The magnetoencephalography market size is expected to advance at a CAGR of 5.6% during 2022–2030, to reach USD 426 million by 2030. This can be ascribed to the rising number of imaging centers, the surging advancements in technologies, the increasing cases of neurodegenerative disorders, the growing popularity of non-invasive techniques, the increasing adoption of advanced technology by healthcare facilities, and the growing geriatric population.
Moreover, the rising number of product and service launches is driving the expansion of the industry. For instance, in March 2022, Aston Institute of Health and Neurodevelopment launched a brain imaging service, in order to measure brain condition.
With older age, the brain shrinks and stops functioning normally, and it is predicted that it may develop abnormalities like Alzheimer’s, autism, and others. Thus, the growing geriatric population across the world has increased the focus on the use of magnetoencephalography. With the surging age, people usually tend to forget things and suffer from issues including insomnia, and hence, they require supplements to live a normal life. According to government reports, in the U.S., there were more than 40 million population aged 65 years or older. Thus, with this, the demand for such tests is increasing, as these recognize the activity of the brain and detect related issues.
The APAC market is expected to witness the highest CAGR, of more than 6%, in the coming years. This can be attributed to the rising frequency of neurological diseases, the surging need for better imaging devices, the increasing cases of cerebrovascular and neurodegenerative disorders, the rising awareness of the enhanced diagnosis of neurodegenerative issues among patients and doctors, and the growing elderly population in the region.
Moreover, governments are taking various initiatives to increase awareness of neurological disorders. For instance, the Indian government’s national mental health program aims to ensure the minimum mental healthcare for all individuals and create awareness about the early detection and development of diseases. Also, the government introduced various schemes for the treatment of epilepsy such as Rashtriya Bal Swasthya Karyakaram and Ayushman Bharat. The existence of such schemes for the prevention of epilepsy and awareness practices together is driving the demand for magnetoencephalography.
The European market is also showing considerable growth. This is ascribed to the increasing need for advanced healthcare services coupled with the growing population, the surging healthcare spending, and the presence of various health insurance schemes in the region. Also, in Europe, each year almost 40% of the population suffers from at least one disorder related to the neuropsychiatric spectrum. Good health and well-being have become the prerequisites for the future success of the European economy, and the early detection of these diseases is possible with the help of magnetencephalography tests, hence boosting their demand.
Moreover, in Europe, mental health week is celebrated on May 13, to create awareness among individuals about the importance of cognitive conditions. The burden of neurological issues in the region is very high, both in terms of morbidity and mortality. Approximately tens of millions of people across the region have suffered from at least one mental problem in their life and around tens of thousands die each year either directly from cognitive disorders or suicide. Due to these factors, the regional market is being driven significantly.
The most-significant magnetoencephalography market players are Compumedics Limited, MEGIN, Croton Healthcare, FieldLine Inc., Ricoh USA Inc., CTF MEG NEURO INNOVATIONS INC., and Cerca Magnetics Limited.