Constant research and development in diagnostic imagining, increased potential of functional brain imaging systems for various neurological disorders and disease applications, coupled with the sanctions of subsidy, and support of government organizations for the R&D of advanced functional brain imaging systems remain the significant factors propelling the growth of functional brain imaging systems market.
Growing criticality of effective diagnostic imaging
Increase in the incidence of life-threatening diseases and brain injuries has led to the increasing usage of diagnostic procedures. It is estimated that the direct and indirect costs of brain imaging and diagnosis will increase over a period of time. EEG, fMRI and fNRI are the current key advanced products in the brain imaging system market as they have shown reliable results in many diagnostic and therapeutic areas for intracranial hemorrhage, hypoxic-ischemic encephalopathy, and congenital malformation.
To fastback the development of cost-effective and efficient medical devices, such as fNRI, fMRI and multi-channel EEG devices etc., various governments in developed and developing countries are facilitating funding for R&D activities in their regions. For instance, in 2018, six research teams were awarded by Brain Canada and Heath Canada for working to improve and change the quality of life of people living with brain disorders and improve healthcare outcomes.
The constantly evolving healthcare diagnostic sector and new measurers for neurological disease management are anticipated to offer new growth opportunities for the global functional brain imaging systems market. Moreover, the growing necessity of intensive care in traumatic brain injury and brain aneurysm is boosting the demand for functional brain imaging systems.
Increasing adoption of functional brain imaging systems for the prevention of brain hemorrhage at ambulatory care centers and hospitals under the guidance of licensed caregivers is also anticipated to boost the functional brain imaging systems market over the forecast period. The introduction of novel radioactive biomarkers, when used with properly tested functional brain imaging systems, is boosting the popularity of the latter among physicians, oncologists, and surgeons. Functional brain imaging systems also find wide acceptance among patients owing to a significant value proposition in the treatment of brain related disorders.
Manufacturers seeking profits through direct sales
The manufacturers of functional brain imaging systems are gradually intensifying their focus on providing services and upgrading their facilities to escalate market penetration. In this scenario, dependence on direct sales channels is mounting in economies such as India and China. Visits by direct sales personnel result in opportunities for the training of staff for the proper utilization of functional brain imaging systems for patients. This creates higher efficiency and training protocol for caregivers, which, creates the probability of recurring purchases from end users, which will, in turn, boost the sales of functional brain imaging systems.
A large number of manufacturers of functional brain imaging systems are positioning their products for high-capacity applications in addition to diagnostic procedures and high-complexity operative procedures. Moreover, companies are marketing functional brain imaging systems through direct sales representatives, seminars, brochures, and case studies, to facilitate higher product penetration for different diagnostic applications.
Currently, most of the PET scanning procedures are performed using Fluorodeoxyglucose (FDG), due to its capability to capture higher tissue glucose metabolism. However, FDG also has several shortcomings, the most important one being its specificity. The radiotracer cannot be utilized in the diagnosis of several cancers such as prostate cancer, carcinoma, or brain tumors. Several potential radiotracers are currently under investigation to address the unmet clinical needs of disease diagnosis in the functional brain imaging system market. For instance, Piramal's diagnostic imaging pipeline includes two radiotracers, 68Ga-RM2 and 68Ga-PSMA (both labelled with radioactive isotope 68 Gallium), for potential use in cancer diagnosis, especially prostate cancer.
PMR has segmented the global market for functional brain imaging systems based on modality, end user, region, and product type. By product type, the market for functional brain imaging systems is further segmented into Magnetoencephalography (MEG) System, Functional MR Imaging (fMRI), Positron Emission Tomography (PET) System, System, Functional near Infrared Spectroscopy (fNIRS) System, and Electroencephalography (EEG) System. On the basis of modality, the functional brain imaging systems market is further segmented into stand-alone device and portable device. On the basis of end user, the functional brain imaging systems market is segmented into office-based clinics, hospitals, diagnostic imaging centers, and ambulatory surgical centers.
The report tracks some of the major companies operating in the functional brain imaging systems market, which include Koninklijke Philips N.V., General Electric Company, Canon Medical Systems Corporation, EB Neuro S.p.A., MinFound Medical Systems Co. Ltd, Neurosoft, Medtronic Plc., Nihon Kohden Corporation., Hitachi Medical Systems, Elekta, and Siemens AG.As per the latest research by PMR, the global functional brain imaging systems market is estimated to account for revenues worth US$ 7 Bn by the end of 2029. The functional brain imaging systems market report also projects a significant growth prospective with a projected average Y-o-Y growth rate of around 7% during the forecast period.