SAN FRANCISCO, Oct. 6, 2021 /PRNewswire/ -- The global magnetoencephalography market size is expected to reach USD 353.9 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.6% from 2021 to 2028. The growing frequency of new product launches and the rise in the incidence of neurological disorders such as epilepsy and stroke are key factors driving the market. In addition, the growing geriatric population is also expected to drive the growth of the market, since they are more prone to neurodegenerative diseases. According to the World Health Organization, neurological disorders are a leading cause of death, accounting for 12.0% of all deaths worldwide.
Key Insights & Findings:
- By application, the clinical segment dominated the MEG market and accounted for the largest revenue share of over 56.0% in 2020, and is further expected to continue its dominance throughout the forecast period
- The clinical segment is further sub-segmented into dementia, autism, schizophrenia, multiple sclerosis, stroke, epilepsy, and others, in which the epilepsy sub-segment held the largest market share owing to its increasing prevalence worldwide
- Based on end-use, the hospital segment held the largest revenue share in 2020, owing to the increasing number of hospitals in developing countries and growing competition in healthcare service providers
- The imaging center segment is expected to experience the fastest growth rate during the forecast period due to its convenience, proximity, lower costs to patients, and presence of insurers
- In Asia Pacific, the market is anticipated to witness the fastest CAGR of 5.6% over the forecast period due to the presence of untapped opportunities in the emerging economies of China and India
Read 100 page market research report, "Magnetoencephalography Market Size, Share & Trends Analysis Report By Application (Clinical, Research), By End-use (Hospitals, Imaging Centers, Academic & Research Institutes), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
Magnetoencephalography (MEG) technologies detect the weak magnetic fields created in the brain and use them to quantify brain functionality and map brain activity. In a clinical setting, MEG provides several inherent applications. Scans can be performed in a safe and silent atmosphere due to the passive nature of the recordings, which even allows a patient's companion to be present within the shielded area. According to a systematic review of the Global Burden of Disease study published in JAMA Neurology in 2017, non-communicable neurological disorders caused a considerable and growing burden in the United States, thus, expected to boost the market growth.
The market's prominent competitors are acquiring medium and small-sized businesses to expand their product portfolio and enhance their manufacturing capacity. For instance, in December 2020, the Magnetic Shields Limited (MSL) of Kent in partnership with the University of Nottingham has developed Cerca Magnetics Limited, a new spin-out company that will deliver the world's most advanced functional wearable brain scanner to market. It is designed to let people move around freely while being scanned.
Grand View Research has segmented the global magnetoencephalography market based on application, end-use, and region:
- Magnetoencephalography Application Outlook (Revenue, USD Million, 2016 - 2028)
- Clinical
- Dementia
- Autism
- Schizophrenia
- Multiple Sclerosis
- Stroke
- Epilepsy
- Others
- Research
- Magnetoencephalography End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Hospitals
- Imaging centres
- Academic and research institutes
- Magnetoencephalography Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Thailand
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East and Africa
- Saudi Arabia
- South Africa
- UAE
List of Key Players of Magnetoencephalography Market
- Compumedics Limited
- Croton Healthcare
- Ricoh USA, Inc.
- CTF MEG International Services LP
- FieldLine Inc.
Check out more studies related to devices for diagnosis & treatment of neurological disorders, conducted by Grand View Research:
- Neurological Biomarkers Market - The global neurological biomarkers market size was valued at USD 6.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.9% from 2020 to 2028. The market growth can be attributed to a rise in the prevalence of neurological diseases.
- Cerebrospinal Fluid Drainage Catheter Market - The global cerebrospinal fluid drainage catheter market size was valued at USD 257.34 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% from 2021 to 2028. The demand for Cerebrospinal Fluid (CSF) drainage catheters is anticipated to upsurge owing to the rising incidence of neurological disorders and increasing road accidents, which result in traumatic brain and spinal injuries.
- Neurodiagnostics Market - Increasing prevalence of neurological disorders, such as stroke, Alzheimer's disease, Parkinson's disease, multiple sclerosis, and epilepsy across the globe is a primary factor driving the growth of specific and precise diagnostic procedures.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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