MAGNETOENCEPHALOGRAPHY DEVICES MARKET ANALYSIS

Magnetoencephalography Devices Market– insights

Magnetoencephalography (MEG) is a vital step in pre-surgical evaluation of patients with epilepsy and brain tumors. The clinical application segment includes diagnosis of conditions like epilepsy, dementia, schizophrenia, stroke, brain tumor, and others. In the diagnosis of epilepsy, MEG has proven to be an effective method as MEG tests have high sensitivity to small neuronal population in the neocortical region. According to data published by the National Center for Biotechnology Information (NCBI) in June 2017, over 30% of epileptic patients amenable to neurosurgical treatment require non-invasive brain imaging such as magnetoencephalography (MEG)

The global magnetoencephalography devices market size was valued at US$ 253.3 million in 2018, and is expected to witness a CAGR of 4.5% over the forecast period (2019 – 2026).

Global Magnetoencephalography Devices Market Share (%) Analysis, By Application, 2018

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Source: Coherent Market Insights Analysis (2019)

Increasing technological advancements in MEG systems is expected to drive growth of the magnetoencephalography devices market

Key players in the market are focusing on product launches and technological innovations which is expected to drive the market growth. For instance, in 2017, 1.9 million collaborative projects between scientists at the University of Nottingham and University College London (UCL) is focusing on improving the way the human brain is mapped. Focusing on the development of magnetoencephalography (MEG), researchers have 3D printed a prototype helmet that may yield quadruple the sensitivity of current MEG devices

Magnetoencephalography devices market restraints

Increasing preference for magnetic resonance Imaging (MRI) scanning, computerized axial tomography (CT) scanning, and Positron emission tomography (PET) scanning which is expected to hamper the magnetoencephalography devices market growth over the forecast period. For instance, according to a research published in the Journal of the American Medical Association in March 2018, Japan had 52 MRI scanners and 107 scanners per 1 million people, respectively. The U.S. had the second highest number of MRI scanners (38), and the third highest number of CT scanners (41). Furthermore, the U.S. performed 118 MRIs per 1,000 people compared to other 11 countries of 82 MRI’s per 1,000 population.

Magnetoencephalography Devices Market- Regional Insights

On the basis of region, the global magnetoencephalography devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds a dominant position in the global magnetoencephalography market owing to presence of key players in the U.S. such as Advanced Brain Monitoring Inc., Cadwell Laboratories Inc., CAS Medical Systems, DePuy Synthes Companies, Electrical Geodesics, Inc., and HeadSense Medical, Inc. Among region, Europe accounts for the second largest market share owing to technological advancements in MEG. For instance, in November 2017, Leti, a France-based technology research institute, developed a next-generation MEG scanning system, wearable brain scanner or MEG helmet for improved diagnosis of epilepsy and brain tumor.

Asia Pacific is the fastest growing region in the magnetoencephalography market owing to increasing incidence of mental health disorders which requiring diagnosis and treatment. According to the World Health Organization’s (WHO) report, in 2016, China, India, Indonesia, Bangladesh, and Pakistan recorded the highest incidence of anxiety and depression.

Global Magnetoencephalography Devices Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2026

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Source: Coherent Market Insights Analysis (2019)

Magnetoencephalography Devices Market- Competitive Landscape

Key players operating in the global magnetoencephalography devices market include Compumedics Limited, Croton Healthcare, Ricoh Company, Ltd., and CTF MEG International Services LP.