Brain Mapping Instruments Market to Reach $3.7 Billion, Globally, by 2031 at 6.1% CAGR: Allied Market Research

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Mar 31, 2023, 03:32 ET

Increase in the prevalence of brain conditions such as Alzheimer's diseases, epilepsy seizures, toxic injuries and tumors, rise in the geriatric population, surge in neurological incidences among populations, and growing adoption of advanced throughput technologies drive the global brain mapping instruments market.

PORTLAND, Ore., March 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Brain Mapping Instruments Market by Product Type (Computed Tomography, Positron Emission Tomography (PET), Electroencephalography (EEG), Near-Infrared Spectroscopy (NIRS), Magnetic Resonance Imaging (MRI), Others), by End User (Hospitals, Ambulatory Centers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global brain mapping instruments industry generated $2.1 billion in 2021 and is anticipated to generate $3.7 billion by 2031, witnessing a CAGR of 6.1% from 2022 to 2031.

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Drivers, restraints, and opportunities:

The market for brain mapping instruments is experiencing growth due to various factors such as an increase in the prevalence of brain-related conditions like Alzheimer's disease, epilepsy seizures, toxic injuries, and tumors. Additionally, there is a rise in the number of neurological incidents among populations, a growing geriatric population, and increased awareness and adoption of advanced brain mapping technologies. However, the market growth is constrained by factors such as high costs and maintenance associated with the devices, as well as a lack of reimbursement policies. Despite these challenges, there are opportunities for growth in the market, such as an increase in R&D investments by medical device manufacturers, a growing interest in amputation procedures, and the launch of new products with advanced features.

Impact of Covid-19 on Brain Mapping Instruments Market-

The global brain mapping instruments industry experienced a decline during the COVID-19 pandemic as neurological patients were unable to undergo invasive procedures to assess their condition, resulting in treatment delays.
However, the industry has since rebounded during the post-pandemic period.

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The computed tomography segment to maintain its leadership status throughout the forecast period

Based on product type, the computed tomography segment contributed to the largest share of nearly one-third of the global brain mapping instruments market in 2021 and is expected to dominate in terms of revenue through 2031. This is due to the rise in prevalence of brain diseases like stroke among the population. However, the positron emission tomography (PEM) segment is expected to exhibit the fastest CAGR of 7.2% during the forecast period. The launch of latest devices, the availability of several types of devices developed by various frontrunners in the market and a rise in the support from the government authorities for the cost-effective treatment of patients are expected to drive the growth of the market from 2022 to 2031.

The hospitals segment to dominate the market during the forecast period

On the basis of end-user, the hospitals segment grabbed the highest share of more than two-fifths of the overall brain mapping instruments market in 2021 and is projected to maintain its dominance in 2031. The growth of the segment is driven by high preference of population for the treatment of the diseases among the hospitals and rise in prevalence of neurological diseases among the target population. The ambulatory centers segment, on the other hand, is expected to witness the fastest CAGR of 6.5% from 2022 to 2031. The growth is attributed to the rise in awareness regarding neurological conditions, the affordable price at ambulatory centers and surge in the applications of the devices.

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North America to maintain its dominance by 2031

Based on region, the market in North America accounted for more than two-fifths of the global brain mapping instruments market and is likely to dominate in terms of revenue during the forecast period. This is due to the high prevalence rate of brain diseases like seizures and hydrocephalus among population and surge in the number of market players available in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 7.4% from 2022 to 2031 owing to the presence of high populace countries such as India and China, which in turn increases the number of chances of suffering from brain conditions.

Leading Market Players:

Siemens AG
Advanced Brain Monitoring, Inc.
Compumedics Limited
Nihon Kohden Corporation
General Electric Company
Elekta AB
Medtronic plc
Brain Products GmbH
Koninklijke Philips N.V.
Brainscope Company Inc.

The report analyzes these key players of the global brain mapping instruments market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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