GVR Report cover Magnetoencephalography Market Size, Share & Trends Report

Magnetoencephalography Market Size, Share & Trends Analysis Report By Application (Clinical, Research), By End-use (Hospitals, Imaging Centers, Academic & Research Institutes), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Sep, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-618-0
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 100

Report Overview

The global magnetoencephalography market size was valued at USD 252.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2028. One of the primary reasons likely to drive the market over the forecast period is increasing technological improvements in magnetoencephalography (MEG) systems and their growing adoption. Also, the rising prevalence of neurological disorders causing death and disability worldwide is expected to fuel market growth. Furthermore, neurodegenerative diseases primarily affect people in their middle to late years of life, and their prevalence is predicted to rise as the population ages. According to Harvard Neurodiscovery Center, one in every five Americans will be over the age of 65 by 2030. If left untreated, more than 12 million Americans would suffer from neurodegenerative disorders in the next 30 years.

Canada magnetoencephalography market size, by application, 2018 - 2028 (USD Million)

MEG scanners are proved to be one of the most effective devices for investigating epilepsy, brain tumors, emotions, pain perception, and other neurological problems. MEG takes advantage of the fact that neuromagnetic impulses pass through the skull and scalp without being distorted. While the technology has been around for decades, recent advances in computer power and hardware have generated growing interest in scanners. A large number of MEG scanners is in use worldwide, and the number is expanding. For instance, in June 2021, FieldLine, a biotech firm that specializes in improved brain diagnostics launched a next-generation device, HEDscan for non-invasive functional brain imaging. It is the first commercially available, non-cryogenic, whole-head MEG system, designed to help researchers and doctors better understand and diagnose a wide spectrum of mental illnesses.

Furthermore, one of the major reasons likely to boost the market for magnetoencephalography scanners throughout the forecast period is the growing research and development activities. For instance, the HSE Institute for Cognitive Neuroscience has provided a new method for processing MEG data that allows for more precise identification of cortical activation zones. The method can help in diagnosing varied neurological disorders and preparing patients for brain surgery in both basic clinical and research practice.

COVID-19 has led to a significant rise in the demand for COVID-19 specific devices such as ventilators, and thus the manufacturers are currently focusing their efforts on meeting the growing demand for these devices, thus, negatively impacted the growth of the market in 2020. However, in the current (second wave) COVID-19 pandemic, neurological consequences have emerged as a substantial source of morbidity and mortality. A study published in the “Neurology Online Journal” suggests that the COVID-19 virus might have been responsible for patients developing new neurological disorders. COVID-19 is also expected to have a long-term effect on the nervous system. Because of the rise of new disorders, the growth of the market is anticipated to gradually propel in the coming years.

However, the high cost of the brain scanning procedures, as well as the magnetoencephalography scanner is a key restraint on the global market, particularly in underdeveloped countries with inadequate reimbursement policies. In addition, the availability of alternative scanners and their increasing preference such as EEG is expected to hamper the growth of the market over the forecast period.

Application Insights

The clinical application segment dominated the market and accounted for the largest revenue share of around 56.0% in 2020. The segment is further expected to continue its dominance during the forecast period, owing to the increasing prevalence of neurodegenerative disorders. MEG in clinical settings delivers precise diagnostic results, with an extremely high spatial and temporal resolution which are frequently superior in clinical settings.

The clinical segment is sub-segmented into dementia, autism, schizophrenia, multiple sclerosis, stroke, epilepsy, and others. The MEG scanner used for epilepsy held the largest market share, since epilepsy is a life-threatening condition, and pre-surgical evaluation of epilepsy is the most well-known clinical application of MEG as it provides valuable information. Epilepsy is the fourth most common neurological disorder in the United States.

The availability of MEG scanners to examine the anatomy and function of the growing brain has boosted research on human brain development in recent years. For instance, the Elekta Neuromag TRIUXTM MEG device was adopted by cognitive neuroscience researchers at Peking University (Beijing, China) in a variety of brain research studies. Over the forecast period, the aforementioned factors are expected to boost market expansion.

End-use Insights

The hospital segment dominated the MEG market and accounted for the largest revenue share of around 36.0% in 2020 pertaining to a large patient pool and the growing adoption of technically advanced MEG scanners by hospitals. For instance, in July 2021, Royal Oak Beaumont Hospital installed Beaumont’s MEG system by Ricoh, which is the first such system installed in the U.S.  In the coming years, rising competition and increased demand for world-class healthcare services are likely to drive segment expansion.

Global magnetoencephalography market share, by end-use, 2020 (%)

The imaging centers segment is expected to witness a significant growth rate in the market during the forecast period. Low scan costs, lower wait times, the involvement of diagnostic accreditation boards, and the growing reimbursement structure are projected to propel the segment forward throughout the forecast period.

Regional Insights

North America dominated the MEG market and accounted for the largest revenue share of around 34.0% in 2020. The existence of a large number of market competitors in the region, as well as the high frequency of new product releases, both seem to be factors contributing to regional market growth. Furthermore, patient outcomes and safety are of supreme concern in the U.S., and different projects have been formed to improve healthcare quality and outcomes. Another element contributing to the market's rise is the fact that North America spends significantly more on health care than any other country.

In Asia Pacific, the market is estimated to witness the fastest CAGR of 5.6% during the forecast period owing to the increased demand for better imaging devices and the rising frequency of neurological disorders. Cerebrovascular and neurodegenerative disorders are the most frequent neurological disorders in Asia, out of more than 600 worldwide. The aging population, as well as improved awareness and diagnosis about neurodegenerative disorders among doctors and patients in APAC, will contribute to the growth of the market in the region.

Key Companies & Market Share Insights

The key players are working to improve their product offerings by leveraging important cooperative drives, as well as considering acquisitions and government approvals in order to expand their client base and gain a larger share of the overall industry. For instance, in February 2020, the US FDA has granted Compumedics Limited clearance for its Orion LifeSpan MEG single Dewar system. MEG is a neuroimaging technology that records magnetic fields produced by electrical currents that occur spontaneously in the brain to map brain activity. Some of the prominent players in the magnetoencephalography market include:

  • Compumedics Limited

  • Croton Healthcare

  • Ricoh USA, Inc.

  • CTF MEG International Services LP 

  • FieldLine Inc.

Magnetoencephalography Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 257.8 million

Revenue forecast in 2028

USD 353.9 million

Growth rate

CAGR of 4.6% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; China; Japan; India; Thailand; South Korea; Brazil; Mexico; Argentina; Colombia; Saudi Arabia; South Africa; UAE

Key companies profiled

Compumedics Limited; Croton Healthcare; Ricoh USA, Inc.; CTF MEG INTERNATIONAL SERVICES LP ;  FieldLine Inc.

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global magnetoencephalography market report on the basis of application, end-use, and region:

  • Application Outlook (Revenue, USD Million, 2016 - 2028)

    • Clinical

      • Dementia

      • Autism

      • Schizophrenia

      • Multiple Sclerosis

      • Stroke

      • Epilepsy

      • Others

    • Research

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Hospitals

    • Imaging centres

    • Academic and research institutes

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

      • Thailand

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

    • Middle East and Africa

      • Saudi Arabia

      • South Africa

      • UAE

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