Neuroimaging Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Brain Disorders
Neuroimaging involves the use of various 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. It provides information about brain pathology which helps in diagnosing various brain disorders such as Alzheimer's disease, Parkinson's disease, epilepsy, stroke, tumors, and traumatic brain injuries. Neuroimaging is widely used in research, diagnosis, surgical planning, and treatment of brain disorders.
The Neuroimaging Market is estimated to be valued at Us$ 37.63 Bn or Billion in 2023 and is expected to exhibit a CAGR Of 6.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The neuroimaging market is driven by the rising prevalence of brain disorders. For instance, according to the Alzheimer's Association, Alzheimer's disease affects over 6 million Americans aged 65 years and older in 2022. Additionally, according to the Parkinson's Foundation, nearly 1 million Americans are currently living with Parkinson's disease. Neuroimaging plays a crucial role in detecting brain injuries, tumors, or other abnormalities. It also helps clinicians evaluate the effectiveness of various treatment options for brain disorders. Moreover, technological advancements such as high-resolution MRI machines and improved analysis software are boosting market growth. However, the high cost of neuroimaging equipment and procedures limits market expansion.
SWOT ANALYSIS
Strength:
- Neuroimaging techniques provide more accurate and effective diagnosis of neurological disorders compared to conventional diagnostic methods. Advanced techniques such as functional MRI and PET enables three-dimensional brain mapping.
- Increased investments from government bodies and private organizations in neuroimaging research and technological advancements. Heavy R&D investments are made to develop innovative neuroimaging modalities.
- Growing neuroscience research activities worldwide utilizing neuroimaging for understanding brain functions and diseases. Neuroimaging plays a vital role in drug development and evaluation of therapeutic interventions.
Weakness:
- High costs associated with neuroimaging equipment, maintenance and operations limit widespread adoption, especially in emerging markets and low-income regions.
- Lack of skilled radiologists hampers effective clinical utilization of advanced neuroimaging techniques. Significant training is required to analyze and interpret neuroimages.
Opportunity:
- Untapped growth opportunities in emerging Asian, Latin American and African countries. Rising Healthcare expenditure and increasing occurrence of neurological disorders in these regions will drive the neuroimaging market.
- Integration of artificial intelligence and cloud-based platforms offers opportunities for improving neuroimaging analysis workflow and results. AI-powered neuroimaging solutions are gaining popularity.
Threats:
- Stringent regulatory processes and safety concerns related to radiation exposure from certain neuroimaging modalities poses threats. Regulations differ across regions.
- Threat from alternative diagnostic methods and competitive rivalry. Companies face pricing pressure from low-cost substitutes and competitive products.
Key Takeaways
The Global Neuroimaging Market Size is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing prevalence of neurological disorders worldwide. Rise in cases of Alzheimer's disease, Parkinson's disease, stroke, traumatic brain injury and brain cancer is a major growth driver.
Regional analysis:
North America dominated the neuroimaging market in 2023 with a share of over 35%, due to heavy investments in neuroscience research, availability of advanced healthcare facilities and presence of key market players in the region. Asia Pacific is expected to witness the highest CAGR during the forecast period, attributed to growing healthcare sector, rising neurological disorders and expanding medical tourism in countries such as India, China and Japan.
Key players:
Key players operating in the neuroimaging market are GE Healthcare, Siemens Healthineers, Philips Healthcare, Toshiba Medical Systems Corporation, Hitachi Healthcare, Canon Medical Systems Corporation, Mindray Medical International Limited, Esaote SpA, NeuroLogica Corporation, NeuroVive Pharmaceutical AG, Brainlab AG, Akili Interactive Labs Inc., Brainomix Ltd., Imaging Science International, Mevis Medical Solutions, NeuroVista, Neusoft Medical Systems, Positron Corporation, Shimadzu Corporation, Trifoil Imaging. These players are focusing on new product launches, partnerships and expansion in emerging
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