July 14, 2024

Rapid Digitization In Healthcare To Boost The Growth Of Neuroimaging Market

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 Overview:
Neuroimaging refers to the use of various techniques such as computed tomography, magnetic resonance imaging, positron emission tomography, and magnetoencephalography to image the structure, function and pharmacology of the brain. Neuroimaging helps in the diagnosis of neurological disorders such as stroke, Alzheimer’s disease, Parkinson’s disease, depression, and epilepsy among others. Advances in neuroimaging techniques have enabled more precise diagnosis and monitoring of treatment response in neurological diseases. Non-invasive imaging has replaced more invasive imaging methods and has advantages such as improved visualization of soft tissues, lack of ionizing radiation, and multiplanar capability.

Market key trends:
One of the key trends in the neuroimaging market is the increasing adoption of digital transformation and artificial intelligence. Vendors are focusing on developing AI-powered neuroimaging solutions to capture meaningful insights from neuroimages and assist in disease diagnosis and treatment planning. AI can help reduce variability in image interpretation and offer objective, data-driven assistance to clinicians. Moreover, integration of AI and cloud technology enables real-time access to neuroimages globally and collaborative diagnostic work. This technological advancement supports digital healthcare transformation and improves clinical outcomes. Increased healthcare spending on prevention and uprising geriatric population diagnosed with neurological disorders also drives the demand for neuroimaging procedures.

Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate due to high capital investment required for R&D and technological expertise. However, growing healthcare sector provides opportunities.
Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of numerous global players offering diversified products. However, customized products increase switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to availability of substitute components. Suppliers have moderate threat regarding components and technology.
Threat of new substitutes: The threat of substitutes is low as neuroimaging systems offer non-invasive procedures compared to invasive imaging modalities.
Competitive rivalry: GE Healthcare.

Key Takeaways:
The Global Neuroimaging Market Trend is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, 2023 to 2030, due to increasing prevalence of neurological disorders.

North America holds the major share in the global neuroimaging market owing to rapid adoption of advanced technologies and presence of key players in the US. Asia Pacific exhibits the fastest growth due to growing healthcare expenditure and increasing patient pool in major countries like India and China.

Key players operating in the neuroimaging market are 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.

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