Global Functional Brain Imaging Systems Market is expected to surpass US$ 7.7 Bn by 2031, likely to Grow Moderately at 6.3% CAGR

Global Functional Brain Imaging Systems Market is currently valued at around US$ 4.2 Bn, and is set to experience a significant 6.3% CAGR with Projected Market Value of US$ 7.7 Bn from 2021 to 2031

The healthcare vertical is expected to accelerate based on IoT (Internet of Medical Technology). The key players in some help in designing and tuning to sophisticated custom software. Also, iTunes or Google Play catalogs have encompassed healthcare and wellness mobile apps. With synchronization with wearables like fitness trackers or pulsometers for using data collected via sensors placed on the body for reporting/analyzing health conditions, the Functional Brain Imaging Systems Market is there to take the healthcare vertical by storm in the next 10 years.

Increasing incidence of neurological disorders globally, such as Alzheimer's disease, epilepsy, and other dementias; cerebrovascular diseases, including migraine, brain tumors, and other headache disorders; and traumatic disorders due to head trauma; is anticipated to fuel demand for functional brain imaging systems over the coming years.

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Advanced research & development and rapid pace of advancements in embedded systems and microelectronics have accelerated development and improvement of brain signal monitoring technologies such as multichannel EEG and fMRI devices. Functional brain imaging system manufacturers are expected to see new growth prospects as the healthcare diagnostic industry evolves and new measures for neurological illness management become available.

Furthermore, increasing need for intensive care for traumatic brain injury and brain aneurysm and availability of new advanced magnetics technologies in these devices are further anticipated to escalate the ease of investigating the central nervous system with lesser processing time. This is expected to boost revenue growth and adoption of functional brain imaging systems over the decade.

Adoption of hybrid imaging consisting of positron emission tomography (PET) and MRI scan is increasing globally. Asian countries and many countries from Africa are attracting and encouraging start-up companies as well as global manufacturers to set up their manufacturing facilities in their regions, especially in the healthcare sector. Major manufacturers of brain imaging systems can grab these opportunities to capitalize on economies of scale so as to strengthen their position in the market.

Company Profiles:

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
General Electric Company

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Key Takeaways from Market Study

By product, electro encephalography systems are expected to hold 54.3% market value share by the end of 2031, primarily because of high prevalence of central nervous system disorders.

Based on modality, standalone devices are leading with 78.7% market share in 2020, encompassing stationary healthcare settings, including hospitals.
Hospitals dominated the end-user segment with a share of around 50.6% in 2020, due to increasing imaging and diagnostic procedures for infectious diseases.

By region, North America is slated to be the leading market with a value share of 37.2% at the end of the forecast period, owing to the presence of major market players in the region.
"Rising prevalence of infectious diseases affecting the central nervous system and subsequent occurrence of neural disorders will drive demand of functional brain imaging systems," says an analyst of Persistence Market Research.

Market Competition

Acquisitions, mergers, expansions, and product launches are key strategies adopted by manufacturers to increase their consumer base in different regions.

In 2020, Medtronic received both, CE mark and FDA approval, for its devices- Percept™ PC Deep Brain Stimulation (DBS) System with BrainSense™ technology. This DBS system provides personalized and data-driven neurostimulation treatment by way of capturing, recording, and tracking patient-specific brain signals.

In November 2019, Canon Medical Systems Corporation acquired Switzerland-based MRI research & development company Skope Magnetic Resonance Technologies AG. This acquisition is expected to facilitate the development of innovative technologies in MR imaging and diagnostics.

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The research study is based on the product (Functional MR Imaging (fMRI) Systems, Functional Near Infrared Spectroscopy (fNIRS) Systems, Magnetoencephalography (MEG) Systems, Positron Emission Tomography (PET) Systems, and Electroencephalography (EEG) Systems), modality (standalone device and portable device), end user (hospitals, office-based clinics, ambulatory surgical centres, and diagnostic imaging centres), across seven key regions of the world.

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