Magnetoencephalography Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Magnetoencephalography Market is Segmented By Application (Clinical, Dementia, Autism, Schizophrenia, Multiple Sclerosis, Stroke, Epilepsy, Others, Research), By End-user (Hospitals, Diagnostic Imaging centers, Academic and Research Institutes), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Magnetoencephalography Market Size

The global Magnetoencephalography Market reached US$ 273.8 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 408.8 million by 2030. The global Magnetoencephalography market is expected to exhibit a CAGR of 5.2% during the forecast period (2023-2030).

Brain activity associated with many cognitive processes, including language processing, memory, attention, and sensory perception, can be mapped and localized using Magnetoencephalography. Researchers can learn more about how different parts of the brain interact and contribute to particular cognitive processes by examining the precise time and location of brain activity.

Magnetoencephalography Market Scope

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Magnetoencephalography Market Dynamics

The increasing prevalence of dementia is driving the global magnetoencephalography market growth.

Memory, conduct, emotional processing and control, and cognition are all significantly impacted by dementia, a type of degenerative brain condition. Alzheimer's disease is the most prevalent kind of dementia, though there are other types as well. Worldwide, 55 million people currently living with dementia, and 10 million new cases are reported each year. In the future, this number will rise to 75 million in 2030 and 139 million in 2050. Developing nations will account for the majority of the increase.

People's social and environmental situations, as well as their exposure to risk factors, frequently affect their mental health. Genetics, advanced age, tobacco, drug, and alcohol use, poor food, and physical inactivity are all risk factors for mental and neurological illnesses. People are also at danger from environmental exposures including pollution and cranial traumas.

Technological advancements are driving the global magnetoencephalography market growth.

The development of neuroimaging is perfectly positioned to enable the translation of advances in the cellular genetics and molecular biology of neurodegeneration into improved dementia diagnosis, treatment, and prevention. One of the key areas of advancement in neuroscience is the development of sophisticated neuroimaging techniques. Magnetic resonance imaging (MRI) has advanced greatly with the creation of functional MRI (fMRI) methods and high-resolution imaging. These advancements have enabled researchers to see brain activity in great detail and investigate the functional relationships between distinct brain areas. 

Challenges associated with magnetoencephalography are hampering the global magnetoencephalography market growth.

MEG systems are less accessible than other neuroimaging methods like functional magnetic resonance imaging (fMRI) or electroencephalography (EEG) since they are pricey and highly specialized equipment. In addition to the initial purchase, MEG systems are expensive to operate, maintain, and staff with the necessary skills.

MEG infrastructure is not as common as other imaging modalities. It is difficult for researchers and clinicians to get access to MEG resources because of this limited availability, especially in some areas or healthcare settings. It might prevent MEG from being widely used in both research and therapeutic settings.

Magnetoencephalography Market Segment Analysis

The global magnetoencephalography market is segmented based on application, end-user, and region.

The clinical segment is expected to hold a dominant position in the market over the forecast period.

The clinical segment accounted for the highest market stake accounting for approximately 57.8% of the Magnetoencephalography market in 2022. MEG can assist in accurately pinpointing the areas that need to be removed for patients with brain tumors or for epilepsy sufferers who require surgery. This identifies brain tissue that must be spared to maintain critical bodily processes while enabling more thorough and selective excision of the affected areas. The likelihood of surgical success for patients whose tumor or epilepsy is deemed inoperable is also increased by this more accurate evaluation. 

Source: DataM Intelligence Analysis (2023)

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Magnetoencephalography Market Geographical Share

North America holds a dominant position in the global magnetoencephalography market.

North America is estimated to hold around 40.7% of the total market share throughout the forecast period. Alzheimer's disease and other similar disorders are included in the category of dementia, which is a chronic condition that seriously impairs memory, thinking, and social skills. Dementia gradually reduces a person's capacity for independent action. The number of Americans who have dementia will increase as the sizable baby boomer cohort matures.

 More than 7 million adults aged 65 and older had dementia in 2020. More than 9 million Americans could have dementia by 2030 and nearly 12 million by 2040 if demographic and health trends continue.

Source: DataM Intelligence Analysis (2023)

Magnetoencephalography Market Companies

The major global players in the market include Compumedics Limited, MEGIN, Ricoh USA, Inc., CTF MEG INTERNATIONAL SERVICES LP, FieldLine Inc., Cerca Magnetics Limited, and Croton healthcare among others.

COVID-19 Impact Analysis

Russia-Ukraine Conflict Analysis

The Russia-Ukraine war may affect the magnetoencephalography market due to a lack of facilities being impacted during times of geopolitical instability and economic uncertainty due to population relocation and travel restrictions brought on by the conflict, it was difficult for individuals to get healthcare services, including disease screening. Internally displaced people and refugees may have considerable healthcare hurdles, which prevents prompt disease screening.

Artificial Intelligence Analysis:

Artificial intelligence (AI) is increasingly being used in the Magnetoencephalography market to improve various aspects of the preprocessing procedures. The preprocessing procedures for MEG data, including noise reduction, artifact detection, and removal, can be automated and optimized with the aid of AI algorithms. The quality of the recorded signals can be improved by training machine learning methods to identify and eliminate different kinds of artifacts, such as eye blinks, heartbeats, and muscular activity.

By Application

• Clinical
  • Dementia
  • Autism
  • Schizophrenia
  • Multiple Sclerosis
  • Stroke
  • Epilepsy
  • Others
• Research

By End-user  

• Hospitals
• Diagnostic Imaging centers
• Academic And Research Institutes

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Why Purchase the Report?

• To visualize the global magnetoencephalography market segmentation based on the application, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of magnetoencephalography market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global magnetoencephalography market report would provide approximately 44 tables, 43 figures, and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies