Global Magnetoencephalography Market by End-use (Imaging Centers, Academic & Research Institutes, Hospitals), by Application (Research, Clinical) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

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. Market growth is also expected to be driven by the increasing prevalence of neurological disorders that cause death and disability around the world. Neurodegenerative diseases are most common in the middle and late years of life. Their prevalence is expected to increase as people age. Harvard Neurodiscovery Center predicts that one fifth of Americans will reach 65 years old by 2030. If untreated, over 12 million Americans will develop neurodegenerative diseases in the next 30 year.

MEG scanners have been proven to be the most efficient devices for diagnosing epilepsy, brain tumors and emotions. MEG exploits the fact that neuromagnetic impulses can pass through the skull without distortion. Despite being around for decades, scanners are becoming more popular due to recent technological advances. Worldwide, there are many MEG scanners in use. The number is growing. FieldLine, a biotech company that specializes on improved brain diagnostics, launched HEDscan, a next-generation device for non-invasive functional head imaging. This is the first non-cryogenic whole-head MEG system that is commercially available. It was created to aid researchers and doctors in diagnosing a broad range of mental disorders.

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. The HSE Institute for Cognitive Neuroscience, for instance, has developed a new way to process MEG data which allows for more accurate identification of cortical activation areas. This method is useful in diagnosing neurological disorders and in preparing patients to undergo brain surgery, both in clinical and research settings.

COVID-19 has caused a significant increase in demand for COVID-19-specific devices like ventilators. Therefore, manufacturers are currently focusing on meeting this growing demand, which will negatively impact the market's growth in 2020. The current COVID-19 pandemic (second wave), has seen neurological effects as a significant source of morbidity, and even death. According to a study published in Neurology Online Journal, COVID-19 may have contributed to the development of new neurological disorders. COVID-19 will also have a long-lasting effect on the nervous systems. The market will continue to grow due to the rise in new disorders.

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. The market's growth will be impeded by the increasing popularity of EEG scanners, as well as the availability of other scanners.

Application Insights

Market leader, the clinical application segment, accounted for 56.0% of the total revenue in 2020. Due to increasing incidence of neurodegenerative diseases, the segment will continue to dominate the market during the forecast period. MEG in clinical settings provides precise diagnostic results with a high spatial and temporal resolution that are often superior to clinical settings.

This clinical segment can be sub-segmented into multiple sclerosis (stroke, epilepsy), dementia, schizophrenia, multiples sclerosis, multiple sclerosis and other conditions. Market share was the highest for the MEG scanner that is used to treat epilepsy. Epilepsy can be life-threatening and pre-surgical evaluation is the most popular clinical application of MEG. Epilepsy is fourth most common neurological disorder.

Recent years have seen a rise in brain research thanks to the availability of MEG scanners that can examine the anatomy and functions of the developing brain. Cognitive neuroscience researchers at Peking University (Beijing) adopted the Elekta NeuromagTM MEG device in a variety brain research studies. The market is expected to expand due to the above factors over the forecast period.

End-use Insights

Due to the large patient base and increasing adoption of MEG scanners in hospitals, the hospital segment was the dominant market for MEG. It accounted for around 36.0% of the MEG market's total revenue. Royal Oak Beaumont Hospital, for instance, installed Beaumont's Ricoh MEG system in July 2021. This is the first such system in the U.S. Segment expansion will likely be driven by rising competition and increased demand of world-class healthcare services in the future.

Market growth is expected to be significant in the imaging centers segment during the forecast period. The segment is expected to grow due to its low scan costs, shorter wait times, involvement in diagnostic accreditation boards and growing reimbursement structure.

Regional Insights

North America was the dominant market for MEGs and held the largest revenue share at 34.0% in 2020. Both the presence of many market competitors in the region and the frequent release of new products seem to contribute to regional market growth. Patient safety and outcomes are of paramount concern in the U.S. and a variety of projects have been created to improve quality and outcomes. The fact that North America is spending significantly more on healthcare than any other country contributes to the market's growth.

The market in Asia Pacific is expected to grow at a 5.6% CAGR over the forecast period. This is due to increased demand for imaging devices and rising incidence of neurological disorders. Out of over 600 neurological conditions worldwide, the most common ones in Asia are cerebrovascular and neurodegenerative. APAC's aging population and improved diagnosis and awareness of neurodegenerative diseases among patients and doctors will both contribute to the market's growth.

Market Share Insights & Key Companies

These key players are committed to improving their product offerings through cooperative drives. They also consider acquisitions and approvals from the government to increase their client base and take a greater share of the overall industry. Compumedics Limited approval was granted by the US FDA in February 2020 for its Orion LifeSpan single Dewar system. MEG is a neuroimaging technique that records magnetic fields that are generated by electrical currents in the brain. It can be used to map brain activity. Some of the prominent players in the magnetoencephalography market include:

• Compumedics Limited

• Croton Healthcare

• Ricoh USA, Inc.

• CTF MEG International Services LP

• FieldLine Inc.

Up Market Research published a new report titled “Magnetoencephalography Market research report which is segmented by End-use (Imaging Centers, Academic & Research Institutes, Hospitals), by Application (Research, Clinical), By Players/Companies Compumedics Limited, Ricoh USA Inc, CTF MEG International Services LP , Croton Healthcare, FieldLine Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Magnetoencephalography Market Report Segments:

The market is segmented by End-use (Imaging Centers, Academic & Research Institutes, Hospitals), by Application (Research, Clinical).

Magnetoencephalography Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Magnetoencephalography Market

Overview of the regional outlook of the Magnetoencephalography Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Magnetoencephalography Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Magnetoencephalography Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Imaging Centers

                2. Academic & Research Institutes

                3. Hospitals

                1. Research

                2. Clinical

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Magnetoencephalography Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Magnetoencephalography Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.