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Neuroimaging Market To Reach USD 24.26 Billion By Year 2032

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.

11-07-2024
shashidhar kotian
Healthcare
Pristine Intelligence LLP

According to a new report published by Pristine Intelligence, titled, “Neuroimaging Market by Technology and End-User: Global Opportunity Analysis and Industry Forecast, 2024–2032,”  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 field of medical imaging focused on the brain, extending beyond diagnosis to study brain function and impact. By integrating neuroscience, computer science, psychology, and statistics, it provides objective insights into brain structure and activity. This interdisciplinary approach helps identify abnormalities in brain health, crucial for both clinical diagnosis and research.

Using methods like MRI, PET, CT, and fMRI, neuroimaging reveals brain areas responsible for actions, tracks therapy responses and identifies markers of neurological disorders. It enhances our understanding of brain-behavior connections, mapping memory, attention, and emotion within the brain's neural network. Neuroimaging bridges medical diagnosis with neuroscience, continually advancing our understanding of the healthy and diseased brain.

According to the global Neuroimaging market analysis, the market is divided by Technology, Application, End-User, and geographical division. By Technology, the market is categorized into Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Positron Emission Tomography (PET), Single Photon Emission Computed Tomography (SPECT), Functional Magnetic Resonance Imaging (fMRI), and Others. By Application, the market is categorized into Neurological Disorders, Psychiatric Disorders, and Traumatic Brain Injury. By End-User, the market is categorized into Hospitals and Clinics, Diagnostic Centers, Research Institutes, Ambulatory Surgical Centers, and Others.  By geography, it includes North America, Europe, Asia-Pacific, and LAMEA markets. Further, the report also covers the strategies adopted by key market players to sustain a competitive environment and increase their market share.

The rising prevalence of neurological disorders like Alzheimer's, Parkinson's, and epilepsy is driving significant growth in the neuroimaging market. As the global population ages, the demand for advanced diagnostic tools such as MRI, CT scans, and PET scans is increasing. These technologies are crucial for early detection, tracking disease progression, and planning effective treatments. Moreover, continuous advancements in neuroimaging techniques such as fMRI and DTI are enhancing the precision and detail of brain assessments, leading to better patient outcomes and cost-effective healthcare interventions.

Governmental and non-governmental organizations are also playing a pivotal role by providing substantial financial support for neurological research and infrastructure development. This support is accelerating technological innovation, improving the accessibility of neuroimaging services, and raising awareness among healthcare providers and patients about the benefits of early diagnosis and treatment.

Global Neuroimaging Market, Segmentation

The Neuroimaging market is segmented based on Technology, Application, End-User, and region.

Technology:

The Technology segment is further classified into Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Positron Emission Tomography (PET), Single Photon Emission Computed Tomography (SPECT), Functional Magnetic Resonance Imaging (fMRI), and Others. Among these, the Functional magnetic resonance imaging (fMRI) sub-segment accounted for the highest market share in 2023. Functional magnetic resonance imaging (fMRI) detects changes in brain blood flow associated with brain functions, aiding in pinpointing critical brain regions and assessing conditions like strokes. It works by linking increased oxygen demand in active brain areas to heightened blood flow, which fMRI can measure in real time. This makes it invaluable for both research and clinical use, providing insights into brain function and the effects of different conditions on brain activity. Thus, fMRI serves as a crucial tool for understanding brain function and guiding treatment strategies.

End-User:

The application segment is further classified into Hospitals and Clinics, Diagnostic Centers, Research Institutes, Ambulatory Surgical Centers, and Others. Among these, the Hospitals and Clinics sub-segment is anticipated to show the fastest growth by 2032. Hospitals and Clinics serve as key facilities for comprehensive medical care, offering advanced services including neuroimaging with MRI and CT scanners. They handle a large volume of patients and complex cases, facilitating accurate diagnoses and effective management of neurological conditions like Alzheimer's, Parkinson's, and stroke. The demand for neuroimaging is driven by rising neurological disorders and an aging population, necessitating frequent and precise brain imaging for disease monitoring and treatment evaluation.

Region:

The Neuroimaging market in North America is projected to show the fastest growth by 2032. North America leads the neuroimaging market due to its advanced technological infrastructure, robust healthcare systems, significant funding for neurological research, and rising incidence of disorders like Alzheimer's and Parkinson's. Strict regulatory oversight by the FDA ensures the safety and efficacy of new neuroimaging technologies, while extensive academic and research collaborations accelerate advancements in diagnostic methods and treatment outcomes for neurological conditions.

Some of The Leading/Active Market Players Are-

  • 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) and Other Active Players

Key Industry Developments

  • In March 2024, 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.

Key Findings of the Study 

  • Hospitals and Clinics held the major share of the market accounting for nearly 49.87% of the total Neuroimaging market.   
  • The North American region is expected to continue to lead the market followed by APAC during the forecast period.
  • 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.
Pristine Intelligence LLP

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