The functional near infrared optical brain imaging market is expected to register a CAGR of 10.5% during the forecast period, owing to the higher prevalence of neurological disorders and advancements associated with the product.
- Dementia is a syndrome that involves the degradation of the cognitive function of the brain. According to the World Health Organization, in 2019, approximately 50 million people were suffering from dementia and the incidence were 10 million cases every year globally.
- Furthermore, in 2019, Brains Product UK developed a portable fNIRS system that can measure fNIRS in high density. Hence, such factors are expected to influence positively on the market. However, the presence of minimally skilled personnel to manage such advanced products may hinder the market growth.
Key Market Trends
Hospitals Segment is Expected to Hold a Major Market Share in the Functional Near Infrared Optical Brain Imaging Market
- The hospital segment is expected to be dominant in the functional near infrared optical brain imaging market due to the growing expenditure on healthcare. For instance, according to the American Hospital Association, currently, there are around 5,198 hospitals in the United States. The spending on healthcare showed a hike of 4.6% in 2018 and it was accounted that approximately 11,172 USD was spent per person, according to the Centres for Medicare & Medicaid Services.
- Furthermore, according to the data published in the Neurological Alliance, in 2016, approximately 12,736,365 hospital stays recorded were due to some or the other neurological conditions in England. It spends around 6.3 billion USD on the healthcare expenditure of these patients.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a major market share in the global functional near infrared optical brain imaging market. Increasing geriatric population and associated neurological disorders are expected to propel the market in this region. According to the Alzheimer’s Association, in 2019, around 5.8 million people are suffering from Alzheimer’s in the United States. Moreover, almost 1 out of 10 people aged 65 and above have Alzheimer’s and around 1 in 3 die due to Alzheimer’s. Furthermore, increasing healthcare expenditure and the presence of well-established healthcare infrastructure is also fueling the growth of the overall regional market to a large extent. According to the Alzheimer’s Association, in 2019, Medicare and Medicaid for Alzheimer’s and other dementias cost up to 195 billion USD.
Strategic initiatives taken by the companies are expected to impact positively on the market. In 2018, Hitachi introduced a fNIRS system in the market, ETG-4100. It is characterized as highly sensitive and faster for measuring the hemodynamics of the brain. In terms of market share, few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Shimadzu Scientific Instruments, Spectratech Inc., Artinis Medical Systems, Soterix Medical Inc., Hitachi, Biopac Systems Inc., Gowerlabs Ltd, Cortech Solutions Inc., NIRx Medical Technologies LLC, and Cephalon.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support