The global magnetoencephalography (MEG) market is set to witness steady growth, with global sales valued at US$ 273 million in 2022. According to a newly released industry analysis by Future Market Insights, the market is projected to expand at a CAGR of 5.4% during the forecast period from 2023 to 2033, reaching an estimated valuation of US$ 485 million by 2033.
Magnetoencephalography, a non-invasive imaging technology used to map brain activity, has gained significant traction in clinical applications, including epilepsy diagnosis, brain tumor assessments, and pre-surgical mapping. With clinical applications projected to grow at an impressive CAGR of 5.9% during the forecast period, this segment is expected to contribute significantly to market revenue.
The growth of the MEG market is driven by advancements in neuroimaging technologies, increasing prevalence of neurological disorders, and rising demand for precise diagnostic tools. The integration of AI and machine learning in MEG systems is further enhancing their accuracy and adoption in both clinical and research settings.
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Key Takeaways:
- The magnetoencephalography market is expected to grow from US$ 273 million in 2022 to US$ 485 million by 2033, at a CAGR of 5.4%.
- Clinical applications are a major revenue driver, projected to grow at a CAGR of 5.9% from 2023 to 2033.
- MEG technology is increasingly used for diagnosing neurological disorders, brain mapping, and epilepsy assessment.
- Innovations in AI-driven imaging and rising investments in neuroimaging research are bolstering market growth.
Revenue by Application
The revenue generated through clinical applications is expected to be significant, with projections indicating a CAGR of 5.9% during the same period.
Market Drivers
- Increasing Prevalence of Neurological Disorders: The rising incidence of conditions such as epilepsy, Alzheimer’s disease, and other neurological disorders is driving demand for advanced diagnostic tools like magnetoencephalography.
- Technological Advancements: Innovations in MEG technology are enhancing its capabilities, making it a preferred choice for non-invasive brain imaging and functional mapping.
- Growing Research Activities: Increased funding and interest in neuroscience research are propelling the adoption of MEG systems in academic and clinical settings.
- Focus on Precision Medicine: The shift towards personalized treatment plans in neurology is boosting the demand for accurate diagnostic tools that MEG provides.
Regional Insights
- The North American region is expected to dominate the market due to its advanced healthcare infrastructure, high rates of neurological disorders, and significant investment in medical technology.
- The Asia-Pacific region is anticipated to witness rapid growth driven by increasing healthcare expenditures and rising awareness about advanced diagnostic technologies.
Challenges
- High Cost of Equipment: The significant investment required for MEG systems may limit access for some healthcare facilities, particularly smaller practices or those in developing regions.
- Complexity of Technology: The sophisticated nature of MEG technology requires specialized training for operators, which can pose challenges in terms of implementation and usage.
Key Companies Profiled
- Compumedics Limited
- Croton Healthcare
- Ricoh USA, Inc.
- CTF MEG INTERNATIONAL SERVICES LP
- FieldLine Inc.
Competitive Analysis
The key players in the Magnetoencephalography Market include Compumedics Limited, Croton Healthcare, Ricoh USA, Inc., CTF MEG INTERNATIONAL SERVICES LP, and FieldLine Inc.
A few recent developments in the Magnetoencephalography Market are as follows:
- In July 2018, York Instruments Ltd. purchased Elekta’s magnetoencephalography business.
- In November 2018, Leti introduced a MEG scanning gadget, also known as a wearable brain scanner or MEG helmet. It is designed for improved epilepsy and brain tumor diagnosis.
Similarly, recent developments related to companies offering Magnetoencephalography have been tracked by the team at Future Market Insights, which are available in the full report.
Market Segments Covered in Magnetoencephalography Industry Analysis
By Application:
- Clinical
- Dementia
- Autism
- Schizophrenia
- Multiple Sclerosis
- Stroke
- Epilepsy
- Others
- Research
By End-use:
- Hospitals
- Imaging Centes
- Academic and research institutes
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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