July 15, 2024

Artificial Intelligence Expected To Boost The Growth Of Neuroimaging Market

The neuroimaging market deals with devices and technologies that are used to visualize the structure and function of the brain. These technologies include computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), and functional magnetic resonance imaging (fMRI). MRI and CT scanners are used to produce detailed images of brain structure. PET scans are used to measure brain activity by detecting radiation from a mildly radioactive drug injected into the bloodstream. Fmri scans detect changes in blood flow and oxygenation related to neural activity. Neuroimaging allows doctors to understand how the brain functions normally and identify abnormalities associated with various neurological conditions like brain tumors, Alzheimer’s disease, epilepsy and stroke. It plays a critical role in diagnosing and managing such conditions.

The global Neuroimaging Market is estimated to be valued at Us$ 37.63 Bn in 2023 and is expected to exhibit a CAGR Of 6.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the neuroimaging market is increasing adoption of artificial intelligence (AI). AI is being used for functions like automated image analysis, computer-aided diagnosis and surgical planning. For example, AI algorithms can analyze MRI scans and detect subtle abnormalities missed by radiologists. They can also integrate data from multiple scans over time to track disease progression. AI is finding increasing usage in neurosurgical planning by mapping patient anatomy in 3D for precise surgery. AI-based tools are enhancing efficiency, consistency and accuracy of neuroimaging workflows. This is expected to drive significant growth in the market during the forecast period.

Porter’s Analysis

Threat of new entrants: The neuroimaging market requires high capital investments for R&D, manufacturing facilities, and securing FDA approvals which makes the market less appealing for new entrants to enter.

Bargaining power of buyers: The buyers in the neuroimaging market include hospitals, diagnostic centers, research institutions. The bargaining power of buyers is high due to the presence of many players providing substitutes/alternate products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials and components. However, suppliers may have some control over pricing and supply due to high-end technology components.

Threat of new substitutes: There is a moderate threat of new substitutes in the market as new emerging modalities like optical imaging hold promise to substitute current technologies over the long term.

Competitive rivalry: The competitive rivalry is high in the neuroimaging market owing to the presence of many global and regional players offering similar products.

Key Takeaways

The Global Neuroimaging Market Size is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period of 2023 to 2030, due to increasing incidence of neurological disorders, technological advancements, and rising demand for non-invasive procedures.

By 2023, the market size for neuroimaging is estimated to reach US$ 37.63 billion. North America dominated the market in 2022 due to advancements in technology, presence of significant players, and rising healthcare expenditure. However, Asia Pacific is expected to witness the highest growth during the forecast period attributable to increasing healthcare spending and growing geriatric population in countries like China and India.

Key players operating in the neuroimaging market include GE Healthcare, Siemens Healthineers, Philips Healthcare, Toshiba Medical Systems Corporation, Hitachi Healthcare, Canon Medical Systems Corporation, Mindray Medical International Limited, Esaote SpA, NeuroLogica Corporation, NeuroVive Pharmaceutical AG, Brainlab AG, Akili Interactive Labs Inc., Brainomix Ltd., Imaging Science International, Mevis Medical Solutions, NeuroVista, Neusoft Medical Systems, Positron Corporation, Shimadzu Corporation, Trifoil Imaging.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it