Functional Brain Imaging System Market
Functional Brain Imaging System Market Study by Functional MR Imaging Systems, Functional Near Infrared Spectroscopy Systems, Magenetoencephalography Systems and Others from 2024 to 2034
Analysis of Functional Brain Imaging System Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Functional Brain Imaging System Market Outlook (2024 to 2034)
The global functional brain imaging system market size is estimated to reach US$ 5,184.2 million in 2024. Sales of functional brain imaging systems are expected to witness a CAGR of 6.8% from 2024 to 2034. By 2034, the demand for functional brain imaging systems is anticipated to reach a valuation of US$ 9,969.5 million.
Market Enablers for Functional Brain Imaging Technologies
The functional brain imaging system market is driven by ongoing developments in imaging technologies, such as enhancements in sensitivity, temporal resolution, and spatial resolution. Researchers and medical professionals are drawn to the development of increasingly advanced and effective imaging techniques, which contributes to the expansion of the functional brain imaging device market.
The demand for functional brain imaging systems is expanding because of government programs, financing support for neuroscience research, and improvements in healthcare infrastructure. The adoption of advanced imaging technologies is fueled by innovation and increased investments in research and development.
The functional brain imaging device market is driven by rising awareness among researchers, healthcare professionals, and the general public about the need for early diagnosis and understanding of brain illnesses. The adoption of functional brain imaging systems is growing due to educational activities.
| Report Attributes | Details |
|---|---|
| Estimated Market Value (2024E) | US$ 5,184.2 million |
| Forecasted Market Value (2034F) | US$ 9,969.5 million |
| Global Market Growth Rate (2024 to 2034) | 6.8% |
| Functional MR Imaging (fMRI) System Segment Growth Rate (2024 to 2034) | 7.4% |
| Stand-alone Device Segment Growth Rate (2024 to 2034) | 6.9% |
| Diagnostic Imaging Centers Segment Growth Rate (2024 to 2034) | 7.1% |
| North America Market Share (2024) | 7.0% |
| East Asia Market Share (2024) | 8.5% |
| Key Companies Profiled |
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Restrictive Elements Impacting the Functional Brain Imaging Industry
Elaborate and costly equipment is frequently used in functional brain imaging systems. The high upfront expenditures of purchasing and setting up functional brain imaging devices represent a significant obstacle for hospitals and research centers.
Privacy, consent, and the possible exploitation of sensitive neurological data are among the ethical issues that are brought up by the adoption of functional brain imaging technologies. The difficulties hamper the widespread adoption of functional brain imaging devices in addressing these ethical concerns.
Interoperability problems can arise due to non-uniform functional brain imaging methods and data formats. Researchers and healthcare providers cannot collaborate and share information freely due to incompatibilities between various platforms and data formats. This impedes the sales of functional brain imaging systems.
Country-wise Analysis
The functional brain imaging system market in North America is anticipated to develop at a CAGR of 7.0% through 2034. The rising demand for functional brain imaging systems in major countries, especially the United States and Canada, is the primary catalyst behind the spike. In 2034, 83.9% of the functional brain imaging technology market in the United States is expected to be captured.
The functional brain imaging device market in East Asia is anticipated to advance at an 8.5% CAGR through 2034. China has emerged as the dominant force, With a 49.5% share in the functional brain imaging system market in East Asia by 2034.
What are the Future Prospects of the North American Functional Brain Imaging Device Market?
“Rising Prevalence of Neurological Disorders Boosts Demand for Functional Brain Imaging Systems in North America”
Rising aging populations and an increasing prevalence of neurological illnesses are propelling the United States functional brain imaging system market expansion. A robust healthcare infrastructure and an increased emphasis on individualized medicine methods compel the adoption of functional brain imaging devices in the United States. In 2024, 81.8% of the functional brain imaging system market share in the United States is expected to be captured.
| Attribute | Details |
|---|---|
| United States Market CAGR | 7.3% |
| United States Market Size (2024) | US$ 1,617 million |
| Canada Market CAGR | 5.8% |
| Canada Market Size (2024) | US$ 300 million |
In Canada, the need for state-of-the-art brain imaging technology is driven by an increasing recognition of the need for prompt diagnosis and intervention in neurological diseases. The availability and cost-effectiveness of functional brain imaging systems in Canada are improved by government programs and financial support for neuroscience research projects, creating a favorable business climate. In 2024, the Canada functional brain imaging technology market is expected to retain a 15.1% share.
What is Fueling the East Asia Functional Brain Imaging System Market?
“Neuroinformatics Developments Play a Pivotal Role in Shaping the Functional Brain Imaging Landscape in East Asia”
The demand for functional brain imaging systems is rising in China due to the rising healthcare awareness among the people and the increasing healthcare facilities implementing cutting-edge imaging technology. The China functional brain imaging technology market is expanding rapidly due to a growing focus on understanding brain illnesses and a rise in neuroscience research activities. China is expected to acquire 47.0% of the functional brain imaging device market in 2024.
| Attribute | Details |
|---|---|
| Attributes | Details |
| China Market CAGR | 9.1% |
| China Market Size (2024) | US$ 481 million |
| Japan Market CAGR | 8.1% |
| Japan Market Size (2024) | US$ 463 million |
Japan's market is impacted by its aging population; advances in geriatric healthcare result from the adoption of functional brain imaging devices to understand neurological problems connected with aging. As more healthcare facilities in Japan use functional brain imaging to plan treatments and provide more accurate diagnoses, the incorporation of this technology into standard clinical practice is developing. In 2024, Japan possesses a 45.3% market share in functional brain imaging devices.
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Category-wise Outlook
Based on the product type, the electroencephalography (EEG) system segment is predicted to possess a 54.2% market share in 2034. Likewise, it is projected that the functional MR imaging (fMRI) system segment is going to achieve a notable 27.4% market share by 2034, considerably augmenting the resource diversity and stability of the industry. With a share of 52.9% in 2034, the hospitals category shows its superiority based on end users.
Which Product Segment is Widely Preferred for Diagnosis?
“Increasing Application of fMRI in Cognitive Neuroscience and Clinical Research”
| Functional MR Imaging (fMRI) System | Details |
|---|---|
| Market Size (2024) | US$ 1,334.2 million |
| Market Share (2024) | 25.7% |
With a high spatial resolution, the functional MR imaging (fMRI) system segment makes it possible to trace brain activity in great detail. Since the fMRI system offers instantaneous insights into available alterations in the brain, it is a favored method among scientists and medical professionals. The functional brain imaging system market is expected to increase steadily as long as fMRI technology advances and improves. The segment is projected to grow at a CAGR of 7.4% in the product type category from 2024 to 2034.
Why are Hospitals Dominating the Functional Brain Imaging System Market?
“Surging Prevalence of Brain Disorders Emphasizes the Pivotal Role of Hospitals”
| Hospital | Details |
|---|---|
| Market Size (2024) | US$ 2,729.4 million |
| Market Share (2024) | 52.6% |
Integration of state-of-the-art functional brain imaging technology is fueled by the hospital segment's dedication to specialized services. Diagnostic imaging centers draw a diverse spectrum of cases as referral hubs, which supports steady functional brain imaging system market growth.
Faster turnaround times are made possible by the optimized workflow in hospitals, which benefits patients and medical professionals alike. From 2024 to 2034, the end-user category's diagnostic imaging centers segment is expected to evolve at a CAGR of 7.1%.
Competitive Analysis
Driven by advances in neuroscience research and diagnostic applications, the functional brain imaging device market is characterized by fierce competition. Prominent functional brain imaging system vendors use tactics to enhance their market share, including mergers, acquisitions, and alliances. There is competition from well-established functional brain imaging system providers and up-and-coming firms, all vying to improve imaging capabilities and provide effective solutions.
Competition in the functional brain imaging system market is fueled by the growing need for non-invasive neuroimaging methods and increased neuroscience research. Maintaining market growth for functional brain imaging devices relies on following regulations and upholding quality standards. The competitive landscape is dynamic, with a focus on research and development to meet changing market needs.
Notable Advancements
Partnerships
- The strategic collaboration between Microsoft and Philips to create AI-driven healthcare solutions was disclosed in June 2020.
- Microsoft and GE Healthcare established a strategic collaboration to provide healthcare solutions driven by artificial intelligence in July 2020.
- A strategic collaboration to create AI-powered healthcare solutions was launched by Siemens Healthineers and Microsoft in August 2020.
Mergers and Acquisitions
- In June 2020, Siemens Healthineers paid US$ 1.1 billion to acquire Corindus Vascular Robotics.
- For US$ 6 billion, Canon Medical Systems Corporation purchased Toshiba Medical Systems Corporation in July 2020.
- Ambry Genetics Corporation was purchased by Konica Minolta, Inc. for US$ 1 billion in August 2020.
Product Launches
- Siemens Healthineers unveiled the Magnetom Terra 7T MRI equipment in June 2020.
- GE Healthcare introduced the Discovery MI PET/CT system in July 2020.
- Philips launched the Ingenia Ambition X 1.5T MRI equipment in August 2020.
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Segmentation of Functional Brain Imaging System Market Research
-
By Product Type:
- Functional MR Imaging (fMRI) System
- Functional Near Infrared Spectroscopy (fNIRS) System
- Magenetoencephalography (MEG) System
- Positron Emission Tomography (PET) System
- Electroencephalography (EEG) System
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By Modality:
- Stand-Alone Device
- Portable Device
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By End User:
- Hospitals
- Office Based Clinics
- Ambulatory Surgical Centers
- Diagnostic Imaging Centers
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By Region:
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- Middle East and Africa
- FAQs -
What was the Value of the Functional Brain Imaging System Market in 2019?
The global functional brain imaging system market was worth US$ 3,642.1 million in 2019.
What is the Sales Outlook for the Functional Brain Imaging Device Market in 2024?
The sales of functional brain imaging systems are likely to be valued at US$ 5,184.2 million in 2024.
What IS the Demand Forecast for the Functional Brain Imaging System Market?
The demand for functional brain imaging systems is projected to reach a market value of US$ 9,969.5 million by 2034.
What Is the Adoption Growth Projection for Functional Brain Imaging System Market?
The adoption of functional brain imaging systems is projected to rise at a CAGR of 6.8% through 2034.
At What CAGR is the Functional Brain Imaging System Market in North America Predicted to Grow?
The North America functional brain imaging system industry is forecasted to expand at a CAGR of 7.0% through 2034.
At What CAGR is the Market in East Asia Expected to Grow?
The East Asia functional brain imaging device market is forecasted to expand at a CAGR of 8.5% through 2034.
Functional Brain Imaging System Market