Global Magnetoencephalography Industry on Track to Achieve US$ 485 Million by 2033, Driven by 5.4% CAGR | FMI

Future Market Insights, a leading market research firm, has unveiled its latest report on the Global Magnetoencephalography Industry, providing key insights into the anticipated growth and advancements in neuroimaging technology. According to the report, global sales of Magnetoencephalography in 2022 are anticipated to reach a substantial US$ 273 million.

The Magnetoencephalography Market is poised for remarkable expansion, with a projected valuation of US$ 485 million by 2033, showcasing a Compound Annual Growth Rate (CAGR) of 5.4% from 2023 to 2033. The driving force behind this growth is the increasing demand for MEG scanners in clinical applications, expected to contribute significantly with a CAGR of 5.9% during the same period.

Magnetoencephalography scanners, known for their effectiveness in diagnosing epilepsy, brain lesions, emotional states, pain recognition, and various complex neurological disorders, have become indispensable tools in the medical field. The unique advantage of MEG lies in its ability to utilize neuromagnetic impulses that do not distort as they pass through the skull and scalp, providing unparalleled accuracy in neuroimaging.

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The HSE Institute for Cognitive Neuroscience, for example, has developed a new approach for processing MEG data that allows for more exact cortical activation zone identification. In both basic clinical and scientific practice, the approach can aid in the diagnosis of a variety of neurological illnesses and the preparation of patients for brain surgery.

Magnetoencephalography is a medical test that analyses the magnetic fields created by the electrical currents in the human brain without piercing or incision into the body. This non-invasive medical test is critical for mapping brain function and pinpointing the origins of epileptic episodes. It is the most advanced way of analyzing the brain’s active functioning using an electromagnetic recording and evaluation process.

With a CAGR of over 5%, Magnetoencephalography revenue in North America is expected to surge at a significant pace. The presence of a large number of market rivals in the region, as well as the high frequency with which new products are released contribute towards the regional market growth. Furthermore, in the United States, patient outcomes and safety are of paramount importance, wherein various projects have been introduced to improve healthcare quality and results.

Global Magnetoencephalography Industry Competitive Analysis

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

A few recent developments in the Global Magnetoencephalography Industry are as follows:

• In July 2018, York Instruments Ltd. purchased Elekta’s magnetoencephalography business.
• In November 2018, Leti introduced a MEG scanning gadget, also known as a wearable brain scanner or MEG helmet. It is designed for improved epilepsy and brain tumor diagnosis.

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Market Segments Covered in Global Magnetoencephalography Industry Analysis

By Application:

• Clinical
  • Dementia
  • Autism
  • Schizophrenia
  • Multiple Sclerosis
  • Stroke
  • Epilepsy
  • Others
• Research

By End-use:

• Hospitals
• Imaging Centers
• Academic and research institutes

 Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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