Newly-released Magnetoencephalography industry analysis report by Future Market Insights shows that global sales of Magnetoencephalography in 2022 were held at USD 273 Million. With a CAGR of 5.4% from 2023 to 2033, the market is projected to reach a valuation of USD 485 Million. The market revenue through Clinical application is expected to be gross significant revenue and is projected to grow with a CAGR of 5.9% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Global Magnetoencephalography Market (2023) | USD 287 Million |
| Global Magnetoencephalography Market (2033) | USD 485 Million |
| Global Magnetoencephalography Market CAGR (2023 to 2033) | 5.4% |
| USA Magnetoencephalography Market CAGR (2023 to 2033) | 5.6% |
| Key Companies Profiled | Compumedics Limited; Croton Healthcare; Ricoh USA, Inc.; CTF MEG INTERNATIONAL SERVICES LP; FieldLine Inc. |
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As per the Magnetoencephalography industry research by Future Market Insights- a market research and competitive intelligence provider, historically, from 2018 to 2022, the market increased at around 4.8% CAGR, wherein, countries such as the USA, China, Japan, United Kingdom and South Korea held significant share in the global market.
The expansion of the brain disease diagnosis and treatment market, increasing visibility and popularity of non-invasive techniques, and the adoption of technology and Imaging Centers are fueling the growth of the Global Magnetoencephalography Market. The magnetoencephalography market is projected to grow at a CAGR of 5.4% over the coming 10 years.
MEG scanners have been found to be one of the common tools for diagnosing epilepsy, brain lesions, emotional states, pain recognition, and other complex neurological disorders. MEG is based on using belief neuromagnetic impulses do not distort as they pass through the skull and scalp.
Scanners have been around for decades, but recent developments in computer power and hardware have sparked renewed interest in them. MEG scanners are widely used around the world, and their number of users is growing. Furthermore, increased research and development efforts are expected to enhance the market for magnetoencephalography scanners from 2023 to 2033.
The HSE Institute for Cognitive Neuroscience, for example, has developed a new approach for processing MEG data that allows for more exact cortical activation zone identification. In both basic clinical and scientific practice, the approach can aid in the diagnosis of a variety of neurological illnesses and the preparation of patients for brain surgery.
Magnetoencephalography is a medical test that analyses the magnetic fields created by the electrical currents in the human brain without piercing or incision into the body. This non-invasive medical test is critical for mapping brain function and pinpointing the origins of epileptic episodes. It is the most advanced way of analyzing the brain's active functioning using an electromagnetic recording and evaluation process.
Magnetoencephalography recordings offer the necessary measurements of neurons to pinpoint the specific location of the malfunctioning. Because magnetoencephalography does not use ionizing radiation, it has potential benefits with its electromagnetic imaging techniques. This is a real-time, highly accurate investigation of brain activity.
The market growth of Magnetoencephalography devices is likely to be hampered by the increasing demand for magnetic resonance imaging scanning, computerized axial tomography scanning, and positron emission tomography scanning throughout the forecast period. According to a study published in the Journal of the American Medical Association in March 2018, Japan has 52 MRI scanners per 1 million people and the United States had 107 scanners per 1 million people. The United States had the second most MRI scanners, and the third most CT scanners.
With a CAGR of over 5%, Magnetoencephalography revenue in North America is expected to surge at a significant pace. The presence of a large number of market rivals in the region, as well as the high frequency with which new products are released contribute towards the regional market growth. Furthermore, in the United States, patient outcomes and safety are of paramount importance, wherein various projects have been introduced to improve healthcare quality and results.
Apart from North America, the market in Asia Pacific is expected to grow at a significant pace due to the increased need for better imaging technologies and the rising prevalence of neurological illnesses. The most common neurological disorders in Asia, out of more than 600 worldwide, are cerebrovascular and neurodegenerative diseases. The aging population in APAC, as well as greater awareness and diagnosis of neurodegenerative illnesses among doctors and patients, would help the market develop.
The market in the USA is expected to reach a valuation of around USD 146 Million by 2033, growing at a CAGR of 5.6% from 2023 to 2033. The market in the country is expected to witness an absolute dollar opportunity of around USD 61.5 Million.
The market in the United Kingdom is expected to reach a valuation of USD 23 Million by 2033. Growing with a CAGR of 5.4% in the forecast period, the market in the country is projected to garner an absolute dollar opportunity of around USD 9.4 Million.
In Japan, the market is expected to grow at a CAGR of 6.8% from 2023 to 2033, reaching around USD 24.6 Million by 2033. The market in the country is expected to gross an absolute dollar opportunity of USD 11.7 Million during the forecast period.
The market in South Korea is expected to reach a valuation of around USD 10.7 Million by 2033, growing at a CAGR of 6.4% from 2023 to 2033. The market in the country is expected to witness an absolute dollar opportunity of around USD 4.9 Million.
The market through clinical application is expected to grow at a CAGR of 5.9%. Due to the rising prevalence of neurodegenerative illnesses, the market through the clinical application is likely to generate significant revenue over the projection period. MEG provides precise diagnostic results in clinical contexts, with an extremely high spatial and temporal resolution, which is frequently superior in clinical circumstances.
Dementia, autism, schizophrenia, multiple sclerosis, stroke, epilepsy, and other conditions are sub-segmented under the clinical segment. Epilepsy is a life-threatening disorder, and pre-surgical examination of epilepsy is the most well-known clinical application of MEG because it gives vital information. In the United States, epilepsy is the fourth most frequent neurological condition. In recent years, the availability of MEG scanners for studying the anatomy and function of the developing brain has enhanced research on human brain development.
The key players in the Magnetoencephalography Market include Compumedics Limited, Croton Healthcare, Ricoh USA, Inc., CTF MEG INTERNATIONAL SERVICES LP, and FieldLine Inc.
A few recent developments in the Magnetoencephalography Market are as follows:
Similarly, recent developments related to companies offering Magnetoencephalography have been tracked by the team at Future Market Insights, which are available in the full report.
The magnetoencephalography market size is valued at USD 287 million in 2023.
The magnetoencephalography market is projected to thrive at a 5.4% CAGR through 2033.
The magnetoencephalography market is predicted to surpass USD 485 million by 2033.
The magnetoencephalography market developed at a 4.8% CAGR from 2018 to 2022.
The United States’ magnetoencephalography market is predicted to rise at a 5.6% CAGR through 2033.
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Magnetoencephalography Market
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