SAN FRANCISCO, October 6, 2021 / PRNewswire / – Global Magnetoencephalography Market Size Expected to reach $ 353.9 million by 2028, according to a new report from Grand View Research, Inc. The market is expected increase at a CAGR of 4.6% from 2021 to 2028. The increasing frequency of new product launches and increasing incidence of neurological disorders such as epilepsy and stroke are key factors driving the market. Besides, the growing geriatric population is also expected to drive the market growth, as it is more prone to neurodegenerative diseases. According to the World Health Organization, neurological disorders are one of the leading causes of death, accounting for 12.0% of all deaths worldwide.
Main lessons and findings:
- By application, clinical segment dominated the MEG market and accounted for the largest revenue share of over 56.0% in 2020, and furthermore is 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 due to its prevalence. growing in the world.
- On the basis of end use, the hospital segment held the largest share of revenue in 2020, due to the growing number of hospitals in developing countries and increasing competition from healthcare providers.
- The Imaging Center segment is expected to experience the fastest growth rate during the forecast period due to its convenience, proximity, lower patient costs and presence of insurers.
- In Asia Pacific, the market is expected to experience the fastest CAGR of 5.6% during the forecast period owing to the presence of untapped opportunities in the emerging economies of China and India
Read the 100-page market research report, “Magnetoencephalography Market Size, Share and Trend Analysis Report by Application (Clinical, Research), End Use (Hospitals, Imaging Centers, Academic and Research Institutes), Region, and Forecast segment, 2021-2028“, by Grand View Research
Magnetoencephalography (MEG) technologies detect 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 quiet atmosphere due to the passive nature of the recordings, which even allows the patient’s companion to be present in the protected area. According to a systematic review of the Global Burden of Disease study published in JAMA Neurology in 2017, noncommunicable neurological disorders have caused a considerable and growing burden in United States, thus, is expected to stimulate market growth.
The main competitors in the market are acquiring medium and small companies to expand their product portfolio and improve their manufacturing capacity. For example, in december 2020Kent’s Magnetic Shields Limited (MSL), in partnership with the University of Nottingham, has developed Cerca Magnetics Limited, a new spin-off company that will bring the world’s most advanced functional portable brain scanner to market. It is designed to allow people to move around freely while being scanned.
Grand View Research has segmented the global magnetoencephalography market on the basis of application, end use, and region:
- Magnetoencephalography Application Outlook (Revenue, USD Million, 2016 – 2028)
- Multiple sclerosis
- Magnetoencephalography End Use Outlook (Revenue, USD Million, 2016 – 2028)
- Imaging centers
- University and research institutes
- Regional Magnetoencephalography Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
List of key players in the magnetoencephalography market
- Compumedics Limited
- Croton Health
- Ricoh United States, Inc.
- CTF MEG International Services LP
- FieldLine Inc.
Discover other studies related to devices for the diagnosis and treatment of neurological disorders, conducted by Grand View Research:
- Neurological Biomarkers Market – The size of the global neurological biomarkers market has been estimated to be $ 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 an increase in the prevalence of neurological diseases.
- Cerebrospinal Fluid Drainage Catheter Market – The global market size for Cerebrospinal Fluid Drainage Catheters has been estimated to be $ 257.34 million in 2020 and is expected to increase at a compound annual growth rate (CAGR) of 4.5% from 2021 to 2028. The demand for cerebrospinal fluid (CSF) drainage catheters is expected to increase due to the increasing incidence of neurological disorders and increase in road accidents. , which lead to head and spinal cord injuries.
- Neurodiagnostic market – The increasing prevalence of neurological disorders, such as stroke, Alzheimer’s disease, Parkinson’s disease, multiple sclerosis and epilepsy across the world, is a primary factor driving growth specific and precise diagnostic procedures.
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About Grand View Search
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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