Magnetoencephalography Market Analysis

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.
 

• The cryogenic systems/conventional segment holds a significant market share in the market due to its crucial role in various applications, including early diagnosis of neurological diseases.
   
• MEG is currently performed using an array of cryogenically cooled superconducting quantum interference devices (SQUIDs) placed in a one-size-fits-all helmet.  Conventional MEG systems employ cryogenic sensors that cool to -269 °C using liquid Helium to measure the extremely small fields generated by the brain. Therefore, continuous improvements in cryogenic technology and MEG device design enhance the sensitivity, accuracy, and usability of these systems. Innovations such as improved superconducting quantum interference devices (SQUIDs) and better cryostats contribute to segmental growth.
   
• Furthermore, advancement in cryogenic technology has led to more sensitive and higher-resolution MEG devices, allowing for better detection and analysis of brain activity that are further fueling the market growth.
   

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 dominance of clinical application arises from its efficiency and versatility in diagnosing and treating neurological disorders. Also, ongoing research to explore more clinical applications of magnetoencephalography for the diagnosis and treatment of more psychiatric disorders is the factor that is anticipated to boost the growth of the market during the forecast period.
   
• Moreover, growing awareness among healthcare providers and patients about MEG’s advantages in diagnosing and managing neurological disorders, along with its increasing acceptance by medical professionals as a reliable, non-invasive diagnostic tool, is strengthening MEG’s position in the market. This heightened recognition not only underscores MEG’s clinical value but also reinforces its role as a preferred technology for accurate and real-time brain activity mapping, solidifying its market leadership in neurological diagnostics.  
   

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.
 

• This growth is driven by the increasing demand for non-invasive diagnostic procedures in hospitals, growing adoption of MEG and surge in awareness among healthcare professionals and patients regarding availability of non-invasive diagnostic device to diagnose neurological disorders.
   
• The hospitals are well equipped with technologically advanced diagnostic devices many large-scale hospitals are increasingly investing in magnetoencephalography technologies to establish efficient and precise diagnostic tools in their neurological department.  Therefore, as these hospitals continue to expand their neurological department internally the demand for MEG devices increases and is expected to propel significant growth in the coming years.
   
• Additionally, the rising prevalence of neurological disorders and the expanding clinical and diagnostic applications of magnetoencephalography devices further contribute to the segment's growth potential.
   

North America magnetoencephalography market accounted for USD 88.8 million market revenue in 2023 and is anticipated to grow at a CAGR of 10.5% between 2024 and 2032 period.
 

• The magnetoencephalography (MEG) market is growing in North America, largely due to significant investment in neurological research and advanced healthcare infrastructure. North America houses numerous leading neuroscience research institutions and healthcare facilities equipped with state-of-the-art technology. Rising cases of neurological conditions, including epilepsy and Alzheimer’s, have intensified the demand for MEG technology, as it allows for accurate and non-invasive brain imaging.
   
• Initiatives such as the U.S. Brain Initiative, which supports advancements in brain research, have also driven funding into MEG technology. North American healthcare systems prioritize high-quality diagnostic tools like MEG, further propelling its market growth.
   

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

• In the U.S., the MEG market’s growth is fueled by a high incidence of neurological disorders and robust research funding. The country has a well-established healthcare system and leading research institutions, such as the National Institutes of Health (NIH), that support neurological disorder studies and treatment methods using MEG.
   
• Additionally, the presence of MEG equipment manufacturers and the demand for innovative medical technology ensure that MEG remains an essential tool in diagnosing and managing neurological disorders. The U.S. Brain Initiative and increased funding for neuroimaging research provide an environment for MEG adoption, especially in high-demand clinical and research settings.
   

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

• In the UK, the MEG market benefits from strong government support for neurological research and a focus on precision medicine. With a rise in epilepsy and neurodegenerative conditions, MEG’s high temporal resolution is especially valuable for early diagnosis and effective treatment planning. National research funding and healthcare initiatives, such as the UK Dementia Research Institute, drive MEG technology adoption, particularly in identifying the sources of brain disorders for surgical planning.
   
• The National Health Service (NHS) and leading UK research universities play a vital role in implementing MEG for both clinical diagnosis and research on complex neurological diseases.
   

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

• China’s MEG market is expanding rapidly as healthcare infrastructure improves, and the country addresses an increasing incidence of neurological disorders. Government initiatives to upgrade healthcare technology have promoted investments in neurodiagnostic tools like MEG, particularly for complex brain diseases such as epilepsy.
   
• The expansion of research centers and collaboration between international institutions and Chinese universities further drive MEG adoption. China’s focus on advancing medical research and establishing itself as a hub for medical technology innovation creates opportunities for MEG applications in both clinical and research environments.