The global brain imaging modalities market stands to benefit from growing acceptance for brain diagnoses among individuals worldwide. In many cases, imaging modalities such as magnetic resonance imaging (MRI) devices are uncomfortable for patients as they experience claustrophobia and anxiety during the procedure, which results in unsatisfactory results or discontinuation of the diagnosis. Companies are now focusing on design-level innovations such as the introduction of open MRI and integration of virtual reality (VR) tools during scanning, which ultimately lead to a better experience for patients. Another direction of efforts that are expected to be seen in the coming years is in terms of technological advancements in brain imaging modalities is 3D amplified MRI or 3D aMRI.
The global brain imaging modalities market report highlights that the market was valued at $12,334.2 million in 2021 and is expected to reach $20,209.2 million by the end of 2031. The market is expected to grow at a CAGR of 5.06% during the forecast period 2022-2031 .
The high prevalence and growing incidences of brain diseases and neurogenerative disorders and the technological advancements in brain imaging modalities and systems are the key propellers for the growth of the market. Five key modalities of brain imaging modalities include computed tomography (CT) devices, magnetic resonance imaging (MRI) devices, positron emission tomography (PET) devices, PET-CT devices, and PET MRI devices. The field of cognitive neuroscience has emerged and developed rapidly over the last 20 years. To address the neural underpinnings of human cognition, this new field combines two traditionally separate disciplines, cognitive psychology and neurology.
Impact of COVID-19 on the Global Brain Imaging Modalities Market
The COVID-19 pandemic had a debilitating impact on the global healthcare ecosystem. Hospitals and clinics faced several challenges such as lack of resources, high patient influx, and risk of infection among care providers. The market is projected to witness considerable growth during the forecast period 2021-2030. The increasing innovations and product designs in the global market and the growing use in emerging economies are the driving factors for the growth of the market.
Market Segmentation
Global Brain Imaging Modalities Market (by Product Type)
The global brain imaging modalities market, based on product type, has been segmented into CT devices, MRI devices, PET devices, PET-CT devices, and PET-MRI devices.
Global Brain Imaging Modalities Market (by Patient Type)
The global brain imaging modalities market, based on patient type, has been segmented into adults, and pediatrics and infants.
Global Brain Imaging Modalities Market (by End User)
The global brain imaging modalities market, based on end user, has been segmented into hospitals and clinics, diagnostic imaging centers, and ambulatory surgery centers surgical centers.
Hospitals and clinics are the major end users for the global brain imaging modalities market. The high volume of the end user makes them the primary diagnosis site for brain diseases and neurodegenerative disorders (NDs) in emerging economies. Furthermore, the adoption of brain imaging modalities in ASCs has been increased due to several factors such as personalized care to the patients and reduced recovery time.
Global Brain Imaging Modalities Market (by Region)
The different regions covered under the global brain imaging modalities market include North America, Europe, Asia-Pacific and Rest-of-the-World.
North America is expected to be the most lucrative region for the global brain imaging modalities market due to advanced healthcare infrastructure and a high focus on research and development activities. The Asia-Pacific brain imaging modalities market is one of the lucrative markets with immense potential for expansion by key players of the global brain imaging modalities market. The Asia-Pacific brain imaging modalities market is expected to grow at the fastest rate during the forecast period. This can be attributed to the massive geriatric population base, which is driving the increase in the volume of brain imaging modalities.
Global Brain Imaging Modalities Market Opportunities
High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for the global brain imaging modalities market growth. In an era of machine learning and artificial intelligence, extracting quantitative biomarkers from medical images to aid illness detection, characterization, monitoring, and therapy response assessment is becoming increasingly desirable.
Key Market Players and Competition Synopsis
Some key players operating in the market include Aspect Imaging, Canon, Inc., Esaote SpA, Fujifilm Holdings Corporation, General Electric Company, Hyperfine Inc., Koninklijke Philips N.V., Mediso Medical Imaging Systems, MinFound Medical Systems Co., Ltd., Samsung Electronics Co., Ltd., Shenzhen Anke High-Tech Co.,Ltd., Shimadzu Corporation, Siemens Healthineers AG, United Imaging Healthcare Co., Ltd., and VUNO Co., Ltd.
Some strategies covered in this segment are funding activities, mergers and acquisitions (MAs), partnerships, alliances, business expansion, regulatory and legal activities, and new offerings.
Key Questions Answered in the Report
• How has COVID-19 impacted the growth of the global brain imaging modalities market?
• What are the key regulations governing the brain imaging modalities market in key regions?
• What technological developments are projected to have the maximum influence on the global brain imaging modalities market?
• Who are the leading players holding significant dominance in the global brain imaging modalities market?
• What are some of the growth opportunities which market players can capitalize on?
• What are the drivers and restraints for the global brain imaging modalities market?
• Which region has the highest growth rate in the brain imaging modalities market?
• Which are the fastest growing countries in terms of the global brain imaging modalities market?
• What are the key strategies being adopted by market players in the global brain imaging modalities market?
• Which are the emerging companies in the global brain imaging modalities market?
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How This Report Can Add Value
Assuming that the reader is a manufacturer of brain imaging modalities, the report will assist them in the following ways:
• Understand their position compared to other key players in the market
• Stay updated with novel technology integration, features, and the latest developments in the market
• Understand the impact of COVID-19 on brain imaging and the entry barriers for new companies
• Gain insights insights into end-user perception regarding the brain imaging modalities market
• Identify some key players in the market and understand their valuable contribution
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