Magnetoencephalography Market Size, Share, Growth – By Product Type, By Application, By End Use – Global Forecast, 2024 – 2032

Magnetoencephalography Market Size

The global magnetoencephalography market size was valued at USD 223.5 million in 2023 and is expected to exhibit growth at a CAGR of 11.1% from 2024 – 2032 period. The magnetoencephalography (MEG) market seems to keep expanding with the latest innovations in neurology and the IMEG need for more accurate non-invasive imaging.
 

The increased prevalence of neurological disorders such as epilepsy, Alzheimer's and Parkinson's diseases tends to increase the need for MEG diagnosis. From an imaging perspective, MEG has excellent spatial-temporal resolution that enables clinicians to visualize physiological malfunctions such as brain activity during surgical procedures instantaneously, for instance epilepsy and its surgery.

Moreover, the integration of MEGs in research and clinical practices is another appreciable factor for expansion of the market. The non-invasive brain activity mapping ability of MEG makes it a useful tool for neuroscience, cognitive science, and clinical practice, especially for language, motor skills, and visual attention studies. Additionally, increasing funding for neuroscience research from public and private institutions supports industry growth. In addition to this, there are new opportunities for the research and clinical use of MEG in various settings due to the development of portable hybrid MEG systems, which increase accessibility and ease of use. Additionally, advances in data processing as well as machine learning facilitate more complex MEG data analysis, which could be useful for prompt and individualized treatment.
 

Magnetoencephalography (MEG) is a non-invasive imaging approach that captures the magnetic fields generated by neural activity when the brain functions. This means that brain activity can be captured as it occurs, and with the help of MEG, a region where a variety of cognitive activities occur can be determined with great accuracy. The MEG device in its primary definition is research or hospital MEG. It is used to evaluate people with epilepsy and epilepsy-related conditions including, but not limited to, cerebral abnormalities where localization is imperative.

Magnetoencephalography Market Trends

The increasing incidence rate of neurological disorders that facilitates the demand for MEG systems, is one of the major factors fuelling the market. The global market is expected to grow due to the rising incidence of conditions such as epilepsy, Alzheimer's, Parkinson's disease, and multiple sclerosis, which are more common with the increasing geriatric population and the growing awareness related to neurological health in global studies.
 

• The technological viewpoint that MEG supplies and manages disorders remotely seems ideal. Due to the precision MEG offers with regard to spatial and temporal resolution, it makes it easier to diagnose these disorders, and it also provides a fair amount of detail when monitoring activities in the brain.
   
• For instance, MEG has a big role during surgery since it helps to pinpoint the source of the edema. Moreover, strategically locating the source increases the likelihood of surgery success greatly. MEG may have several other applications, such as the prevention of neurodegenerative diseases such as ALS or Parkinson's disease, by detecting minute alterations in the brain before other symptoms arise.
   
• Moreover, health systems and research institutions are investing heavily in MEG technologies as the importance of performing accurate neurological assessments on patients increases. The use of MEG is extremely important as it allows clinicians to ascertain how specific treatment plans would help progress or cure a disorder as it enables real-time monitoring of the brain. This technology not only improves accuracy of diagnosis but also improves research as it increases the chances of formulating better treatment plans for people based on their specific needs.
   
• Also, as the global prevalence of neurological diseases is rapidly increasing, many countries along with organizations have started emphasizing overcoming the issue; aforementioned factors lead to further growth of the MEG market.
   

Magnetoencephalography Market Analysis

Based on product type, the market is bifurcated into cryogenic systems/conventional and OPM systems. The cryogenic systems/conventional segment is expected to expand at a CAGR of 9.4%, reaching around USD 500 million by 2032.
 

• Crucial to diagnosing diseases of the nervous system at an early stage, the cryogenic systems hold a sizable share in the market.
   
• High-performance computing devices called superconducting quantum interference devices (SQUIDs) are used to capture the magnetic fields the brain produces inside of a helmet.
   
• Additionally, conventional MEG systems employ cryogenic sensors that operate at -269 degrees Celsius, reaching absolute zero using liquid Helium to detect faint magnetic signals emitted by the brain. Hence, improvements in cryogenic technology and the design of MEG devices improve the sensitivity, accuracy, and usability of these products over time.
   
• Moreover, growth in the segment is aided by enhanced devices such as SQUIDs and advances in cryostats. Consequently, the ability to detect more brain activity has improved with the development of new and more appropriate MEG devices which complement the development of the market.
   

Based on application, the magnetoencephalography market is classified into clinical and research. The clinical segment held over 65% share of the market in 2023, driven by several key factors.
 

• The clinical application is most popular as it is the most effective and convenient approach when it comes to the diagnosis and treatment of neurological disorders. Also, the ongoing efforts to further utilize magnetoencephalography in the diagnosis and treatment of a wider range of psychiatric disorders is the factor that is expected to help the expansion of the market during the period of the forecast.
   
• In addition, raising awareness among healthcare professionals and patients regarding MEG's benefits for diagnosing and treating neuromuscular diseases, as well as its growing adoption by the medical community as a useful non-invasive diagnosis aid, is improving MEG's market standing.
   
• The current promotion of MEG not only demonstrates the clinical relevance of MEG but also establishes MEG as a technology of choice for accurate non-invasive brain mapping with high temporal resolution, thus enabling MEG to successfully penetrate the neurological market.  
   

Based on end use, the magnetoencephalography market is segmented into hospitals, imaging centres, and academic and research institutes. The hospitals segment dominated the market in 2023 and is anticipated to reach USD 242 million by 2032.
 

• The enhanced awareness among healthcare personnel and patients of the existence of non-invasive diagnostic devices that can be used for the diagnosis of neurological abnormalities, the commercial use of MEG has continuously increased, which results in having a positive effect on maket growth.
   
• Additionally, Magnetoencephalography technologies are being highly sought after by large-scale hospitals since they are able to assist in centering advanced neuromodulation devices in their functional neurology departments.
   
• Furthermore, as these hospitals increase their internal space for the expansion of the neurology department, the demand for MEG devices also experiences an increase. Thus, it is predicted that this trend will push substantial growth in the near future.
   
• Moreover, the growing burden of neurological disorders and the developing usage of magnetoencephalography devices in clinical and diagnostic practices also help the growth of the market.
   

U.S. magnetoencephalography market was valued at USD 83.5 million in 2023 and is projected to grow substantially in the coming years.
 

• High incidence of neurological disorders and strong research funding contributes to the growth of the MEG market in the clinical setting. Moreover, as U.S. has a large healthcare system, where institutions such as National Institutes of Health assist with research and healing techniques against neurological disorders.
   
• Also, MEG remains a key method in diagnosis and management of neurological disorders due to the availability of MEG equipment manufacturers and the need for new medical technology. The increased support for neuroimaging research along with the U.S. brain initiative creates a good base for MEG expansion in the U.S., mainly in the high-demand clinical and research areas.
   

U.K. magnetoencephalography market is projected to grow remarkably in the coming years.
 

• There exists a presence of government funding that drives the MEG market in the UK, in conjunction with a focus on governmental policies directed towards the deepening of precision medicine. A higher number of cases related to epilepsy and neurodegenerative disorders makes MEG's early diagnosis and effective treatment planning capabilities especially useful. MEG technology is leveraged on a national scale for the effective diagnosis of brain disorders prior to surgery through the facilitation offered by research funding as well as healthcare reforms undertaken by institutes such as the UK Dementia Research Institute.
   
• Moreover, MEG's capacity in clinical diagnostics and therapy applications, coupled with the UK Universities' collaborative research wide-reaching scope, has become possible due to the contributions made by the NHS as well.
   

China holds a dominant position in the Asia Pacific magnetoencephalography market.
 

• The healthcare structure is improving, expanding the capacity of China’s MEG market at a very high speed to cater to the rising need of resolving diseases involving the nervous system. Polices set by the government directed at the improvement of their healthcare system have led to the investment in neurodiagnostic tools including MEG, and, specifically, for the treatment of complex comprehension disorders, such as epilepsy.
   

• Further, the development of research centers in China and also partnerships with universities in other countries owned the further facilitation of the usage of MEG. With China’s ambitions to improve its medical research and become a leader in medical technology advancements, excellent conditions for applying MEG in clinical practice as well as in research work have been created.
   

Magnetoencephalography Market Share

The MEG Market is led by a few companies specializing in neuroimaging technology, such as CTF MEF International Services and Compumedics. Cerca Magnetics is one of the leading companies in this field and has acquired a great deal of market share due to its large clientele and experience in neuroradiology. This, in turn, influences the market share distribution. Moreover, partnerships with scientific centers, technological advancement, and neurological needs capabilities shape it. The ever-growing neurological research and its clinical applications further fuel competition and in turn growth of the MEG Market.
 

Magnetoencephalography Market Companies

Prominent players operating in the magnetoencephalography industry include:

• Cerca Magnetics
• Compumedics
• CTF MEF
• FieldLine
• MEGIN
• Ricoh USA
   

USPs for Top Players:

• CTF MEG focuses on the design of high sensitivity systems applicable in detection of brain activity for clinical and research purposes. CTF MEG affirms that it develops systems with high sensitivity.
   
• Ricoh Company now offers novel MEG Technologies, and the goals of the company aim for lasting signal clarity and easy-to-use interfaces.
   
• MEGIN offers these new and innovative MEG systems designed and built for better brain imaging and advanced clinical applications.
   

Magnetoencephalography Industry News:

• On February 2022, MEGIN revealed that the University of Nebraska Medical Center (UNMC) had adopted its latest, fourth-generation MEG system, the TRIUX neo, enhancing their neuroimaging capabilities.
   
• On November 2021, Cerca Magnetics, an innovative spin-off from the University of Nottingham, earned the Best Start-Up Medtech Company award at the annual OBN awards. This recognition highlighted Cerca Magnetics' pioneering work in developing and launching the first wearable MEG brain imaging device, marking a significant milestone in accessible brain monitoring technology.
   

The magnetoencephalography market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Million and volume (Units) from 2021 – 2032 for the following segments:

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Market, By Product Type

• Cryogenic systems/conventional
• OPM systems

Market, By Application

• Clinical
  • Epilepsy
  • Autism
  • Dementia
  • Stroke
  • Traumatic brain injury (TBI)
  • Other clinical applications
• Research

Market, By End Use

• Hospitals
• Imaging centres
• Academic and research institutes

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
• Asia Pacific
  • China
  • Japan
• Rest of the World (RoW)