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, 2023 - 2030

Report Overview

The global magnetoencephalography market size was valued at USD 277.5 million in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030. One of the primary reasons likely to drive market expansion during 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. 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.

MEG scanners have 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. There are an estimated 200 MEG scanners in use worldwide, and the number is expanding. For instance, in January 2022, MEGIN announced the sale of its TRIUXTM neo, magnetoencephalography (MEG) system to the Norman Fixel Institute for Neurological Diseases at the University of Florida Health (UF Health). 

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 presented a new method for processing magnetoencephalography (MEG) data that allows for more precise identification of cortical activation zones. The method can be used to diagnose a wide spectrum of neurological disorders and to prepare patients for brain surgery in both basic research and clinical practice. 

Application Insights 

In 2022, the clinical application segment dominated the market and accounted for the largest revenue share of 56% and 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, in February 2021, a new approach to processing MEG data was put forth by researchers at the HSE Institute for Cognitive Neuroscience, enabling the identification of cortical activation areas at a higher accuracy. Over the forecast period, the aforementioned factors are expected to boost market expansion. 

End-use Insights 

The hospital segment in terms of end use, accounted for the largest revenue share of 36% in 2022 pertaining to a large patient pool and growing adoption of technically advanced MEG scanners by hospitals. For instance, in July 2021, Royal Oak Beaumont Hospital installed Beaumont’s magnetoencephalography system which is the first such system installed in the U.S. by manufacturer Ricoh.  In the coming years, rising competition and increased demand for world-class healthcare services are likely to drive segment expansion. 

The imaging centers segment is expected to grow at a significant growth rate 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 market and accounted for the largest revenue share of 34% in 2022. 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 United States, 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 for magnetoencephalography is estimated to witness the fastest CAGR of 6.8% 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 of neurodegenerative disorders among doctors and patients in APAC, will contribute to an increase in market growth 

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 Food and Drug Administration (FDA) granted Compumedics Limited clearance for its Orion LifeSpanTM Magnetoencephalography (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

• MEGIN

• Ricoh USA, Inc.

• CTF MEG INTERNATIONAL SERVICES LP 

• FieldLine Inc.

• Cerca Magnetics Limited 

Magnetoencephalography Market Report Scope

Global Magnetoencephalography Market Segmentation

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 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global magnetoencephalography market on the basis of application, end-use, and region:

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Clinical

    • Dementia

    • Autism

    • Schizophrenia

    • Multiple Sclerosis

    • Stroke

    • Epilepsy

    • Others

  • Research

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Imaging centres

  • Academic And Research Institutes

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa

    • Saudi Arabia

    • South Africa

    • UAE

    • Kuwait