The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

According to The Business Research Company’s Brain And Neuroimaging Devices Global Market Report 2023, the brain and neuroimaging devices market is expected to show promising growth in the forecast period.

The brain and neuroimaging devices market has experienced robust growth, expanding from $37.53 billion in 2023 to $39.66 billion in 2024 at a CAGR of 5.7%. The driving factors in the historic period include the diagnosis and treatment of neurological disorders, an aging population, brain mapping, and connectivity research, along with the growth of emerging markets.

Forecasted Growth
In the coming years, the market is poised for even stronger growth, reaching $48.66 billion in 2028 with a CAGR of 5.2%. Anticipated contributors to this growth include regulatory support, the rise of personalized medicine, the advent of targeted therapies, and the emphasis on value-based healthcare. Key trends in this forecast period encompass high-resolution imaging, multimodal imaging, wearable neuroimaging, and connectivity and functional imaging.

Addressing the Rise in Neurological Disorders
Incidence on the Rise
One significant driver for the surge in the brain and neuroimaging devices market is the escalating incidence of neurological disorders. Shockingly, 1 in 3 people were affected by a neurological disease in 2022, as reported by the European Academy of Neurology. Over the last 30 years, the number of deaths attributable to neurological disorders has surged by almost 40%. The use of brain and neuroimaging devices plays a pivotal role in diagnosis, increasing survival rates, and facilitating disease management.

Market Players
Noteworthy companies contributing to this sector’s growth include GE HealthCare, Siemens AG, Koninklijke Philips, Canon Medical Systems Corporation, and others. These companies play a crucial role in providing cutting-edge solutions for the diagnosis and management of neurological disorders.

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Embracing Technological Advancements
Integration of AI
A prominent trend in the brain and neuroimaging device market involves major companies integrating artificial intelligence (AI) into their technologies. TeraRecon, Inc., a US-based company, stands out with the launch of its Neuro Suite in April 2023. This AI-assisted clinical suite is tailored for neurology diseases like neuro-oncology, multiple sclerosis, and dementia. Radiologists can now leverage a variety of AI-powered neuroimaging modalities, showcasing the industry’s commitment to technological advancement.

Market Segmentation
The brain and neuroimaging devices market is categorized into three main segments:

1. Imaging Types
   • Functional Magnetic Resonance Imaging (fMRI)
   • Computed Tomography (CT)
   • Positron Emission Tomography (PET)
   • Electroencephalography (EEG)
   • Magneto Encephalography (MEG)
   • Other Imaging Types
2. Applications
   • Parkinson’s Disease
   • Traumatic Brain Injury
   • Epilepsy
   • Dementia
   • Sleep Disorders
   • Other Applications
3. End-users
   • Hospitals
   • Diagnostic Centres
   • Ambulatory Surgical Centres

Regional Dominance
In 2023, Western Europe emerged as the largest region in the brain and neuroimaging devices market. This signals a strong demand and adoption of these devices, possibly reflecting the region’s focus on healthcare infrastructure and advancements.

In conclusion, the brain and neuroimaging devices market is not only witnessing substantial growth but also evolving with technological innovations. As the industry embraces AI, and with a focus on personalized medicine and value-based healthcare, the trajectory is set for continued expansion. The market’s response to the rising incidence of neurological disorders reinforces the pivotal role these devices play in improving diagnostics and patient outcomes.

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