Market Challenges And Opportunities
High equipment costs: The initial investment and maintenance costs of neuroimaging equipment, such as MRI and PET scanners can be prohibitively expensive for healthcare facilities.
Limited accessibility: Accessibility to neuroimaging services may be limited in some regions, especially in low-income areas, thus leading to disparities in healthcare access.
Counterbalance: The market players should focus on increasing the availability of neuroimaging services to regions, like the low-income areas which lacks proper healthcare accessibility.
Complexity of data interpretation: The complexity of neuroimaging data analysis and interpretation requires specialized training and expertise, thus leading to challenges in resource-constrained settings.
Neuroimaging Market Drivers:
- Advancements in imaging technology: Continuous technological advancements, such as higher resolution imaging, functional imaging, and real-time data processing, enhance the accuracy and capabilities of neuroimaging techniques. For instance, in November 2021, Royal Philips, a global health technology company; announced new artificial intelligence (AI)-enabled innovations in magnetic resonance imaging technology. The product was launched ate the annual meeting of the Radiological Society of North America. Philips new MR 5300 system which was being introduced for the first time at RSNA 2021, received 510(k) clearance from the U.S. Food and Drug Administration (FDA).
- Growing prevalence of neurological disorders: Rising incidence of neurological disorders, including Alzheimers disease, Parkinsons disease, and stroke, fuels the demand for neuroimaging tools for early diagnosis and monitoring. For instance, in 2020, according to Centers for Disease Control and Prevention, approximately 5.8 million Americans were living with Alzheimers disease.
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