Global Magnetoencephalography Market (2021 to 2028) - Size, Share & Trends Analysis Report - ResearchAndMarkets.com

The "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" report has been added to ResearchAndMarkets.com's offering.

The global magnetoencephalography market size is expected to reach USD 353.9 million by 2028, according to a new report by the publisher The market is expected to expand at a CAGR of 4.6% from 2021 to 2028.

The growing frequency of new product launches and the rise in the incidence of neurological disorders such as epilepsy and stroke are key factors driving the market. In addition, the growing geriatric population is also expected to drive the growth of the market, since they are more prone to neurodegenerative diseases. According to the World Health Organization, neurological disorders are a leading cause of death, accounting for 12.0% of all deaths worldwide.

Magnetoencephalography (MEG) technologies detect the 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 silent atmosphere due to the passive nature of the recordings, which even allows a patient's companion to be present within the shielded area. According to a systematic review of the Global Burden of Disease study published in JAMA Neurology in 2017, non-communicable neurological disorders caused a considerable and growing burden in the United States, thus, expected to boost the market growth.

The market's prominent competitors are acquiring medium and small-sized businesses to expand their product portfolio and enhance their manufacturing capacity. For instance, in December 2020, the Magnetic Shields Limited (MSL) of Kent in partnership with the University of Nottingham has developed Cerca Magnetics Limited, a new spin-out company that will deliver the world's most advanced functional wearable brain scanner to market. It is designed to let people move around freely while being scanned.

Magnetoencephalography Market Report Highlights

• By application, the clinical segment dominated the MEG market and accounted for the largest revenue share of over 56.0% in 2020, and is further 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 owing to its increasing prevalence worldwide
• Based on end-use, the hospital segment held the largest revenue share in 2020, owing to the increasing number of hospitals in developing countries and growing competition in healthcare service providers
• The imaging center segment is expected to experience the fastest growth rate during the forecast period due to its convenience, proximity, lower costs to patients, and presence of insurers
• In Asia Pacific, the market is anticipated to witness the fastest CAGR of 5.6% over the forecast period due to the presence of untapped opportunities in the emerging economies of China and India

Market Dynamics

Drivers

• Increase in prevalence of neurological disorders
• Technological advancements

Restraints

• High cost of MEG
• Presence of alternative diagnostic devices

Companies Mentioned

• Compumedics Limited
• Croton Healthcare
• Ricoh USA, Inc.
• CTF MEG International Services LP
• FieldLine Inc.

For more information about this report visit https://www.researchandmarkets.com/r/9g7cra

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