Magnetoencephalography Market: Global analysis and forecast for the period 2024-2030

Magnetoencephalography Market Overview:

Magnetoencephalography (MEG) is a non-invasive technique for investigating human brain activity.  It allows the measurement of ongoing brain activity on a millisecond-by-millisecond basis, and it shows where in the brain activity is produced.

 

The Magnetoencephalography (MEG) market is experiencing notable growth, driven by advancements in neuroimaging technology and the increasing prevalence of neurological disorders. The trend towards miniaturization and portability is transforming the neuroimaging landscape, allowing MEG systems to be more accessible, flexible, and affordable. These compact systems maintain high sensitivity and accuracy while being suitable for diverse clinical and research applications. The integration of MEG with other imaging modalities, such as MRI and PET, enhances diagnostic precision, improving the ability to diagnose and treat neurological conditions. This multimodal approach is driving increased adoption of MEG in clinical and research settings, expanding its application.

 

Globally, the Magnetoencephalography market is witnessing substantial growth, particularly in regions like North America and Europe, where advanced healthcare infrastructure, R&D investments, and government initiatives are contributing to its expansion. Additionally, the growing focus on personalized medicine is bolstering MEG’s clinical value, as it aids in tailoring treatments for neurological disorders. However, limited availability due to the high cost and specialized infrastructure requirements of MEG systems remains a challenge, restricting its widespread adoption. Despite this, the demand for advanced neuroimaging technologies continues to propel the market forward.

 

To get more Insights: Request Free Sample Report

 

Magnetoencephalography Market Trend:

Miniaturization and Portability in Magnetoencephalography (MEG)

The trend towards miniaturization and portability in MEG systems is transforming the neuroimaging landscape. Advances in sensor technology and magnetic shielding are enabling the development of compact, portable MEG devices. These smaller systems retain high sensitivity and accuracy while offering greater flexibility for use in diverse clinical and research settings. This shift is enhancing the accessibility of MEG, allowing for its application in a broader range of environments, including smaller clinics and research labs.

 

Globally, the impact of this trend is significant. Portable MEG systems are driving Magnetoencephalography Market growth by making neuroimaging more accessible and affordable. They facilitate easier integration into routine clinical practice and expand research capabilities, contributing to advancements in neuroscience and neurology. In the U.S. market, portable MEG devices are improving patient care by enabling more frequent and diverse use in diagnostics and pre-surgical planning.

 

• Neuromag’s compact MEG systems offer advanced features in a smaller footprint, making them suitable for both clinical and research applications.
• The KIT MEG system is designed for portability while maintaining high-performance metrics, catering to both institutional and smaller research settings.

 

Magnetoencephalography Market Dynamics:

Magnetoencephalography Market Driver:

Integration with Other Imaging Modalities

Integrating magnetoencephalography (MEG) with other imaging modalities, such as MRI and PET, significantly enhances diagnostic capabilities and market growth. This multimodal approach combines MEG’s high temporal resolution with MRI’s detailed structural imaging and PET’s functional insights, leading to a more comprehensive understanding of brain function and pathology. This synergy allows for more precise localization of brain activity, improved diagnosis of neurological disorders, and better evaluation of treatment effects, which drives increased adoption in both clinical and research settings.

 

In the Asia-Pacific region, this integration is contributing to Magnetoencephalography market growth by making advanced neuroimaging technologies more accessible and effective.

 

• Institutions like the National Institute of Mental Health and Neurosciences (NIMHANS) in India are utilizing combined MEG and MRI systems to advance research on neurological disorders. Similarly, the RIKEN Center for Brain Science in Japan employs MEG in conjunction with PET scans to explore brain functions and disorders, thereby enhancing its research capabilities. These examples illustrate how integrating MEG with other imaging modalities not only boosts diagnostic accuracy but also accelerates the adoption of advanced neuroimaging technologies across the Asia-Pacific market.

 

Magnetoencephalography Market Opportunity:

Personalized Medicine: Magnetoencephalography (MEG) is advancing personalized medicine by offering precise brain activity mapping, which helps tailor treatments for neurological disorders. This ability to analyze individual brain functions enhances the effectiveness of interventions, as therapies can be customized to the patient’s unique neural patterns. For instance, MEG is used to refine epilepsy treatment by identifying specific brain areas responsible for seizures, leading to targeted surgical planning and improved outcomes.

 

In the European magnetoencephalography market, the adoption of MEG in personalized medicine is growing, with institutions like the University College London Hospitals leveraging it for advanced epilepsy research and treatment. Additionally, the University of Munich uses MEG for personalized treatment planning in brain tumors. These applications are driving Magnetoencephalography Market growth by highlighting the clinical value of MEG, promoting its integration into routine clinical practice and research, thus expanding its market presence across Europe

 

Magnetoencephalography Market Challenge:

Limited Availability: The limited availability of Magnetoencephalography (MEG) systems, concentrated in a few research centers, hampers their widespread adoption globally and in the UK. MEG systems demand specialized infrastructure and ongoing maintenance, making them accessible only to institutions with substantial resources. This scarcity affects the global Magnetoencephalography market by restricting MEG's use of high-end research facilities and limiting market growth and application diversity.

 

In the UK, MEG systems are predominantly found in leading research institutions like the Wellcome Centre for Human Neuroimaging at UCL and the University of Oxford, impacting the broader clinical adoption. This limited availability means fewer opportunities for advancements in clinical neuroimaging, impeding the overall progress in neurological research and patient care. Enhanced accessibility could drive market growth by facilitating wider adoption and innovation.

 

Magnetoencephalography Market Segment Analysis:

By Application: In 2023, the Clinical segment held the largest market share and is projected to experience the most rapid growth with a CAGR of approximately 6.5% during the forecast period. This is due to the rise in neurodegenerative disorders. Research published by the National Center for Biotechnology Information (NCBI) reveals that neurological disorders are the leading cause of physical and cognitive impairments, affecting approximately 15% of the global population. MEG offers accurate diagnostic outcomes in clinical environments, showcasing superior spatial and temporal resolution frequently seen in clinical settings. Additionally, it is effective in pre-surgical mapping of epileptic zones, identifying functional areas of the brain related to speech and movement, and diagnosing different neurological conditions.

 

The Research segment is projected to experience substantial growth during the forecast timeframe. The increase in the need for advanced brain imaging techniques to study brain functions and detect neurological disorders more accurately is expected to drive funding for MEG studies. Moreover, with an increase in funding and interest in neuroscientific research and development, there is an anticipated growth in the utilization of MEG in research settings, which will contribute to the overall expansion of the market segment.

 

Magnetoencephalography Market Regional Insights:

In 2023, North America held the largest market share in the Magnetoencephalography market, accounting for approximately XX.XX% of the market. Key manufacturers in the area, along with increased R&D investments and government funding and initiatives, are anticipated to drive market growth in the coming years. An example would be the National Parkinson's Foundation (NPF) giving financial support to researchers and scientists for progress in this area. The US dominated the magnetoencephalography market in North America with the highest market share. This is because of the advanced healthcare system, widespread use of new technology, significant investment in research, and the presence of major companies like Compumedics Limited, Ricoh USA, Inc., FieldLine Inc., and others in the country.

 

In 2023, the European magnetoencephalography market also maintained a notable share of the market. This is due to the advanced technologies and infrastructure present in the region, which lead to excellent healthcare facilities and high-quality patient care. Factors such as the growing number of neurological disorders, the trend towards a more sedentary lifestyle, and the introduction of advanced technology products in the European market are all driving the growth of the magnetoencephalography market. The UK’s magnetoencephalography market is projected to expand due to the rising rates and recognition of neurological disorders and the existence of numerous key players in the market. Brain Research UK reports that approximately 11.5 million individuals in the UK have a neurological condition. It was also mentioned that 850,000 hospital admissions occur annually as a result of neurological issues.

Magnetoencephalography Market Competitive Landscape:

Compumedics Limited and Ricoh both operate in the magnetoencephalography (MEG) market, with different strategic focuses. Compumedics specializes in high-end neurodiagnostic devices, including MEG systems, and focuses on brain research and clinical neurology. In 2023, Compumedics reported revenue of AUD 41.2 million, (USD 27.57 million) emphasizing R&D investment to advance its MEG technology. Its strategic partnerships, such as collaborations with research institutions, strengthen its position in brain imaging markets.

 

Ricoh, primarily known for imaging and electronics, entered the Magnetoencephalography Market by acquiring the MEG business from Yokogawa. Ricoh's 2023 revenue was ¥1.7 trillion (USD 12 Million). Its strategy focuses on integrating MEG technology into its broader healthcare portfolio, leveraging its global infrastructure to scale the MEG business. Recent developments include enhancing MEG systems with AI-driven analytics, aiming to expand into clinical applications.

 

Recent Developments:

In 2023, FieldLine introduced portable MEG systems, making brain imaging more accessible in clinical and research settings. Their innovations were well received in the U.S. market, where demand for flexible neuroimaging solutions is growing.

 

Cerca Magnetics focused on improving the affordability and precision of their MEG systems in 2023. They developed scalable solutions for neuroscience applications, expanding their presence in the European market, particularly in the UK.

 

Magnetoencephalography Market Scope Table

Magnetoencephalography Market
Market Size in 2023	USD 245 million.
Market Size in 2030	USD 467million.
CAGR (2024-2030)	9.65%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Magnetoencephalography Market Segments	By Application Clinical Dementia Autism Schizophrenia Multiple Sclerosis Stroke Epilepsy Others Research
	By End-Use Hospitals Imaging Centers Academic and research institutes
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Magnetoencephalography Market Key Players:

• Compumedics Limited
• MEGIN
• Ricoh
• CTF MEG NEURO INNOVATIONS, INC.
• FieldLine Inc.
• Cerca Magnetics Limited
• Tristan Technologies
• 4D Neuroimaging
• Yokogawa Electric Corporation
• Elekta Neuromag