Magnetoencephalography Market Size, Share & Trends Analysis Report By Application (Clinical, Research), By End Use (Imaging Centers, Academic & Research Institutes), By Region, And Segment Forecasts, 2024 - 2030

Magnetoencephalography Market Trends

The global magnetoencephalography market size was estimated at USD 291.80 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2024 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 as well as 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 the 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 will 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 passneuromagnetic impulses passing through the skull and scalp without being distorted. While 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 An estimated 200 MEG scanners are 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).

The increasing geriatric population also significantly contributes to market growth. As people age, they become more susceptible to a range of neurological disorders such as Alzheimer's disease, Parkinson's disease, and various forms of dementia. These conditions not only affect the quality of life of the elderly but also pose significant challenges to healthcare systems worldwide. Consequently, there is a rising demand for effective treatments, medications, and therapeutic interventions tailored to manage and alleviate these neurological conditions in older adults. According to the data published by the Alzheimer's Association, in 2023, about 6.7 million Americans aged 65 and above are experiencing Alzheimer's dementia.

Furthermore, one of the major reasons likely to boost the market for magnetoencephalography MEG 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, allowing 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.

Government bodies undertaking initiatives to support research activities are also expected to contribute to market growth. For instance, in August 2023, the National Institutes of Health (NIH) has allocated USD 2 million to a research center at UC San Diego within the Qualcomm Institute (QI) to purchase magnetoencephalography an (MEG) system. This technology will be used to study the magnetic fields produced by the human brain. The initiative will help to advance the understanding and treatment of various conditions, including autism spectrum disorder, concussions, epilepsy, schizophrenia, post-traumatic stress disorder (PTSD), brain tumors, and Alzheimer’s disease. The investment will be used to procure MEG device, enabling scientists to observe brain activity by detecting the magnetic signals produced by neuronal electrical currents in real-time. Such capabilities are expected to assist researchers and healthcare professionals in identifying locations of seizures, planning surgeries with precise brain function maps, and developing diagnostic imaging techniques for brain disorders.

“This new state-of-artstate-of-the-art MEG instrument replaces our old MEG unit installed in 2005, and will have improved signal and faster electronics. We will continue to serve as the UC San Diego core MEG facility for research scientists, and physiciansphysicians, and their patients throughout southern California and the Southwestern U.S.”

-Roland Lee, M.D., director of the MEG Center at QI, and Mingxiong Huang.,

Market Concentration & Characteristics

The industry growth stage is moderate. The magnetoencephalography iMEGindustry is growing majorly due to the growing technological innovations and increase in research and development activities in this industrytechnological innovations and increased research and development activities, owing to the growing number of people suffering from various neurological conditions. For instance, in June 2024, a team of researchers from the School of Physics and Astronomy at the University of Nottingham has employed an innovative MEG scanner to observe electrical activity in the brains of children as young as two years old. According to the university, this device introduces new opportunities for monitoring the achievement of essential developmental milestones.

Technological innovations are improving the accuracy, ease of use, of MEG in both medical and research fieldMEG's accuracy and ease of use in medical and research fields a. And have resulted in more sensitive and advanced MEG sensors, which enhance the detail and timing of brain activity measurements. This has increased MEG's usefulness in diagnosing and monitoring neurological disorders, such as epilepsy, and in studying brain function in cognitive science. Moreover, improvements in data processing algorithms and software data processing algorithms and software improvements have made the analysis ofanalyzed MEG data more accurate and efficientaccurately and efficiently, making the technology more user-friendly and widely accessible. The combination of MEG with other imaging techniques, like MRI and PET, is also boostingCombining MEG with other imaging techniques, like MRI and PET, also boosts overall diagnostic capabilities.

MEG devices have undergone significant innovation owing to continuous technological advancements, positioning them at the forefront of medical diagnostics. For example, in June 2024, scientists from Tokyo Tech developed a high-resolution diamond quantum magnetometer for mapping brain activity.

Technological innovations are improving the accuracy, ease of use, of MEG in both medical and research field. And have resulted in more sensitive and advanced MEG sensors, which enhance the detail and timing of brain activity measurements. This has increased MEG's usefulness in diagnosing and monitoring neurological disorders, such as epilepsy, and in studying brain function in cognitive science. Moreover, improvements in data processing algorithms and software have made the analysis of MEG data more accurate and efficient, making the technology more user-friendly and widely accessible. The combination of MEG with other imaging techniques, like MRI and PET, is also boosting overall diagnostic capabilities.

Companies that manufacture magnetoencephalography devices are engaging in partnerships and collaborations. This strategic approach seeks to improve technological capabilities, expand industry reach, and maintain competitiveness. For instance, in December 2023, MEGIN announced a strategic partnership with FIND Neuro, that creates brain network maps to facilitate the treatment of neurological diseases.

Regulatory bodies like the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) play a crucial role in shaping the development of MEG devices.Their stringent guidelines and approval processes ensure that MEG devices meet high standards for safety, efficacy, and quality.

Manufacturers are increasingly focused on the sales and installation ofselling and installing magnetoencephalography (MEG) products. This strategic effort aims to expand the availability and usage of MEG technology in clinical and research settings. For instance, in October 2023 , MEGIN announced the sale and installation of its magnetoencephalography (MEG) technology, the TRIUX neo, at Simon Fraser University’s (SFU) core facility, ImageTech Lab.

The geographical reach of magnetoencephalography has been expanding at a moderate to high level. For instance, in January 2022, Compumedics Limited announced a major milestone in the expansion ofexpanding its global MEG business with the confirmation of its first MEG contract in Asia, secured with the prestigious Tianjin Normal University (TJNU) in Tianjin, China.

Application Insights

The clinical segment dominated the market in 2023 and is further expected to grow at a the fastest CAGR of about 6.0% over the forecast period. This is owingto the increasing prevalence of neurodegenerative disorders. According to a study published in the National Center for Biotechnology Information (NCBI), neurological disorders are the primary reason for both physical and cognitive impairments, impacting around 15% of people worldwide. MEG in clinical settings provides precise diagnostic results, with high spatial and temporal resolution, which are frequently superior in clinical settings. Furthermore, it is efficient in pre-surgical mapping of epileptic zones, determining functional areas of the brain, such as those responsible for speech and movement, and diagnosing various neurological conditions.

The research segment is also expected to grow at a significant rate over the forecast period. The surge in demand for advanced brain imaging methods to analyze brain activities and diagnose neurological conditions with greater precision is likely towill likely fuel investments in MEG research. Furthermore, as funding and interest in neuroscientific research and development expand, the utilization of MEG in research settings is expected to rise, contributing to the overall growth of the market segment.

End Use Insights

The hospital segment accounted for the largest revenue share of 36.14% in 2023.  This dominance can be attributed to several factors, including the extensive use of MEG technology in hospitals for various diagnostic purposes, the increase in neurological disorders that require the advanced imaging capabilities of MEG, and the availability of funding and infrastructure in hospitals to support the high costs associated with MEG technology. AdditionallyIn addition, hospitals often have the skilled personnel necessary to operate MEG equipment.

The imaging centers segment is expected to grow at a fastest ratefastest over the forecast period. These centers are increasingly adopting advanced imaging devices, which significantly enhances the quality and efficiency of imaging services they provide. AdditionallyIn addition, the rising number of patient visits, largely because these centers are able to offer shorter waiting times compared to other healthcare facilities. This improvement in both technology adoption and patient turnover rates positions imaging centers as a critical driver for the expansion ofexpanding market growth.

Regional Insights

North America Magnetoencephalography Market Trends

The mMagnetoencephalography market in North America dominated the market in 2023, with a share of about 34.05%. The presence of key manufacturers in the region, increase in R&D investments, and rise in government funding & initiatives are expected to boost market growth over the forecast period. For instance, the National Parkinson’s Foundation (NPF) provides funds tofunds researchers and scientists for advancements in this field.

U.S. Magnetoencephalography Market Trends

The magnetoencephalography market in U.S. held the largest market share in the North America region. This is due to thethe U.S. held the largest market share in North America. This is due to the country's advanced healthcare infrastructure, high adoption rates of new technology, substantial research funding, and the presence of major market players in the country, such as Compumedics Limited, Ricoh USA, Inc., FieldLine Inc., and others.

Canada Magnetoencephalography Market Trends

The Canada magnetoencephalography market in Canada is expected to grow owing to the increasing prevalence of neurological disorders, technological advancements, and growing adoption rate. For instance, in July 2021,] Cerca Magnetics announced the installation of its first OPM-MEG system at the Hospital for Sick Children (SickKids), based in Toronto, for ground-breaking research into autismautism research.

Europe Magnetoencephalography Market Trends

The magnetoencephalography market in Europe also held a significant market share in 2023.This is owing to the presence of advanced technologies and infrastructure in the regionregion's advanced technologies and infrastructure, resulting in significant healthcare facilities and high-quality patient care. Increasing incidence of neurological disorders, rising adoption of a sedentary lifestyle, and introduction of technologically advanced products in the European market are among the factors contributing to the market growth of magnetoencephalography market.

UK Magnetoencephalography Market Trends

The magnetoencephalography marketin UK is expected to grow owing to increasing prevalence and awareness about neurological disorders and The UK magnetoencephalography market is expected to grow owing to the increasing prevalence and awareness of neurological disorders and thepresence of several major players in the market. According to Brain Research UK , about 11 million people in the UK are livinglive with a neurological condition. It also stated that neurological problems lead to 800,000 hospital admissions every year.

Germany Magnetoencephalography Market Trends

The magnetoencephalography market in Germany is driven by the country’srobust healthcare system, known for its advanced medical technologies and infrastructure, providing a foundation for the adoption and growth of advanced medical imaging technology. The country's strong emphasis on research and development is further. This system provides a foundation for the adoption and growth of advanced medical imaging technology. The country's strong emphasis on research and development is also expected to contribute to market growth.

France Magnetoencephalography Market Trends

The France magnetoencephalography market in France is expected to grow owing to the increasing prevalence of neurological disorders, such as epilepsy and Alzheimer's disease, which increases demand for more accurate and non-invasive diagnostic methods, further boosting the MEG market growth.

Asia Pacific Magnetoencephalography Market Trends

The magnetoencephalography market in Asia Pacific is expected to grow at a lucrative rate overthe fastest CAGR during the forecasted period. This can be attributed to the increasing incidence of stroke and neurodegenerative disorders, such as Parkinson's and Alzheimer's disease, which heightens the demand for advanced diagnostic tools like MEG. AdditionallyIn addition, emerging economies in the region, including China, Japan, South Korea, and India, are experiencing rapid healthcare advancements and substantial economic growth.

China Magnetoencephalography Market Trends

The China magnetoencephalography market in China is expected to grow attributed to growing geriatric population, along with increasing incidence of neurodegenerative disorders. The prevalence of age-related neurological conditions such as Alzheimer's disease, Parkinson's disease, and stroke is increasing, thus increasing the demand for MEG to facilitate early detection and effective management of these disorders.

Japan Magnetoencephalography Market Trends

The magnetoencephalography (MEG) market in Japan is projected to expand owing to the country's rapidly aging population. This demographic shift results in a higher prevalence of neurological disorders, such as dementia and Alzheimer's disease, where MEG devices play a critical role in early detection and continuous monitoring.

India Magnetoencephalography Market Trends

The India magnetoencephalography market in India is expected to grow owing to the increasing government initiatives aimed at improving healthcare infrastructure and increasing investments in research and development within the neurology field. In addition, rising awareness and increasing diagnoses of neurological disorders in the country, which, in turn, is driving the demand for advanced diagnostic methods like MEG.

Latin America Magnetoencephalography Market Trends

The magnetoencephalography market in Latin America is expected to grow lucratively,as significant investments by industry players are drivingindustry players' significant investments drive the development and adoption of advanced MEG technology across the region.Latin America's proximity to North America facilitates the transfer of technology and expertise, further boosting the MEG market. AdditionallyIn addition, free-trade agreements with major countries such as the U.S., Canada, Japan, and several European nations are creating favorable economic conditions and reducing barriers to the import and export ofimporting and exporting medical devices.

MEA Magnetoencephalography Market Trends

The magnetoencephalography market in MEA is expected to grow significantly due to a combination of critical factors. One of the primary drivers is the increased prevalence of neurological disorders, such as epilepsy, Parkinson's disease, and Alzheimer's disease, which necessitate advanced diagnostic and monitoring tools like MEG. As the region's population ages rapidly, the incidence of these neurodegenerative conditions is rising, further boosting the demand for MEG technology.

Key Magnetoencephalography Company Insights

The continuous demand for magnetoencephalography (MEG) by end-users, including hospitals, academic and research institutions, and imaging centers, has generated numerous market opportunities for major players in the industry. This growing demand is driven by the increasing prevalence of neurological disorders, the need for advanced diagnostic tools, and the benefits of non-invasive brain imaging technology. To capitalize on these opportunities, market players are engaging in a variety of strategic initiatives. These include investing in research and development to innovate and improve MEG technology, making it more efficient, accurate, and user-friendly. Companies are also forming partnerships and collaborations with healthcare providers and research institutions to expand their reach and enhance their technological capabilities.

Recent Developments

• In February 2022, MEGIN announced that the University of Nebraska Medical Center (UNMC) had acquired their fourth-generation magnetoencephalography (MEG) technology, the TRIUX neo.

• In November 2021, Cerca Magnetics, a spinoff from the University of Nottingham, won the best start-up medtech company award at the annual OBN awards. The prize was given to Cerca Magnetics in recognition of their efforts in creating and commercialising commercializing the first wearable brain MEG device.

Magnetoencephalography Market Report Scope

Global Magnetoencephalography Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 20302018 - 2030. For this study, grand viewGrand View Rresearch has segmented the global magnetoencephalography market report based on application, end use, and region:

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

  • Clinical

  • Dementia

  • Autism

  • Schizophrenia

  • Multiple Sclerosis

  • Stroke

  • Epilepsy

  • Others

  • Research

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

  • Hospitals

  • Imaging Ccenters

  • Academic and Rresearch Iinstitutes

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

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait