February 21, 2024
Neuroimaging Market

Neuroimaging Market Propelled By Technological Advancements In Imaging Modalities

Neuroimaging refers to 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. These techniques help in improving diagnosis and treatment of neurological disorders including Alzheimer’s disease, Parkinson’s disease, stroke, epilepsy, brain tumors, among others. The global Neuroimaging Market is estimated to be valued at US$ 4.5 billion in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2024, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Technological advancements in imaging modalities is one of the key trends propelling the growth of the Global Neuroimaging Market Size. Imaging modalities such as MRI and PET have evolved significantly over the past few years. Advanced high field strength MRI scanners provide enhanced resolution and new coil technology enables improve neurovascular imaging. Multi-modality PET/MRI systems coupled with advanced analytics tools help clinicians gain new insights into neurodegenerative diseases and develop more targeted treatment strategies. Novel PET tracers are also being developed that can detect neuroinflammation or tau protein aggregation associated with conditions like Alzheimer’s disease. Such technological upgrades in neuroimaging modalities enable early and accurate diagnosis increasing the demand for neuroimaging procedures.

SWOT Analysis

Strength: Neuroimaging techniques provides non-invasive insights into the structure and function of the brain. It allows doctors to effectively diagnose and treat several neurological disorders.

Weakness: Neuroimaging is an expensive technique and requires high-end equipment and specialized professionals for operation and analysis. This makes it inaccessible for many patients in developing regions.

Opportunity: Rising prevalence of neurological disorders globally is driving the demand for neuroimaging procedures. Developing applications of neuroimaging in drug development and research also present growth prospects.

Threats: Strict regulations surrounding the use of neuroimaging equipment and imaging procedures can delay new product approvals. Economic slowdowns may also negatively impact the neurodiagnostic market.

Key Takeaways

The global neuroimaging market is expected to witness high growth over the forecast period of 2024 to 2030.

North America dominates the market currently due to the heavy demand for neuroimaging techniques from hospitals and research institutions in the region. The rising geriatric population, growing prevalence of neurological conditions, and technological advancements are some key factors boosting the North American neuroimaging business.

Key players operating in the neuroimaging market are GE Healthcare, Siemens Healthineers, Philips Healthcare, Hitachi, Canon Medical Systems, Elekta, and Fujifilm Holdings Corporation. These companies have wide neuroimaging product portfolios including MRI systems,CT scanners, PET and SPECT scanners. They are focusing on continual product innovations to provide advanced clinical solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it