Magnetoencephalography Industry Overview
The global magnetoencephalography market size was valued at USD 252.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2028.
One of the primary reasons likely to drive the market over the forecast period is increasing technological improvements in magnetoencephalography (MEG) systems and their growing adoption. Also, the rising prevalence of neurological disorders causing death and disability worldwide is expected to fuel market growth. Furthermore, neurodegenerative diseases primarily affect people in their middle to late years of life, and their prevalence is predicted to rise as the population ages. According to Harvard Neurodiscovery Center, one in every five Americans will be over the age of 65 by 2030. If left untreated, more than 12 million Americans would suffer from neurodegenerative disorders in the next 30 years.
Gather more insights about the market drivers, restrains and growth of the Global Magnetoencephalography Market
MEG scanners are proved to be one of the most effective devices for investigating epilepsy, brain tumors, emotions, pain perception, and other neurological problems. MEG takes advantage of the fact that neuromagnetic impulses pass through the skull and scalp without being distorted. While the technology has been around for decades, recent advances in computer power and hardware have generated growing interest in scanners. A large number of MEG scanners is in use worldwide, and the number is expanding. It is the first commercially available, non-cryogenic, whole-head MEG system, designed to help researchers and doctors better understand and diagnose a wide spectrum of mental illnesses.
Furthermore, one of the major reasons likely to boost the market for magnetoencephalography scanners throughout the forecast period is the growing research and development activities. For instance, the HSE Institute for Cognitive Neuroscience has provided a new method for processing MEG data that allows for more precise identification of cortical activation zones. The method can help in diagnosing varied neurological disorders and preparing patients for brain surgery in both basic clinical and research practice.
COVID-19 has led to a significant rise in the demand for COVID-19 specific devices such as ventilators, and thus the manufacturers are currently focusing their efforts on meeting the growing demand for these devices, thus, negatively impacted the growth of the market in 2020. However, in the current (second wave) COVID-19 pandemic, neurological consequences have emerged as a substantial source of morbidity and mortality. A study published in the “Neurology Online Journal” suggests that the COVID-19 virus might have been responsible for patients developing new neurological disorders. COVID-19 is also expected to have a long-term effect on the nervous system. Because of the rise of new disorders, the growth of the market is anticipated to gradually propel in the coming years.
However, the high cost of the brain scanning procedures, as well as the magnetoencephalography scanner is a key restraint on the global market, particularly in underdeveloped countries with inadequate reimbursement policies. In addition, the availability of alternative scanners and their increasing preference such as EEG is expected to hamper the growth of the market over the forecast period.
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Magnetoencephalography Market Segmentation
Grand View Research has segmented the global magnetoencephalography market based on application, end-use, and region:
Magnetoencephalography Application Outlook (Revenue, USD Million, 2016 – 2028)
- Multiple Sclerosis
Magnetoencephalography End-use Outlook (Revenue, USD Million, 2016 – 2028)
- Imaging centres
- Academic and research institutes
Magnetoencephalography Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- July 2021: Royal Oak Beaumont Hospital installed Beaumont’s MEG system by Ricoh, which is the first such system installed in the U.S. In the coming years, rising competition and increased demand for world-class healthcare services are likely to drive segment expansion.
- June 2021: FieldLine, a biotech firm that specializes in improved brain diagnostics launched a next-generation device, HEDscan for non-invasive functional brain imaging.
- February 2020: the US FDA has granted Compumedics Limited clearance for its Orion LifeSpan MEG single Dewar system.
Key Companies profiled:
Some prominent players in the global magnetoencephalography market include
- Compumedics Limited
- Croton Healthcare
- Ricoh USA, Inc.
- CTF MEG International Services LP
- FieldLine Inc.
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