Magnetoencephalography Market - By Product (Cryogenic/Conventional Systems, OPM Systems), By Application (Clinical, {Epilepsy, Autism, Dementia, Stroke, Traumatic brain injury}, Research), By End-use & Forecast, 2023-2032

Magnetoencephalography Market - By Product (Cryogenic/Conventional Systems, OPM Systems), By Application (Clinical, {Epilepsy, Autism, Dementia, Stroke, Traumatic brain injury}, Research), By End-use & Forecast, 2023-2032

Magnetoencephalography Market Size

Magnetoencephalography Market size surpassed USD 174 million in 2022. The industry is projected to register over 11% CAGR through 2023-2032, considering the increasing number of patients with epilepsy and other neurological disorders.
 

The burden of brain disorders including epilepsy increases at a steady pace worldwide. Based on the CDC’s data, in 2021, nearly 3.4 million people were diagnosed with epilepsy in the U.S. This rising prevalence of epilepsy will augment the demand for magnetoencephalography brain imaging systems for pre-surgical evaluation of the disease. Magnetoencephalography (MEG) records are commonly used in conjunction with electroencephalography to identify the source of epileptiform brain activity, a source of seizures. The high awareness of clinical benefits will boost the development of medical imaging devices including MEG system

Despite having no identifiable cause in nearly half the people, epilepsy may be traced to varied factors such as genetic influence, brain abnormalities, and head trauma. The risk of developing brain tumors among women will therefore accelerate the use of magnetoencephalography devices. However, rapid innovation and the integration of advanced technology led to a surge in device costs. As a result, the number of users adopting such in-vitro diagnostic services may reduce and hamper industry dynamics to some extent, especially in low-income countries.
 

Magnetoencephalography Market Analysis

Magnetoencephalography market from the clinical segment will be valued at over USD 356 million by 2032, given the growing incidence of neurodegenerative diseases. With the elderly population growing at a rapid pace, the burden of Parkinson’s disease and other chronic neurodegenerative disorders will rise. In western countries, for example, the cases of dementia continue to surge. These factors will escalate the adoption of MEG equipment in clinical settings to ensure the accurate diagnosis of brain disorders.
 

The hospitals segment accounted for a 40% share of the magnetoencephalography market in 2022. This is on account of the escalating adoption of advanced medical devices to offer enhanced therapeutics and diagnostic procedures in hospital settings. The rate of hospital admissions due to neurological conditions also continues to rise. In addition, the strong presence of skilled healthcare professionals and the availability of advanced automated medical units will further expedite the production of MEG units to treat neurological disease patients in hospitals.
 

North American magnetoencephalography market size is anticipated to exceed USD 200 million by 2032. The increasing prevalence of autism spectrum disorder among adolescents and children is among the major growth drivers. Moreover, the burden of other neurological disorders including schizophrenia and epilepsy has also surged, bolstering the requirement for effective brain imaging techniques. Additionally, the rising healthcare spending, the presence of skilled medical professionals, and the adoption of novel diagnostic technologies will add impetus to the regional market share.
 

Magnetoencephalography Market Share

The competitive landscape of the magnetoencephalography market is inclusive of companies such as

• Cerca Magnetics Limited
• CTF MEG INTERNATIONAL SERVICES LP
• Ricoh USA, Inc.
• MEGIN (Croton Healthcare), FieldLine Inc.
• and Compumedics Limited

These companies are focusing on product reach expansion and other strategies to expand their customer base and solidify their presence in the global market.
 

Impact of inflation on the magnetoencephalography industry outlook

Healthcare costs and overall spending typically outpace growth globally. However, in recent years, consumer goods and services prices increased faster, with overall inflation reaching a 4-decade high. This relatively high inflation rate is likely to translate to higher costs of medical care. Based on statistics from the Bureau of Labor Statistics, medical care prices rose by 5%. These factors may result in a decline in healthcare spending and subsequently, create roadblocks to the steady market development.
 

Magnetoencephalography market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments

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By Product

• Cryogenic Systems/Conventional
• OPM Systems

By Application

• Clinical
  • Epilepsy
  • Autism
  • Dementia
  • Stroke
  • Traumatic brain injury (TBI)
  • Others
• Research

By End-use

• Hospitals
• Imaging Centers
• Academic and Research Institutes

The above information is provided for the following region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
• Asia Pacific
  • China
  • Japan
• RoW