By 2026, the Magnetoencephalography Devices Market is expected to grow at a faster rate of 4.5 percent | Global Industry Analysis by Size, Share, Business Growth, Demand, and Regional Trends



 Pre-surgical examination of patients with epilepsy and brain malignancies requires magnetoencephalography (MEG). The clinical application sector focuses on diagnosing illnesses such as epilepsy, dementia, schizophrenia, stroke, brain tumors, and other neurological disorders. MEG has proven to be a useful approach for diagnosing epilepsy because MEG tests have a great sensitivity to tiny neuronal populations in the neocortical area. According to statistics provided by the National Center for Biotechnology Information (NCBI) in June 2017, non-invasive brain imaging, such as magnetoencephalography, is required in over 30% of epileptic patients who are responsive to neurosurgical therapy.

In 2018, the global magnetoencephalography devices market was estimated at US$ 253.3 million, with a CAGR of 4.5 percent predicted during the forecast year (2019-2026).

The leading market players have been concentrating on new product releases and technical advancements, which are propelling the global market forward. For example, in 2017, scientists from the University of Nottingham and University College London (UCL) collaborated on 1.9 million dollars to improve the way the human brain is mapped. Researchers have 3D printed a prototype helmet that could triple the sensitivity of current MEG devices, focusing on the advancement of magnetoencephalography (MEG).

However, rising demand for magnetic resonance imaging (MRI), computerized axial tomography (CT), and Positron emission tomography (PET) scanning is likely to stifle global magnetoencephalography devices market growth throughout the forecast period.

According to a study published in the Journal of the American Medical Association in March 2018, Japan has 52 MRI scanners per 1 million people and the United States had 107 scanners per 1 million people. The United States possessed the second-most MRI scanners (38), and the third-most CT scanners (41). Furthermore, the United States performed 118 MRIs per 1,000 persons, compared to 82 MRIs per 1,000 people in the other 11 countries.

Because of the presence of renowned market players in the United States, such as Advanced Brain Monitoring Inc., Cadwell Laboratories Inc., CAS Medical Systems, DePuy Synthes Companies, Electrical Geodesics, Inc., and HeadSense Medical, Inc., North America holds a dominant position in the global magnetoencephalography market. Furthermore, due to the strong growth of the European market, Europe holds the second-largest market share.

For example, Leti, a technological research institute based in France, developed a next-generation MEG scanning system, wearable brain scanner, or MEG helmet for enhanced epilepsy and brain tumor diagnostics in November 2017.

The key players operating in the global magnetoencephalography devices market include Compumedics Limited, Croton Healthcare, Ricoh Company, Ltd., and CTF MEG International Services LP.

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