Brain Imaging Modalities Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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Looking Into the Historic Growth of the Brain Imaging Modalities Market

In recent years, the brain imaging modalities market size has surged. It is projected to grow from $12.33 billion in 2023 to $13.07 billion in 2024, registering a compound annual growth rate CAGR of 6.0%. This growth can be credited to the escalating incidence and prevalence of neurological disorders, an increase in the volume of brain imaging modalities, and a rise in traffic accidents which is propelling the market growth. Other factors include a rise in the revenue of the brain imaging market and the escalating use of brain monitoring in clinical trials.

What Does the Future Look Like?

The brain imaging modalities market size is poised for robust growth in the coming years. It is expected to reach $16.56 billion in 2028, marking a CAGR of 6.1%. This growth can be attributed to a rising awareness of neurological disorders, growing demand for ventilators, and increasing demand for non-invasive and minimally invasive devices. Additionally, the rise in traffic accidents and the escalating prevalence of neurological disorders and traumatic brain injuries TBI are expected to drive growth. Major trends in the forecast period include the integration of artificial intelligence AI, the rise of portable and wearable imaging devices, multi-modal imaging approaches, and an emphasis on neurodegenerative diseases, digitalization, and decentralized trials.

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Exploring the Key Growth Drivers of the Market

The increasing prevalence of neurological disorders is a key driver of the brain imaging modalities market. Neurological disorders are medical conditions that affect the nervous system, comprising the brain, spinal cord, and nerves, and can lead to issues with movement, sensation, cognition, or behavior. The rise in neurological disorders is due to multiple factors such as an aging population, improved diagnosis, chronic diseases, genetic factors, improved diagnostics, environmental changes, and lifestyle factors. Brain imaging modalities are critical in diagnosing and monitoring these disorders by providing detailed images of the brain's structure and function, which aids in effective treatment planning. For instance, in April 2022, the European Brain Council reported that 10.5 million people in Europe were living with dementia, a trend that's expected to rise to 18.7 million by 2050.

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Major Market Players & Emerging Trends

Prominent companies operating in the brain imaging modalities market include Hitachi Ltd., Siemens AG, Toshiba Corporation, FUJIFILM Corporation, Koninklijke Philips N.V, Stryker Corporation, GE HealthCare Technologies Inc., Hologic Inc., Mindray Bio-Medical Electronics Co. Ltd., Shimadzu Corporation, Canon Medical Systems Corporation, Neusoft Corporation, Planmed Oy, Agfa-Gevaert N.V., Carestream Health, Brainlab AG, Esaote SpA, Ziehm Imaging GmbH, EOS imaging, NeuroLogica Corp., Swissray International Inc., Xoran Technologies LLC., Allengers Medical Systems Ltd., Konica Minolta Healthcare Americas Inc., and Hi-Tech Medical Imaging.

These firms are investing in the development of innovative technologies, especially neuroimaging technologies, to secure a competitive edge. For instance, in February 2024, Koninklijke Philips N.V., partnered with SyntheticMR to launch Smart Quant Neuro 3D, a technology that offers automated 3D quantification of neuroimaging data, real-time visualization of brain structures, and integrated AI for improved diagnostic accuracy. This innovation aims to streamline workflows and minimize the time required for image analysis.

Segmentation & Regional Insights

The brain imaging modalities market examined in this report is segmented by product Devices, Accessories, Usability, imaging type Computed Tomography CT, Positron Emission Tomography PET, Magnetic Resonance Imaging MRI, Single Photon Emission Computed Tomography SPECT, modalities Stand-Alone Functional Brain Imaging Systems, Portable Functional Brain Imaging Systems, patient type Adults, Pediatrics, Infants, and end-user Hospitals, Diagnostic Centers, Research Institutes.

During 2023, North America held the lion's share in the brain imaging modalities market. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period.
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