High Incidence of Neurological Disorders Drive the Demand for Brain MRI Scan Market

Around one in six of the world’s population suffer from neurological disorders, which are Alzheimer’s disease, Parkinson's disease, dementia, epilepsy, and migraine. The prevalence of major incapacitating neurological disorders increase with age. Hence, governments worldwide are facing rising demand for treatment, rehabilitation, and support services for neurological disorders. Furthermore, the awareness regarding the incidence of neurodegenerative diseases would help in finding novel solutions and that would aid in more collaborations and partnerships with market players in the U.S., Europe, and Asia-Pacific region. This signifies the increase in research and development related investments for the discovery and development of advanced, pain free brain scan MRI devices, which is expected to boost the market growth.

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Data Bridge Market Research analyses that the brain MRI scan market is expected to grow at a CAGR of 5.0% in the forecast period of 2021 to 2028 and is expected to reach USD 7,280.31 million by 2029. The awareness about the early treatment of neurological syndromes and use of image MRI devices would result in collaborations of market players with health institutions for the supply and distribution of the devices. This will result in rise in product and business line expansion. Hence, rise in awareness among people about the timely treatment and use of the brain scan MRI devices is expected to drive the market growth.

Technological Advancements Is Expected To Drive the Market's Growth Rate

There various market players have presented with recent technological approaches, which focuses on how the novel technology impacts clinical management operations, such as better image quality, faster examination, and improved throughput.  The surge in technological applications in the brain MRI scan devices would result in less manpower and swift diagnosis and recovery of the chronic neurological diseases. In the coming future, the artificial intelligence technology would replace the manual open and closed MRI machines. This aspect will become a driving force for the growth of the global brain MRI scan market.

Report Scope and Market Segmentation

Segment Analysis:

The global brain MRI scan market is categorized into five segments: scanner type, machine type, brain disorder end user and distribution channel.

• On the basis of scanner type, the global brain MRI scan market is segmented into low field strength (<1.5t MRI), mid field strength (1.5t MRI to 3.0t MRI) and high field strength (4t and above). In 2022, the mid field strength (1.5T MRI to 3.0T MRI) segment is expected to dominate the global brain MRI scan market with the highest CAGR of 5.1%

The mid field strength (1.5T MRI to 3.0T MRI) segment is expected to dominate the global brain MRI scan market

In 2022, the mid field strength (1.5T MRI to 3.0T MRI) segment is expected to dominate the global brain MRI scan market with the highest CAGR of 5.1% in the forecast period of 2022 to 2029. The mid field strength (1.5T MRI to 3.0T MRI) segment is do dominating the global brain MRI scan market due to increase in cases of brain tumor, early diagnosis and detection, command for non-invasive procedure, rise in government funding, and presence of reimbursement policies in healthcare.

• On the basis of machine type, the global brain MRI scan market is segmented into open MRI   machine, closed MRI machine and standing or sitting MRI machine. In 2022, the closed MRI machine segment is expected to dominate the global brain MRI scan market with the highest CAGR of 5.1% in the forecast period of 2022 to 2029. In 2022, the closed MRI machine segment is expected to dominate the global brain MRI scan market due to for non-invasive procedure, rise in government funding, and presence of reimbursement policies in healthcare.
• On the basis of brain disorder, the global brain MRI scan market is segmented into brain tumor, dementia, Alzheimer’s disease, Parkinson’s disease, epilepsy and seizure, stroke, multiple sclerosis, and others. In 2022, the dementia segment is expected to dominate the global brain MRI scan market with the highest CAGR of 5.7%

The dementia segment is expected to dominate the global brain MRI scan market

In 2022, the dementia segment is expected to dominate the global brain MRI scan market with the highest CAGR of 5.7% in the forecast period of 2022 to 2029. The dementia segment is dominating the global brain MRI scan market due to rise in cases of Alzheimer’s disease in the elderly population, increase in research and development of non-invasive brain scan MRI devices for treatment of Alzheimer’s disease, and presence of reimbursement policies in healthcare.

• On the basis of end user, the global brain MRI scan market is segmented into hospitals, imaging and diagnostic centers, ambulatory surgery centers, and others. In 2022, the hospitals segment is expected to dominate the global brain MRI scan market with the highest CAGR of 5.1% in the forecast period of 2022 to 2029. In 2022, the hospitals segment is expected to dominate the global brain MRI scan market due to rise in chronic cardiac disorders, such as dementia, stroke, brain tumor, rise in patient population and rise in surgeries are predicted to dominate the market.
• On the basis of distribution channel, the global brain MRI scan market is segmented into direct tenders and retail sales. In 2022, the direct tender segment is expected to dominate the global brain MRI scan market with the highest CAGR of 5.3% in the forecast period of 2022 to 2029. In 2022, the direct tender segment is expected to dominate the global brain MRI scan market due to rising preference among customers over this channel due to guaranteed payment and low procurement prices.

Major Players

Data Bridge Market Research recognizes the following companies as the major brain MRI scan market players in brain MRI scan market are Koninklijke Philips N.V. (Netherlands), Voxelgrids (India), General Electric (U.S.), Time Medical Holding. (China), FUJIFILM Holdings America Corporation (U.S.), Siemens (Germany), CANON MEDICAL SYSTEMS CORPORATION (Japan), ESAOTE SPA (Italy), Beijing Wandong Medical Technology Co.,Ltd. (China), Shenzhen Anke High-tech Co, Ltd. (China), StemLab, Inc., (South Korea), UNITED IMAGING (U.S.), BASDA (Canada), Neusoft Corporation (China), MinFound Medical Systems Co. (China), Elekta AB (Sweden), Bruker (U.S.), Aspect Imaging Ltd. (Israel), Medonica Co. LTD (South Korea) among others.

Market Development

• In January 2022, Siemens AG collaborated with the research team of Ohio State University College of Medicine and College of Engineering, for introducing the new technology for extending the imaging access for patients with implanted medical devices. The technology uses less magnetic field for imaging and diagnosis of the patient’s brain. The technology will support new interventional procedures that could result in less radiation exposure.
• In November 2021, Koninklijke Philips N.V., had introduced the artificial intelligence (AI) enabled magnetic resonance imaging (MRI)  product range of smart diagnostic systems, at evolutionary Radiology Workflow solution 2021, in Netherlands. The AI-powered MR 5300 1.5T system, received clearance from Food and Drug Administration (FDA), which simplifies complex brain surgeries with helium-free MR operations, enabling consistent quality and sustainability for outpatient clinic and MR departments.
• In November 2020, the General Electric had received medical device approval from the U.S. Food and Drug Administration (FDA) 510(k) clearance for SIGNA 7.0T magnetic resonance imaging (MRI) scanner. The SIGNA 7.0T magnetic resonance imaging (MRI) scanner has 5 times magnetic property and can image anatomy, function, metabolism and microvasculature in the brain and joints with fine resolution and detail.
• In November 2021, GE Healthcare launched the new Signa Hero 3.0 Tesla brain magnetic resonance imaging (MRI) system for treatment of Alzheimer’s disease and for the frontline workers during the covid-19 pandemic. The launch of Signa Hero would improve the product range, extend the business line and provide sustainability and availability in imaging and diagnostic centers in the U.S.
• In 2020, Toshiba America Medical Systems Inc. had partnered with University of California in Irvine, the U.S. for the launch of Vantage Titan 3T magnetic resonance (MR) system as a non-invasive key diagnostic tool, for study on central microbeads. The launch of the non-invasive device would ensure the use of non-contrast MRI as a safe and noninvasive way, to diagnose young patients for early signs of Chronic traumatic encephalopathy (CTE)

Regional Analysis

Geographically, the countries covered in the brain MRI scan market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in brain MRI scan market during the forecast period

North America dominated the brain MRI scan market owing to the presence of major key players, well-developed healthcare infrastructure and availability of advanced MRI scan devices.  North America will continue to dominate the brain MRI scan market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the growing adoption of advanced technology and launch of new products in this region.

Asia-Pacific is estimated to be the fastest growing region in brain MRI scan market

Asia-Pacific is expected to grow during the forecast period due to the presence of major market players and rapid development of medical facilities in emerging economies in this region. In addition to this, growing demand for advanced diagnostic techniques are expected propel the market's growth rate in this region.

COVID-19 Impact Analysis

The outbreak of COVID-19 largely impacted the healthcare industry. The brain MRI scan market was, however adversely affected by it. Lockdowns and isolation during pandemics complicate the diagnosis management and treatment.  The imposition of the lockdown and social distancing restrictions by the government to curb the COVID-19 pandemic outbreak, led to emergence of various challenges such as the denied services, halt of various operations, cancelled or postponed brain diagnostic services, stifling business growth and suspensions of new developments, further limiting the industry's expansion.

However, the use of artificial intelligence, had improved the MRI scan market, backed by the European Union. The artificial intelligence MRI scanners are used to scan around 20,000 CT scans. Moreover, there has been a decline in COVID-19 patients worldwide, which will result in increased wound care services. Thus, the brain MRI scan market will grow at an accelerated pace post COVID-19.

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