The “Brain Disease Modalities and Software Market – A Global and Regional Analysis: Focus on Product, Indication, Patient Type, End User, and Regional Analysis – Analysis and Forecast, 2022-2031″ report has been added to ResearchAndMarkets.com’s offering.
The global brain disease modalities and software market was valued at $13,055.7 million in 2021 and is projected to reach $21,867.6 million by the end of 2031.
Brain Disease Modalities and Software Market Industry Overview
Brain imaging modalities include conventional modalities such as MRI and CT scans and the more emerging imaging technologies such as PET and combined functionalities of PET with MRI or CT. While MRI is a conventional technology due to its age-long usage, various advanced MRI techniques such as diffusion tensor imaging (DTI), diffusion-weighted imaging (DWI), susceptibility-weighted imaging (SWI), and dynamic susceptibility contrast (DSC) imaging are being employed more widely in regions such as North America and Europe.
Brain imaging software offers a valuable addition to the scanned images obtained through these modalities with respect to quantitative analysis. Quantitative insights into the structure, biomarkers, and other subtle abnormalities in the brain are a valuable tool in aiding in a more accurate diagnosis of neurological disorders.
The global brain disease modalities and software market report highlights that the market was valued at $13,055.7 million in 2021 and is expected to reach $21,867.6 million by the end of 2031. The market is expected to grow at a CAGR of 5.31% during the forecast period from 2022 to 2031.
Global Brain Disease Modalities and Software Market Drivers
The market is driven by factors such as the increasing prevalence of neurological disorders, the rising AI integration in the field of medical imaging, and the increasing demand for safer and non-invasive devices for medical imaging.
There has been a paradigm shift in patient preference from invasive to minimally invasive modes of diagnosis as well as treatment. MRI, CT, and PET-CT scans are popular non-invasive methods of medical imaging that produce three-dimensional images of the body to aid in the diagnosis of diseases. Furthermore, there is also a rising preference for safer imaging technologies that employ minimal radiation.
Global Brain Disease Modalities and Software Market Challenges
The factors restraining market growth include the high upfront cost of imaging devices and the declining availability of helium. Hardware devices for medical imaging, such as MRI, CT, and PET-CT scanners, are capital-intensive equipment with a high upfront cost. Lack of affordability is a major factor restraining the growth of the market in emerging economies such as Latin America and Middle East and Africa.
Due to the expensive nature of these imaging modalities, there is a considerable lack of accessibility across the population. As a result, the low- and middle-income population usually relies on alternative clinical tests such as blood biomarker tests and cognitive scoring tests as a preliminary method to diagnose neurological disorders.
Furthermore, the shortage of helium globally particularly affects the field of medical imaging in the healthcare sector. MRI scanners require a sufficient quantity of liquid helium, below which the functioning of the scanner is compromised.
Therefore, challenges faced by manufacturers of medical imaging modalities associated with the procurement of supercooled liquid helium have a direct effect on the smooth functioning of the machine, thereby hindering the growth of the market.
Global Brain Disease Modalities and Software Market Opportunities
The opportunity for growth of the global brain disease modalities and software market lies in the integration of imaging solutions with novel biomarkers to enable diagnosis of a wider range of neurological disorders and integration of 3D amplified MRI, a new technological advancement in the field of brain imaging.
This new development, i.e., 3D amplified MRI, enables physicians to view pulsations of the brain as opposed to a conventional static MRI image. The real-time visualization of brain movement holds significant potential to detect hard-to-find abnormalities, thereby aiding in the diagnosis process.
Companies in the global brain disease modalities and software market can leverage this new technological advancement to gain a competitive edge in the market.
Impact of COVID-19 on the Global Brain Disease Modalities and Software Market
There was a decline in the demand for neuroimaging services as it was offset by the demand for respiratory imaging and tests for COVID-19 treatment. The need to fulfill the demand for critical supplies for COVID-19 management, such as pulse oximeters, ventilators, and oxygen concentrators, overshadowed the demand and supply of the neuroimaging modalities. Although the neuroimaging market is experiencing overall growth, most of the hospitals have reallocated their budget to stock the resources required to fight COVID-19 as they appear to be more crucial.
The COVID-19 pandemic led to government-mandated travel restrictions, especially during the peak phases, leading to a shifting preference among the global population from physical visits to home-based care. This has led to a further push in demand for wearable imaging scanners that can be used at home. They could potentially decrease the demand for hospital-based imaging devices and software due to the ease of providing diagnoses to the patients.
Key Market Players and Competition Synopsis
Some of the key players operating in the market include
- United Imaging Healthcare Co., Ltd.
- Koninklijke Philips N.V.
- General Electric Company
- Canon, Inc.
- Siemens Healthineers AG
- Vuno Co., Ltd.
- Fujifilm Holdings Corporation
- Aspect Imaging
- IXICO
- QMENTA
- Cortechs.ai
- Quantib
- Brainomix
- Qure.AI
- Imaging Biometrics, LLC
- A.I. Analysis, Inc.
Industry Outlook
Business Dynamics
Business Drivers
- Increasing Prevalence of Neurological Disorders
- Rising AI Integration in the Field of Medical Imaging
- Increasing Demand for Safer and Non-Invasive Devices for Medical Imaging
Business Restraints
- High Upfront Cost of Imaging Devices
- Declining Availability of Helium
Business Opportunities
- Integration of Imaging Solutions with Novel Biomarkers to Enable Diagnosis of a Wider Range of Neurological Disorders
- Integration of 3D Amplified MRI, a New Technological Advancement
Technology Landscape
Key Trends
- Integration of Hardware and Software Solutions for Imaging
- Investigation of Ensemble Models that Involve Multiple Classifiers such as Biomarkers and Patient Features
- Rising Preference for Portable Brain Scanners and Wearables
- Integration of Augmented Reality with Medical Imaging
- Increased Focus on Targeting the Pediatric Population
Opportunity Assessment
- Short-Term Potential
- Long-Term Potential
Product Benchmarking
Patent Analysis
- Patent Analysis by Country/Cluster
- Patent Analysis by Year
Impact of COVID-19 on the Global Brain Disease Modalities and Software Market
- Impact on Facilities
- Impact on Modalities Adoption
- Impact on Market Size
- Pre-COVID-19 Phase
- During-COVID-19 Phase
- Post-COVID-19 Phase
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