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Brain And Neuroimaging Devices Global Market Report 2021: COVID 19 Growth And Change to 2030

·4-min read

Major players in the brain and neuroimaging devices market are GE, Siemens, Philips, Canon, Hitachi Medical Systems, Medtronic Plc, EB Neuro S. p. A. , Neurosoft, MinFound Medical Systems Co. , Ltd, and Elekta.

New York, May 10, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Brain And Neuroimaging Devices Global Market Report 2021: COVID 19 Growth And Change to 2030" -

The global brain and neuroimaging devices market is expected to grow from $31.429 billion in 2020 to $32.577 billion in 2021 at a compound annual growth rate (CAGR) of 3.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $41.122 billion in 2025 at a CAGR of 6%.

The brain and neuroimaging devices market consists of sales of brain and neuroimaging devices and related services by businesses that manufacture them. Brain and neuroimaging devices are medical devices used to capture the structure and function of the brain for studying the areas affected by neurological disorders, brain functioning and activity of the brain.

Companies and researchers are focusing on developing portable brain scanners that are expected to revolutionize brain imaging by lowering the cost of devices, making it affordable and accessible to all.EMVision Medical Devices and researchers at Queensland University have developed a portable brain scanner technology that enables brain scanning to be performed at almost any location.

Researchers at University College London have developed a portable MEG brain scanner that is lightweight, worn like just a helmet but can measure brain activity even as people make natural movements, providing improved imaging opportunities for patients with disorders which cause unprompted body movements, such as epilepsy.

The brain and neuroimaging devices market covered in this report is segmented by imaging type into functional magnetic resonance imaging (fMRI); computed tomography (CT); positron emission tomography (PET); electroencephalography (EEG); magnetoencephalography (MEG); others, and by end-user into hospitals; diagnostic centres; ambulatory surgical centres.

In July 2018, York Instruments, a subsidiary of Croton Healthcare, a UK-based company developing the next generation of magnetoencephalography (MEG) brain scanners, acquired the MEG business of Elekta for an undisclosed amount.This acquisition is expected to boost the magnetoencephalography field.

This acquisition supports not just the significant future development of MEG technology, but also the customers of both companies, as it combines the experience of Elekta and the advanced technology of York Instruments. Elekta, a Swedish company, is a leading manufacturer of equipment and software that are used to enhance, prolong and save the lives of people with cancer and brain disorders.

An increase in the incidence of neurological disorders is expected to drive the market. According to a report by Neurological Alliance published in 2019, the number of neurological cases in England has reached 14.7 million and 1 in 6 people suffer from neurological disorders. Brain and neuroimaging devices are used to diagnose neurological disorders increasing the survival rate and management of the disease. This increasing incidence rate is expected to drive the brain and neuroimaging devices market.

The high cost of imaging devices is anticipated to hamper the market for brain and neuroimaging devices.Neurological and cognitive psychology research and design brain-computer interfaces require high-end machines such as Electroencephalography (EEG), Positron Emission Tomography (PET), Functional Magnetic Resonance Imaging (fMRI) among others.

These are high-cost devices, for instance, the new 64-slice CT scanners range between $500,000 and $700,000, cost of a PETCT scanner ranges from $225,000 to $750,000, which is not affordable for all hospitals and labs, mainly in developing countries. Thus, the high cost of imaging devices hampers the buying capacity of hospitals and diagnostic labs, hampering the brain and neuroimaging devices market.

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