Magnetoencephalography Market - By Product (Cryogenic/Conventional Systems, OPM Systems), By Application (Clinical, {Epilepsy, Autism, Dementia, Stroke, Traumatic brain injury}, Research), By End-use (Hospitals, Imaging Centers, Academic and Research Inst

Magnetoencephalography Market - By Product (Cryogenic/Conventional Systems, OPM Systems), By Application (Clinical, {Epilepsy, Autism, Dementia, Stroke, Traumatic brain injury}, Research), By End-use (Hospitals, Imaging Centers, Academic and Research Institutes) & Forecast, 2023 - 2032

Magnetoencephalography Market is anticipated to demonstrate growth during 2023–2032 owing to the constant technological innovations across magnetoencephalography that have improved the diagnosis of several neurological disorders, offered better clinical results, and increased the life expectancy among patients. According to credible reports, the three most prevalent neurological disorders in the US are stroke, Alzheimer's disease and other dementias, and migraine. As per Alzheimer’s Association, more than 6 million US citizens suffer from the condition.

Overall, the magnetoencephalography industry is segmented in terms of product, application, end-use, and region.

In terms of product, the cryogenic systems/conventional segment will grow through 2032 as cryogenic mechanisms help detect minute extracranial magnetic fields developed by the synchronized current in neuronal systems. The accuracy, diagnosis, and sensitivity of these systems have improved due to increasing developments in cryogenic sensors. This has supported better analysis of brain function & dysfunction in neurological anomalies.

By application, the research segment accounted for a considerable market share in 2022. Magnetoencephalography (MEG) is used to assess the magnetic field developed by the electrical activity of neurons. The segment demand will be driven by an increase in the use of technology to analyze the brain activities in adults as well as during development for a comprehensive understanding of the neural basis of cognitive mechanisms.

Based on end-use, the academic and research institutes segment will be valued at over USD 174 million by 2032. Advanced diagnostic research across academic and research institutes will favor the segment outlook. Increasing adoption of high-quality diagnostic products in such institutes for different purposes will also drive segment expansion. The business growth for academic and research institutes services will also be fueled by the constantly developing technological innovations to increase productivity and reduce costs.

Regionally, the Asia Pacific magnetoencephalography industry will grow considerably during 2032. The rising prevalence of neurological disorders and the steadily growing geriatric population, particularly in developing nations such as China, Japan, and India, will favor the segmental growth. Surging healthcare spending to upgrade the healthcare system and growing investment in R&D to introduce cutting-edge medical technologies, particularly in developing nations, will assist the regional market expansion.

In addition, the launch of medical devices, soaring product adoption, and supportive government initiatives to raise awareness of neurological diseases and their treatments will help the market expand in the Asia Pacific region over the forecast period.