Brain Modalities and Software Market To Generate $23,195.6 Million Revenue by 2030

The global brain modalities and software market is projected to generate $23,195.6 million revenue in 2030, advancing at a CAGR of 5.2% during 2021–2030. The surging demand for safer and non-invasive medical imaging technology, growing patient emphasis on effective and early disease diagnosis, and increasing prevalence of neurological disorders are propelling the market growth.

Furthermore, in recent years, there has been an increase in the demand for portable brain scanners, which offer benefits such as affordability, accessibility, and greater ease due to their compact size.

Brain Imaging Modalities Generate Higher Market Revenue

The global brain modalities and software market has been segmented on the basis of offering into brain imaging modalities and brain analysis software. Of these, the brain imaging modalities bifurcation is expected to generate around $21 billion revenue by 2030. Brain imaging modalities include conventional modalities, such as magnetic resonance imaging (MRI) and computed tomography (CT), as well as emerging ones, such as positron emission tomography (PET) and PET–MRI/PET–CT. These modalities detect brain or neurological diseases and differentiate tumor recurrences from radiation necrosis or post-surgical changes. These systems provide detailed information about structural or disease-related changes and are necessary for early and accurate diagnosis.

Further, based on end user, the market is categorized into hospitals and clinics, ambulatory surgery centers, and diagnostic imaging centers. Out of these, diagnostic imaging centers are expected to grow at the highest rate during the forecast period owing to the cost-effectiveness, time savings, and convenience provided by them.

North America holds the largest share in the global brain modalities and software market. Advanced healthcare facilities and the high healthcare spending are the key factors supporting the growth of the regional market. Moreover, the growing geriatric population in North America is supporting the demand for systems and software for scanning the brain for disease diagnosis and treatment.

Further, countries in the MEA region present significant growth opportunities, as its healthcare industry is booming and its large population and improving healthcare infrastructure are luring medical device companies to set up manufacturing facilities. Furthermore, manufacturing medical devices in underdeveloped countries tends to lower the total production costs, thus lowering the price of the product without compromising its quality. Owing to these reasons, the market is predicted to grow at the highest CAGR in this region. Additionally, the increasing interest in technological breakthroughs in healthcare and the rising incidence of neurological disorders drive the market in the region.

Key Medical Device Providers Are Involved in Product Releases and Geographical Expansions

Key players in the global brain modalities and software market are involved in product launches and geographical expansions to grow their market share. For instance, in March 2021, Shimadzu Corporation released the BresTome TOF-PET functional imaging system for head and breast imaging in Japan. It can be used to support the treatment of Alzheimer’s disease and various other degenerative neurological disorders.

Furthermore, in September 2021, Hyperfine Inc. announced plans for global expansion, starting with the U.K. and Pakistan.

Key Players in the global brain modalities and software market are Koninklijke Philips N.V., General Electric Company, Canon Inc., Siemens Healthineers AG, VUNO Inc., FUJIFILM Corporation, Imaging Biometrics LLC, A.I. Analysis Inc., Aspect Imaging Ltd., IXICO plc, and Mint Labs Inc.