Functional Brain Imaging System Market is Expected to Achieve US$ 9,969.5 Million by 2034

The functional brain imaging system market is projected to generate US$ 5,184.2 million in revenue by 2024. With a potential CAGR of 6.8%, the global market is expected to reach US$ 9,969.5 million by 2034.

The demand for functional brain imaging systems is anticipated to rise due to the increasing prevalence of neurological illnesses, including epilepsy, Alzheimer's disease, and other dementias, worldwide.

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The growing number of patients with traumatic brain injuries and brain aneurysms necessitates acute care. New, cutting-edge magnetic technologies are making functional brain imaging devices easier to use and reducing the processing time needed to examine the central nervous system. From 2024 to 2034, this is expected to drive the adoption of functional brain imaging devices and revenue growth.

However, a significant challenge to market expansion is the lack of skilled personnel to operate and maintain these complex devices. Operating them requires specific expertise and a deep understanding of brain anatomy and physiology, limiting the number of qualified users.

Regional Perspectives in the Functional Brain Imaging System Market

In North America, the market is dominated by large suppliers, fostering competition and innovation, and ensuring the continuous introduction of advanced functional brain imaging technologies. The growing focus on neurological research and diagnoses, along with rising healthcare expenditures in countries like China and India, is boosting the adoption of functional brain imaging systems.

Government funding for neuroscience research in these countries creates a conducive environment for discoveries in brain disorders and cognitive processes, thereby strengthening the functional brain imaging system market in Europe.

Key Takeaways

North America's functional brain imaging device market is projected to grow at a CAGR of 7.0% from 2024 to 2034.
Sales of functional brain imaging systems in East Asia are anticipated to surge at a CAGR of 8.5% between 2024 and 2034.
The electroencephalography (EEG) system segment is estimated to hold a 54.2% market share in the product type category.
The functional MR imaging (fMRI) system segment is set to exhibit a CAGR of 7.4% from 2024 to 2034.
The stand-alone device segment in the modality category is expected to capture an 80.6% market share and accelerate at a CAGR of 6.9% through 2034.
In the end-user category, the diagnostic imaging centers segment is projected to grow at a CAGR of 7.1% between 2024 and 2034.
The hospitals segment is expected to acquire a 52.9% market share in the end-user category.
The United States functional brain imaging system market is anticipated to grow at a CAGR of 7.3% through 2034.
Canada's functional brain imaging device market is projected to develop at a CAGR of 5.8% through 2034.
Mexico's functional brain imaging system sales are expected to rise at a CAGR of 5.0% through 2034.
China's functional brain imaging system market is projected to grow at a CAGR of 9.1% until 2034.
South Korea's functional brain imaging device industry is expected to register a CAGR of 7.3% through 2034.
Japan's functional brain imaging system market is anticipated to exhibit a CAGR of 8.1% through 2034.

"The demand for functional brain imaging devices is rising as infectious diseases that impact the central nervous system are becoming more prevalent, generating neural disorders," comments an analyst at Fact.MR.

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Key Companies Profiled in This Report

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
Siemens AG
Hitachi Medical Systems
Elekta

Competitive Landscape

Market competition for functional brain imaging systems is fierce, with many significant players in the field. The strategic actions of the available brain imaging system vendors are expected to help the market grow.

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Novel Developments

An agreement to assist the businesses in enhancing their manufacturing operations was announced in August 2022 between GE Digital and Ernst & Young LLP (EY United States). Through this partnership, EY US's seasoned industry knowledge and technology consulting services are merged with GE's more than a century of manufacturing experience and abundant digital technologies.
MYndspan launched a brain imaging service measuring and assessing brain health through brain connections at the Institute of Health and Neurodevelopment at Aston University in March 2022. The brain imaging service measures the electrical signals that travel between neurons to produce a remarkably detailed image of brain activity.

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