The brain imaging and neuroimaging market is anticipated to flourish at an average CAGR of 5.1% between 2023 and 2033. The market is expected to hold a market share of USD 22.41 billion by 2033, while the market is likely to reach a value of USD 13.69 billion in 2023.
| Attributes | Details |
|---|---|
| Brain Imaging and Neuroimaging Market CAGR (2023 to 2033) | 5.1% |
| Brain Imaging and Neuroimaging Market Size (2023) | USD 13.69 billion |
| Brain Imaging and Neuroimaging Market Size (2033) | USD 22.41 billion |
The brain imaging and neuroimaging market are primarily driven by factors such as the rising incidence and prevalence of neurological disorders, increased awareness of neurodegenerative diseases, an increase in traumatic brain injuries, and increased applications of brain imaging and neuroimaging in clinical trials.
Rising demand for non-invasive and minimally invasive devices, expanding therapeutic applications of brain imaging and neuroimaging devices, and the expanding healthcare market in emerging economies are all expected to provide growth opportunities for market participants.
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The global demand for brain imaging and neuroimaging is projected to increase at a CAGR of 5.1% during the forecast period between 2023 and 2033, reaching a total of USD 22.41 billion in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 3.2%.
The growing prevalence of neurological disorders, the growing geriatric population, and emerging product trends are some factors driving the market growth. The rising prevalence of neurological disorders, combined with an aging population more prone to developing neurodegenerative diseases such as Parkinson's, Alzheimer's, dementia, epilepsy, and others, are expected to drive growth in the brain imaging and neuroimaging market.
The growing global geriatric population is expected to play a significant role in the growth of the studied market because they are more vulnerable to various neurological disorders and injuries as they age, and when combined with new technological advancements, the studied market is forecasted to grow during the projected period. However, a scarcity of skilled professionals is expected to limit the growth of the brain imaging and neuroimaging market over the projected period.
Rising Global Incidence of Brain Cancer to Promote Market Growth
The rising global incidence of brain cancer, combined with rising rates of neurodegenerative disorders, is expected to fuel the growth of the global brain imaging market. The introduction of innovative products by key imaging segment players is also expected to drive the overall brain imaging and neuroimaging market.
Increasing road accidents around the world are anticipated to drive the market during the forecast period. One of the drivers expected to increase the revenue of the brain imaging market is technological advancements in imaging techniques and the availability of reimbursement programs for various types of imaging tests, including brain imaging.
High Cost of Imaging Techniques to Impede Market Growth
The high cost of imaging techniques is a key impediment to global brain imaging and neuroimaging market growth. Furthermore, one of the market restraints for brain imaging is a shortage of awareness and the absence of scanners in remote areas.
| Countries | Revenue Share % (2022) |
|---|---|
| United States | 33.8% |
| Germany | 8.8% |
| Japan | 3.5% |
| North America | 37.8% |
| Europe | 32.2% |
| Countries | CAGR % (2023 to 2033) |
|---|---|
| China | 6.3% |
| India | 5.% |
| United Kingdom | 3.6% |
| Australia | 4.6% |
Rise in Disease Prevalence Creating Opportunities for Brain Imaging and Neuroimaging Manufacturers.
Over the forecast period, North America is expected to have the largest market share. The rise in funding for various neurodegenerative disease research, the rise in disease prevalence and awareness, and the presence of key market players are the crucial factors contributing to the growth of the studied market. According to the Parkinson's Foundation, around one billion people in the United States had Parkinson's disease (PD) in 2020, and nearly 60,000 Americans are diagnosed with Parkinson's disease each year.
According to the National Institute of Health, funding for neurodegenerative diseases was USD 4,021 million in 2020, and it is expected to increase to USD 4,110 million in 2021. Rising research funding is expected to attract the majority of the key players, resulting in the market's rapid growth under consideration. Thus, for the aforementioned reasons, North America possessed a 37.8% market share in 2022, registering a CAGR of 4.9% for the market from 2023 to 2033.
Increasing Prevalence of Brain Cancer Favoring the Market Growth
The increasing prevalence of brain cancer and neurodegenerative disorders is expected to dominate the overall brain imaging market in Western Europe, over the forecast period. Thus, Europe held 32.2% of the market share for the brain imaging and neuroimaging market in 2022.
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| Category | By Imaging Type |
|---|---|
| Leading Segment | Computed Tomography |
| Market Share (2022) | 28.7% |
| Category | By End User |
|---|---|
| Leading Segment | Hospitals |
| Market Share (2022) | 43.20% |
Hospitals to Hold Lion’s Share in the Brain Imaging and Neuroimaging Market
End users in the global brain imaging and neuroimaging market include hospitals, ambulatory surgical centers, clinics, and diagnostic centers. In 2020, the hospital segment held a leading brain imaging and neuroimaging market share. Brain imaging and neuroimaging is a complex process that necessitates the use of expensive and sophisticated devices and equipment typically found in hospitals.
In addition, hospitals receive significantly more patients than small clinics and other end users. Furthermore, brain imaging and neuroimaging impose a significant burden on healthcare facilities in terms of maintenance costs; hospitals, more than other end users, can bear such costs. As a result, brain imaging and neuroimaging are mostly used in hospitals, which account for the lion's share of this market segment.
Brain Imaging to Have a Massive Demand in the Market
In recent years, the healthcare industry has seen technological advances in medical devices that provide robust services to patients suffering from brain-related diseases. Brain imaging is currently one of the fast-growing segments of the imaging market.
Brain imaging is a screening method that allows doctors to analyze the activity and functioning of the nervous system in order to treat various types of neurodegenerative disorders. Various types of scanners are available on the market to provide services in the brain imaging segment. Brain imaging devices include functional magnetic resonance imaging (fMRI), computed tomography (CT), positron emission tomography (PET), electroencephalography (EEG), magnetoencephalography (MEG), and near-infrared spectroscopy (NIRS).
Among these, functional magnetic resonance imaging (fMRI) is well-known for providing detailed information about brain activity by detecting changes in blood oxygenation. Anatomical and functional information about changes in blood flow to specific areas of the brain is also provided by functional magnetic resonance imaging (fMRI). Brain imaging is widely used in the diagnosis of neurodegenerative diseases like Alzheimer's and Parkinsonism, as well as chronic diseases like brain cancer.
Key Start-up Players in the Brain Imaging and Neuroimaging Market are:
Key brain imaging and neuroimaging players include Varian Medical Systems, General Electric Company, Siemens AG, Philips Healthcare, Toshiba Medical Systems, Hitachi Medical Systems, Esaote SpA, and Sanrad Medical Systems Pvt. Ltd.
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Through 2033, the market is projected to develop at a CAGR of 5.1%.
By 2033, the industry is to have expanded to USD 22.41 billion.
In 2023, the market to reach a worth of USD 13.69 billion.
Between 2018 and 2022, sales surged at a CAGR of 3.2%.
The United States is expected to account for around 33.8% of the global market share.
| Market Size, 2023 | USD 6,221.2 million |
|---|---|
| Market Size, 2033 | USD 15,417.4 million |
| Value CAGR (2023 to 2033) | 9.5% |
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