The global Functional Brain Imaging Systems Market is poised for significant growth, with an anticipated market value of $5 billion by 2024. This market is projected to expand at a compound annual growth rate (CAGR) of 8%, reaching an impressive $8.5 billion by 2031.
Major research firms are developing new device modalities for non-invasive active brain sensing, including functional near-infrared spectroscopy (fNIR) for real-life imaging and monitoring. These advancements are expected to simplify and expedite the investigation of the central nervous system's inner workings, making brain imaging more accessible and efficient.
According to the Brain Aneurysm Foundation, brain aneurysms claim approximately 500,000 lives annually, with around six million people in the U.S. experiencing a brain aneurysm each year. The aging population and the associated rise in dementia cases are also significant factors driving market growth. The Centers for Disease Control and Prevention (CDC) estimates that more than 7.8 million individuals had dementia in 2020, a number expected to increase to 12.9 million by 2027.
Additionally, product recalls and safety concerns pose challenges to market growth. MRI and MEG technologies require high amplitude magnetic sensors positioned inside a superconductive shield area, restricting their use to clinical environments. Negative effects and challenges associated with these technologies may also limit their adoption for long-term brain scans and various diagnostic applications.
Germany is projected to hold a 9.0% market share by the end of 2023, driven by increased investment in neurodegenerative disease research, awareness programs, and the presence of major market players. Japan, with an estimated 8.8% market share, is experiencing growing demand for functional brain imaging systems due to the rising prevalence of neurodegenerative diseases and increased awareness of brain health.
In terms of modality, stand-alone systems contributed the largest share to the global market in 2022 and are expected to continue holding more than 79% revenue share by the end of 2023. This growth is driven by the increasing prevalence of central nervous system disorders worldwide.
Hospitals are expected to hold the largest share of about 52.4% by the end of 2023, driven by the rising demand for high-tech imaging modalities and the incorporation of imaging equipment in surgical suits. The number of new hospitals in developing nations, particularly in the Asia-Pacific region, has also sharply increased, contributing to the market growth.
Recent strategic activities include a partnership between GE Digital and Ernst & Young LLP (EY US) in August 2022 to improve manufacturing operations and MYndspan’s launch of a brain imaging service in March 2022 to measure and evaluate brain health via brain connections.
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Technological Advancements Fueling Market Expansion
The functional brain imaging systems market is witnessing rapid advancements in imaging technology, contributing significantly to its growth. Innovations in brain signal monitoring technologies, such as multichannel EEG and functional MRI (fMRI) devices, have propelled the market forward. These advancements enable more precise and non-invasive brain imaging, facilitating the detection and treatment of various neurological disorders.Major research firms are developing new device modalities for non-invasive active brain sensing, including functional near-infrared spectroscopy (fNIR) for real-life imaging and monitoring. These advancements are expected to simplify and expedite the investigation of the central nervous system's inner workings, making brain imaging more accessible and efficient.
Increasing Prevalence of Brain Disorders
The rising prevalence of brain disorders, such as brain cancer, stroke, epilepsy, and other seizure disorders, is a primary driver of the functional brain imaging systems market. The demand for advanced imaging technologies is growing as these disorders become more common worldwide. Additionally, the increasing incidence of traumatic brain injuries and brain aneurysms is further boosting the market.According to the Brain Aneurysm Foundation, brain aneurysms claim approximately 500,000 lives annually, with around six million people in the U.S. experiencing a brain aneurysm each year. The aging population and the associated rise in dementia cases are also significant factors driving market growth. The Centers for Disease Control and Prevention (CDC) estimates that more than 7.8 million individuals had dementia in 2020, a number expected to increase to 12.9 million by 2027.
Market Dynamics: High Costs and Safety Concerns
Despite the promising growth prospects, the high cost of functional brain imaging systems remains a significant barrier to market expansion. The average cost of a functional brain imaging system is close to US$ 800,000, which includes fixed costs, consumables, software, and tailored services. These high costs limit the demand for such systems from hospitals and clinics, especially in developing regions.Additionally, product recalls and safety concerns pose challenges to market growth. MRI and MEG technologies require high amplitude magnetic sensors positioned inside a superconductive shield area, restricting their use to clinical environments. Negative effects and challenges associated with these technologies may also limit their adoption for long-term brain scans and various diagnostic applications.
Regional Insights: U.S., Germany, and Japan Leading the Market
The U.S. is expected to hold around 30.9% market share in the global functional brain imaging systems market by the end of 2023. The presence of major functional brain imaging system suppliers and a well-developed healthcare infrastructure are key growth drivers in this region. The increasing prevalence of Parkinson’s disease also contributes to market growth, with nearly one million U.S. citizens living with the disease at the end of 2020.Germany is projected to hold a 9.0% market share by the end of 2023, driven by increased investment in neurodegenerative disease research, awareness programs, and the presence of major market players. Japan, with an estimated 8.8% market share, is experiencing growing demand for functional brain imaging systems due to the rising prevalence of neurodegenerative diseases and increased awareness of brain health.
Category-wise Insights: Product and End User Analysis
The electroencephalography (EEG) system segment is expected to hold the highest share of around 54.6% of the product segment by the end of 2023. This widespread use is attributed to recent developments in EEG technology, supporting its position as a diagnostic instrument for neurological disorders. Functional MRI (fMRI) systems will be the second leading segment, providing both anatomical and functional data on brain activity.In terms of modality, stand-alone systems contributed the largest share to the global market in 2022 and are expected to continue holding more than 79% revenue share by the end of 2023. This growth is driven by the increasing prevalence of central nervous system disorders worldwide.
Hospitals are expected to hold the largest share of about 52.4% by the end of 2023, driven by the rising demand for high-tech imaging modalities and the incorporation of imaging equipment in surgical suits. The number of new hospitals in developing nations, particularly in the Asia-Pacific region, has also sharply increased, contributing to the market growth.
Competitive Analysis
The functional brain imaging systems market is highly competitive, with numerous significant players. Key companies include Koninklijke Philips N.V., General Electric Company, Canon Medical Systems Corporation, EB Neuro S.p.A., MinFound Medical Systems Co., Ltd, Neurosoft, Medtronic Plc, Nihon Kohden Corporation, Siemens AG, Hitachi Medical Systems, and Elekta.Recent strategic activities include a partnership between GE Digital and Ernst & Young LLP (EY US) in August 2022 to improve manufacturing operations and MYndspan’s launch of a brain imaging service in March 2022 to measure and evaluate brain health via brain connections.
Key Segments Covered in Functional Brain Imaging Systems Industry Research
Product:
- Functional MR Imaging (fMRI) System
- Functional Near Infrared Spectroscopy (fNIRS) System
- Magnetoencephalography (MEG) System
- Positron Emission Tomography (PET) System
- Electroencephalography (EEG) System
Modality:
- Stand-Alone Device
- Portable Device
End User:
- Hospitals
- Office Based Clinics
- Ambulatory Surgical Centers
- Diagnostic Imaging Centers
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Table of Contents
1. Executive Summary
2. Market Overview
3. Price Analysis, 2019 - 2023
4. Global Functional Brain Imaging Systems Market Outlook, 2019 - 2031
5. North America Functional Brain Imaging Systems Market Outlook, 2019 - 2031
6. Europe Functional Brain Imaging Systems Market Outlook, 2019 - 2031
7. Asia Pacific Functional Brain Imaging Systems Market Outlook, 2019 - 2031
8. Latin America Functional Brain Imaging Systems Market Outlook, 2019 - 2031
9. Middle East & Africa Functional Brain Imaging Systems Market Outlook, 2019 - 2031
10. Competitive Landscape
11. Appendix
Companies Mentioned
- Koninklijke Philips N.V.
- General Electric Company
- Canon Medical Systems Corporation
- EB Neuro S.p.A.
- MinFound Medical Systems Co., Ltd
- Neurosoft
- Medtronic Plc
- Nihon Kohden Corporation
- Hitachi Medical Systems
- Elekta
- Siemens AG
