Forecast Period?

“Technological Advancements in imaging Systems”

Many brain signal monitoring technologies, including multichannel EEG and fMRI devices, have advanced due to advanced research and development effort and the rapid speed of improvements in embedded systems and microelectronics. It is hoped that these gadgets' new, sophisticated magnetic technologies would make it even simpler and faster to investigate the inner workings of the central nervous system (CNS).

Along with new device modalities for non-invasive active brain sensing, such as functional fNIR for real-life imaging and monitoring, major research firms are also developing long duration usable, downsized, and portable versions. In the near future, it is possible to see patients using these kinds of technologies on a regular basis for extended periods of time. These technologies can effortlessly capture, store, and intelligently communicates neurological information data with the end user.

“Increase in Number of Brain Aneurysm and Traumatic Brain Injury Cases”

According to data from the Brain Aneurysm Foundation, brain aneurysms claim the lives of almost 500,000 individuals annually. Additionally, one in every 50 U.S. citizens, or around six million people, in the U.S. experiences a brain aneurysm each year. The number of elderly people is predicted to increase, which will increase demand for functional brain imaging systems. According to a new independent study, brain aneurysm is more common in people between the ages of 36 and 60.

“Potential Radioisotopes in Pipeline”

Fluorodeoxyglucose (FDG), which can detect increased tissue glucose metabolism, is currently used in the majority of PET scanning techniques. The main drawback of FDG is its specificity, although it also has other drawbacks. Numerous cancers, including prostate cancer, carcinoma, and brain tumours, cannot be diagnosed using the radiotracer. To meet the unmet clinical requirement of disease diagnosis in the functional brain imaging system market, a number of possible radiotracers are currently being researched.

  • Two radiotracers, 68Ga-RM2 and 68Ga-PSMA (both labelled with radioactive isotope 68 Gallium), for instance, are included in Piramal's diagnostic imaging pipeline and may be used to diagnose cancer, specifically prostate cancer.
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Is there Any Impact on the Growth of the Global Functional Brain Imaging Systems Market?

“High cost Imaging systems”

Functional Brain Imaging Systems' high cost levels are a significant barrier to the expansion of the global market. The market is typically severely constrained by the higher cost of brain imaging devices, such as MRI, MEG, and fNIRs for various diagnostic and imaging devices.

The consumables required for brain imaging, along with the software and tailored services, account for a significant amount of the costs in addition to the fixed costs of the systems. These limit end user demand for functional brain imaging systems and related software from hospitals and clinics, which restrains growth of various geographical markets over the projection period.

  • Since the average cost of a functional brain imaging system is close to US$ 800,000, the high cost of acquisition and initial outlay payment while making a purchase links limiting of the market expansion.

“Product Recalls and Safety Concerns”

In both MRI and MEG technology, high amplitude magnetic sensors must be positioned inside a super conductive shield area. These cannot be used outside of clinical environments due to their weight. Comfort and usability severely limit the possibility of these technologies to be utilized in long-term brain scans applications. Negative effects and challenges associated with their use, such as those in detecting a variety of disorders, such as attacks, malignancies, aneurysms, spine injuries, and brain dysfunction, may also limit the need for imaging equipment.

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Country-wise Insights

Why is the U.S. Market Booming?

“Growing Prevalence of Parkinson’s Disease”

The U.S. is expected to hold around 30.9% market share in the global functional brain imaging systems market at the end of 2023.

Major functional brain imaging system suppliers and a developed and expanding healthcare system in the nation are the main growth drivers for this industry. The incidence of Parkinson's disease is another factor influencing the market. According to the Parkinson's Foundation, at the end of the year 2020, there were one million U.S. citizens living with Parkinson's disease (PD), and every year, nearly 60,000 people in the U.S. gets diagnose with the same.

Will the Germany Be a Lucrative Market for the Manufacturers?

“Presence of Key Players”

With a 9.0% market share, Germany will hold a fair amount of share in global market at the end of 2023.

The major drivers of the market's expansion are the increase in investment for several neurodegenerative disease research projects, the increase in disease incidence and awareness programs, and the presence of major market players nationwide.

How is Japan Emerging as a Prominent Market for Functional Brain Imaging Systems?

“Rising Prevalence of Neurodegenerative Diseases”

Japan is estimated to hold market share of about 8.8% of the global functional brain imaging systems market in 2023.

One significant trend that is driving the demand for functional brain imaging is the rising prevalence of neurodegenerative diseases. The need for functional brain imaging for diagnostic purposes is being fuelled by the nation's growing awareness of brain health. Additionally, lifelong developmental neuroscience has caught the interest of the health sector. The market for functional brain imaging (fMRI) is growing as a result of all these factors.

Category-wise Insights

Which Product is Driving Growth of the Global Market?

“Diagnostic Qualities in Chronic Diseases”

Electroencephalography (EEG) System segment is expected to hold highest share of around 54.6% of the product segment by the end of 2023. This widespread use of the EEG systems is related to recent developments in electroencephalography technology, supporting their position as a diagnostic instrument for neurological disorders.

Furthermore, the Functional MRI system will be the second leading segment in the global market. The well-known technique known as functional magnetic resonance imaging (fMRI) detects variations in blood oxygenation to provide comprehensive information about brain activity. Functional magnetic resonance imaging (fMRI) is a technique that provides both anatomical and functional data on changes in blood flow to particular brain regions. Neurodegenerative diseases like Alzheimer's and Parkinson's, as well as chronic illnesses like brain cancer, are both frequently diagnosed via brain imaging.

Which Modality is Expected to Dominate the Global Market?

“Increasing Incidence of CNS Disorders”

Stand alone systems contributed the largest to the global market in 2022 and is further set to continue holding more than 79% revenue share by the end of 2023.

Over the predicted period, this segment is expected to grow significantly as well. This growth is related to the increasing prevalence of disorders of the central nervous system worldwide.

Which End User is Expected to Emerge as a Market Leader in the Future?

“Increasing Number of Hospitals with Better Infrastructure”

Hospitals segment is expected to hold the larger share of about 52.4% by the end of 2023.

Some of the factors supporting the segment's growth include the increase in demand for high-tech imaging modalities and the incorporation of surgical suits with imaging equipment. H hospitals in several developed countries have seen a dramatic increase in demand for various treatment modalities. But the number of new hospitals in developing nations in the Asia-Pacific area has sharply increased.

Competition Landscape

Functional brain imaging systems market is a competitive market with numerous significant competitors. The market is anticipated to benefit from the players' strategic activities.

Key instances include :

  • In Aug 2022, a partnership between GE Digital and Ernst & Young LLP (EY US) was announced to help the companies improve their manufacturing operations. Through this agreement, GE's more than 100 years of manufacturing experience and its wealth of digital technology are combined with EY US's established industry expertise and technology consulting services.
  • In March 2022, at the Institute of Health and Neurodevelopment of Aston University, MYndspan introduced a brain imaging service that measures and evaluates brain health via brain connections. The electrical signals between neurons are measured by the brain imaging service to create a highly detailed picture of brain activity and function.

Functional Brain Imaging Systems Industry Report Scope

Attribute Details

Forecast Period

2023-2033

Historical Data Available for

2014-2022

Market Analysis

USD Million for Value

Key Countries Covered

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

Key Market Segments Covered

  • Product
  • Modality
  • End User
  • Region

Report Coverage

  • Market Forecast
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Key Companies’ 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
  • Siemens AG
  • Hitachi Medical Systems
  • Elekta

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Key Segments Covered in Functional Brain Imaging Systems Industry Research

Product:

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

Modality:

  • Stand-Alone Device
  • Portable Device

End User:

  • Hospitals
  • Office Based Clinics
  • Ambulatory Surgical Centers
  • Diagnostic Imaging Centers

Region:

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

- Companies Covered in This Report -

  • 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

- Frequently Asked Questions -

The global market is currently valued at around US$ 4.5 Bn in 2022.

Sales of the market are set to witness growth at a CAGR of 6.4% and be valued at around US$ 9.0 Bn by 2033.

Demand for the market increased at a 6.4% CAGR from 2014 to 2022.

U.S., China, Germany, Japan and Canada accounted for the major share in the global market as of year 2022, holding around 63.3% market share.

The U.S. is expected to hold around 30.9% market share in the global functional brain imaging systems market at the end of 2023.

Latin America will account for around 5.1% share of the global market in 2023.

Japan is estimated to hold market share of about 8.8% of the global functional brain imaging systems market in 2023.

With a 9.0% market share, Germany will hold a fair amount of share in global market at the end of 2023.

UK is set to expand at a CAGR of 4.0% over the forecast duration.

India is set to expand at a CAGR of 7.8% over the forecast duration.

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