Neuroimaging Market Research Report 2024

Neuroimaging Market Synopsis                                                  

Neuroimaging Market Size Was Valued at USD 14.24 Billion in 2023 and is Projected to Reach USD 24.26 Billion by 2032, Growing at a CAGR of 6.1 % From 2024-2032.

Neuroimaging is a specialized branch of medical imaging that focuses on the brain. It extends beyond just diagnosing illnesses and evaluating the health of the brain to explore how the brain operates and how various activities impact it.

• By utilizing quantitative methods, neuroimaging provides a scientific and non-invasive way to study the healthy human brain objectively. This interdisciplinary area integrates neuroscience, computer science, psychology, and statistics to enable rigorous studies of brain structure and function.
• In the normal brain, neuroimaging now plays a critical role in the examination of brain disorders and psychiatric conditions. It offers valuable information about irregularities and alterations in brain structure and activity related to different conditions. Neuroimaging is crucial in both clinical and research settings due to its important capabilities.
• Various types of neuroimaging methods, such as MRI, PET, CT, and fMRI, provide distinct insights into the activity and structure of the brain. These instruments allow researchers and doctors to identify brain areas responsible for certain actions, monitor reactions to therapies, and discover markers for neurological disorders.
• Neuroimaging plays a key role in furthering our knowledge of the connections between the brain and behavior. It aids in understanding how memory, attention, and emotion are connected and located within the brain's complex network of neurons and synapses.
• Neuroimaging acts as a connection between medical diagnosis and neuroscience studies, providing a strong set of tools to investigate brain wellness, disease causes, and the impact of treatments. The constant development ensures a greater understanding of the intricacies of the human brain in both health and disease.

Top Active Players:

Varian Medical Systems (USA), General Electric Company (GE) (USA), NeuroLogica Corporation (USA), NeuroVista (USA), Positron Corporation (USA), Trefoil Imaging (USA), Siemens AG (Germany), Philips Healthcare (Netherlands), Brainlab AG (Germany), Brainomix Ltd. (UK), Mevis Medical Solutions (Germany), EB Neuro S.p.A. (Italy), Neurosoft (Russia), Toshiba Medical Systems (Japan), Hitachi Medical Systems (Japan), Canon Medical Systems Corporation (Japan), Esaote SpA (Italy), Mindray Medical International Limited (China), Neusoft Medical Systems (China), Shimadzu Corporation (Japan) and Other Active Players

Neuroimaging Market Trend Analysis

Increasing Incidence of Neurological Disorders

• The increasing incidence of neurological conditions like Alzheimer's disease, Parkinson's disease, and epilepsy is a major factor pushing forward the neuroimaging market. As the world's population gets older, the prevalence of these conditions goes up, requiring more sophisticated diagnostic methods for early identification and treatment.
• Neuroimaging methods such as MRI, CT scans, and PET scans are essential in diagnosing, tracking, and devising treatment plans for individuals with neurological disorders, driving market expansion.
• Advancements in neuroimaging technologies are also aiding in the growth of the market. Progress in imaging methods like fMRI and DTI offer improved evaluations of brain structures and functions with greater detail and accuracy. These advancements improve healthcare professionals' capability to diagnose intricate neurological conditions, enhance patient results, and lower healthcare expenses by facilitating more accurate and prompt interventions.
• The neuroimaging market is being enhanced by the additional financial backing and assistance provided by governmental and non-governmental organizations for neurological research.
• Governments and research institutions around the globe are acknowledging the significance of addressing neurological disorders, resulting in significant funding for neuroimaging research and infrastructure. This help is pushing forward technological progress and improving the accessibility of neuroimaging services.
• The healthcare providers' and patients' increasing knowledge about the advantages of early detection and treatment of neurological disorders is promoting market expansion.

Advancements in Neuroimaging Technologies

• Progress in neuroimaging technologies offers great potential for the neuroimaging industry due to quick advancements and growing need for accurate diagnostics. Innovative methods like fMRI, PET, and MEG are transforming how we visualize and comprehend the brain. These technologies offer clear, immediate images, enhancing the ability to diagnose and treat neurological conditions such as Alzheimer's, Parkinson's, and epilepsy.
• Another crucial development is the incorporation of artificial intelligence (AI) and machine learning (ML) into neuroimaging. AI algorithms can swiftly and accurately analyze vast quantities of imaging data, detecting patterns and abnormalities that may go unnoticed by humans, in a more efficient manner than traditional approaches.
• Advancements in neuroimaging are broadening research possibilities apart from clinical uses. Advanced imaging methods allow researchers to investigate the complex functions of the brain on a cellular scale, leading to significant advancements in the field of neuroscience.
• This involves grasping neural connections, brain malleability, and the impacts of different treatments on brain performance. Improved imaging technologies play a vital role in progressing our understanding of the brain, resulting in fresh therapeutic strategies and advancements in neurology and psychiatry.
• Increased funding and investment are also positively impacting the neuroimaging technologies market. Governments and private entities globally are acknowledging the significance of neuroimaging in promoting brain health and are dedicating significant funding to its advancement.

Neuroimaging Market Segment Analysis:

Neuroimaging Market Segmented based on Technology, Application, and End-users.

By Technology, functional magnetic resonance imaging (fMRI) segment is expected to dominate the market during the forecast period

• Functional magnetic resonance imaging (fMRI) is a method that detects slight alterations in blood circulation linked to brain functions. It is frequently utilized to pinpoint the regions of the brain that control important functions. Moreover, fMRI can assess the impact of strokes or other illnesses, assisting in diagnosing and planning treatment.
• The basis of fMRI is the connection between brain blood flow and neuron stimulation. Increased oxygen demand in an active brain region results in elevated blood flow to that specific area. The fMRI can detect and measure this alteration in blood circulation.
• fMRI can track brain activity in real-time by monitoring blood flow changes. This makes it a priceless tool for both research and clinical purposes, enabling scientists and doctors to gain a deeper insight into the workings of the brain and the impact of various conditions on its functionality.
• This fMRI offers an in-depth understanding of brain function by identifying alterations in blood flow, serving as a valuable instrument in examining brain activity and shaping treatment plans.

By End-User, Hospitals and Clinics segment held the largest share of 49.87 % in 2023

• Hospitals are primarily known as the main facilities for providing extensive medical treatment, which includes a variety of services for diagnosis and treatment, such as advanced neuroimaging methods.
• Hospitals are the preferred locations for neuroimaging procedures due to their extensive infrastructure, specialized equipment, and trained medical professionals. These facilities have advanced technology like MRI and CT scanners, crucial for detailed brain imaging and diagnosing neurological disorders.
• Hospitals attend to a greater number of patients in comparison to other healthcare facilities. They function as central hubs for challenging cases that necessitate advanced imaging techniques, consequently increasing the number of neuroimaging tests performed.
• Hospitals are the top choice for patients and referring physicians due to the accurate diagnoses and effective management of neurological disorders in the collaborative environment. Efficient collaboration between different hospital departments is essential for the timely and effective use of neuroimaging technologies.
• The rise in neurological disorders like Alzheimer's disease, Parkinson's disease, and stroke has caused an increased need for neuroimaging services in hospitals. The increasing number of elderly individuals and the growing prevalence of these illnesses require frequent and thorough brain imaging to track disease advancement and assess the effectiveness of treatments.

Neuroimaging Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• Advanced technological infrastructure and strong healthcare systems are fueling the current dominance of the neuroimaging market in North America. At the forefront of this field, the area is advantaged by having prominent medical device companies and research institutions that consistently strive to expand the limits of neuroimaging technology.
• The significant funding towards neurological research and the rise in neurological disorders are key factors contributing to this dominance. The prevalence of diseases like Alzheimer's, Parkinson's, and stroke is increasing, highlighting the need for improved diagnostic methods for early detection and treatment. The need for advanced neuroimaging techniques like fMRI, PET, and CT has led to their increased use in healthcare facilities across North America.
• The area has a well-established set of rules and regulations in place to assist in the approval and marketing of advanced neuroimaging equipment. The FDA is crucial in ensuring new technologies adhere to strict safety and efficacy standards before becoming available on the market.
• The abundance of academic and research partnerships in North America speeds up the advancement and utilization of neuroimaging technologies. Universities, research institutions, and healthcare providers frequently collaborate on clinical trials and studies to enhance knowledge of brain function and pathology.

Active Key Players in the Neuroimaging Market

• Varian Medical Systems (USA)
• General Electric Company (GE) (USA)
• NeuroLogica Corporation (USA)
• NeuroVista (USA)
• Positron Corporation (USA)
• Trifoil Imaging (USA)
• Siemens AG (Germany)
• Philips Healthcare (Netherlands)
• Brainlab AG (Germany)
• Brainomix Ltd. (UK)
• Mevis Medical Solutions (Germany)
• EB Neuro S.p.A. (Italy)
• Neurosoft (Russia
• Toshiba Medical Systems (Japan)
• Hitachi Medical Systems (Japan)
• Canon Medical Systems Corporation (Japan)
• Esaote SpA (Italy)
• Mindray Medical International Limited (China)
• Neusoft Medical Systems (China)
• Shimadzu Corporation (Japan) and Other Active Players

Key Industry Developments in the Neuroimaging Market:

In March 2024, Cortechs.AI launched NeuroQuant version 5.0 for neuroimaging, which was pending U.S. FDA 510(k) approval at the time of release. This update improved the precision of neuroimaging in diagnosing and monitoring neurological disorders, according to company officials. The new version aimed to provide more accurate and reliable data for healthcare professionals, enhancing their ability to track the progression of neurological conditions.

In March 2024, Neurophet, an artificial intelligence (AI) solution company specializing in brain disease, introduced its AI-powered brain imaging analysis technology at the international conference on Alzheimer's and Parkinson's diseases and related neurological disorders (AD/PD 2024). The event showcased innovative advancements in neurological research and treatment. Neurophet's participation highlighted its commitment to leveraging AI for improved diagnosis and management of brain diseases.