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 plays a vital role in neurodiagnostics and treatment planning for various brain-related disorders. Neuroimaging aids in diagnosing conditions such as brain tumors, stroke, epilepsy, dementia, Parkinson's disease, traumatic brain injuries, and other neurological disorders.

The global neuroimaging market is estimated to be valued at US$ 5.32 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2024 to 2027, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Rising Geriatric Population: The growth of the neuroimaging market is majorly driven by the rising geriatric population globally. As per estimates, approximately 16.0% of the population will be aged 65 and above by the year 2050. Furthermore, the number of people aged 80 years or older is projected to triple between 2017 and 2050. The elderly population is more susceptible to neurological disorders such as dementia, Alzheimer's disease, and stroke. Growing aging demographics will propel the demand for diagnostic techniques like MRI, CT, and PET scans which are extensively used to diagnose various neurological conditions in older adults. This, in turn, will significantly contribute to market growth during the forecast period.

Neuroimaging plays a vital role in diagnosing various brain-related disorders. Advancements in neuroimaging technologies such as high-field MRI and functional MRI have enabled early diagnosis. These technologies provide comprehensive and detailed images of the brain anatomy and activities, thereby aiding timely clinical management and treatment of brain disorders. The development of novel imaging modalities is expected to boost market growth over the forecast period.

SWOT Analysis

Strength: The Global Neuroimaging Market Size is witnessing strong growth owing to rising prevalence of neurological disorders. Advancements in neuroimaging technologies such as MRI, CT scans, PET scans and others have enabled early detection and accurate diagnosis of conditions. Growing applications of neuroimaging in drug development and treatment monitoring are also fueling market gains.

Weakness: High costs associated with neuroimaging equipment and procedures is a major challenge. Lack of adequate reimbursement and insurance coverage in some regions also limits widespread adoption. Limited availability of expertise and skilled professionals poses operational challenges.

Opportunity: Rising healthcare expenditures in emerging nations offers lucrative opportunities. Favorable regulatory frameworks and initiatives to modernize healthcare infrastructure will aid market expansion. Growing geriatric population at risk of neurological disorders is another growth driver for neuroimaging.

Threats: Stringent regulatory approvals for new systems and procedures delay market introduction. Risks related to radiation exposure from some neuroimaging methods also restricts demand to some extent. Rising competition from alternative diagnostic methods impacts market value.

Key Takeaways

The global Neuroimaging Market is expected to witness high growth over the forecast period of 2024 to 2030 owing to rising prevalence of neurological disorders and technological advancements.

The North American region currently dominates the market and is expected to continue dominating over the forecast period.

Key players operating in the neuroimaging market include GE Healthcare, Philips Healthcare, Siemens Healthineers, Bruker, Medtronic, Canon Medical Systems Corporation and others.

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