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Brain Disease Modalities and Software Market To Exhibit A Promising 5.31% CAGR By 2031
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BIS Research has identified three potential scenarios in which the global brain disease modalities and software market growth can unfold during 2022-2031. The global brain disease modalities and software market has been influenced by various technology trends. As per BIS Research, brain analysis software solutions are intended for imaging of the brain as well as for analysis and interpretation of brain scan images for faster and accurate diagnosis of neurological disorders.
The global brain disease modalities and software market report highlights that the market was valued at $13,055.7 million in 2021 and is expected to reach $21,867.6 million by the end of 2031. The market is expected to grow at a CAGR of 5.31% during the forecast period from 2022 to 2031.
The brain disease modalities and software market is driven by factors such as the increasing prevalence of neurological disorders, the rising AI integration in the field of medical imaging, and the increasing demand for safer and non-invasive devices for medical imaging. The factors restraining the growth of the market include the high upfront cost of imaging devices and the declining availability of helium.
Global Brain Disease Modalities and Software Market, Overall Coverage
Impact of COVID-19 on the Global Brain Disease Modalities and Software Market
There was a decline in the demand for neuroimaging services as it was offset by the demand for respiratory imaging and tests for COVID-19 treatment. The need to fulfill the demand for critical supplies for COVID-19 management, such as pulse oximeters, ventilators, and oxygen concentrators, overshadowed the demand and supply of the neuroimaging modalities. Although the neuroimaging market is experiencing overall growth, most of the hospitals have reallocated their budget to stock the resources required to fight COVID-19 as they appear to be more crucial.
The COVID-19 pandemic led to government-mandated travel restrictions, especially during the peak phases, leading to a shifting preference among the global population from physical visits to home-based care. This has led to a further push in demand for wearable imaging scanners that can be used at home. They could potentially decrease the demand for hospital-based imaging devices and software due to the ease of providing diagnoses to the patients.
Global Brain Disease Modalities and Software Market Drivers
The market is driven by factors such as the increasing of neurological disorders, the rising AI integration in the prevalence field of medical imaging, and the increasing demand for safer and non-invasive devices for medical imaging.
There has been a paradigm shift in patient preference from invasive to minimally invasive modes of diagnosis as well as treatment. MRI, CT, and PET-CT scans are popular non-invasive methods of medical imaging that produce three-dimensional images of the body to aid in the diagnosis of diseases. Furthermore, there is also a rising preference for safer imaging technologies that employ minimal radiation.
Global Brain Disease Modalities and Software Market Challenges
The factors restraining market growth include the high upfront cost of imaging devices and the declining availability of helium. Hardware devices for medical imaging, such as MRI, CT, and PET-CT scanners, are capital-intensive equipment with a high upfront cost. Lack of affordability is a major factor restraining the growth of the market in emerging economies such as Latin America and Middle East and Africa. Due to the expensive nature of these imaging modalities, there is a considerable lack of accessibility across the population. As a result, the low- and middle-income population usually relies on alternative clinical tests such as blood biomarker tests and cognitive scoring tests as a preliminary method to diagnose neurological disorders.
Furthermore, the shortage of helium globally particularly affects the field of medical imaging in the healthcare sector. MRI scanners require a sufficient quantity of liquid helium, below which the functioning of the scanner is compromised. Therefore, challenges faced by manufacturers of medical imaging modalities associated with the procurement of supercooled liquid helium have a direct effect on the smooth functioning of the machine, thereby preventing the growth of the market.
Global Brain Disease Modalities and Software Market Opportunities
The opportunity for growth of the global brain disease modalities and software market lies in the integration of imaging solutions with novel biomarkers to enable diagnosis of a wider range of neurological disorders and integration of 3D amplified MRI, a new technological advancement in the field of brain imaging . .
This new development, ie, 3D amplified MRI, enables physicians to view pulsations of the brain as opposed to a conventional static MRI image. The real-time visualization of brain movement holds significant potential to detect hard-to-find abnormalities, thereby aiding in the diagnosis process. Companies in the global brain disease modalities and software market can leverage this new technological advancement to gain a competitive edge in the market.
Key Market Players and Competition Synopsis
Some of the key players operating in the market include United Imaging Healthcare, Koninklijke Philips NV, General Electric Company, Canon Inc., Siemens Healthineers AG, Vuno Co., Ltd., Fujifilm Holdings Corporation, Aspect Imaging, IXICO, QMENTA, Cortechs. ai, Quantib, Brainomix, Qure.AI, Imaging Biometrics and AI, and Analysis, Inc.
In the past few years, the global brain disease modalities and software market has witnessed several strategic and technological developments undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are funding activities, mergers and acquisitions (MA), partnerships, alliances, and business expansions, regulatory and legal activities, and new offerings. The preferred strategy for companies has been regulatory and legal activities followed by partnerships and business expansions.
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Key Questions Answered in the Global Brain Disease Modalities and Software Market Report
• How has COVID-19 impacted the adoption of brain imaging modalities and software?
• What are the key regulations governing the brain disease modalities and software market in key regions?
• Which technological developments are projected to have the maximum influence on the global brain disease modalities and software market?
• Who are the leading players holding significant dominance in the global brain disease modalities and software market currently?
• What are the drivers and restraints for the global brain disease modalities and software market?
• Which region has the highest growth rate in the global brain disease modalities and software market?
• Who are the emerging companies in the global brain disease modalities and software market?
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How This Report Can Add Value
Assuming that the reader is a developer of brain disease modalities and software, they will be able to do the following:
• Understand their position as compared to some of the key players in the market
• Stay updated with novel technology integration, features, and the latest developments in the market
• Understand the impact of COVID-19 on the adoption of brain disease modalities and software and the entry barriers as a result of it.
• Gain insights into which regions to target globally based on factors such as the amount of technology integration in medical imaging and the quality of access to affordable medical imaging.
• Gain insights into the end user perception with respect to the adoption of imaging modalities and software
• Identify some of the key players in the market and understand their valuable contribution
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