Magnetoencephalography Market was Dominated by Hospitals

Posted by Aryan on July 6th, 2023

The total revenue generated by the magnetoencephalography market was valued at USD 275 million in 2022, and it will power at a rate of 5.60% in the years to come to reach USD 426 million by 2030, as stated by a market research institution, P&S Intelligence.

The growth of the industry can be mainly credited to the increasing tech developments happening, the increasing prevalence of neurological ailments, the growing focus on the use of non-invasive procedures, and the growing elderly population.

These scanners show their efficiency in the epilepsy detection, dementia, brain tumors, sclerosis, pain perception, and many more neuro problems. Likewise, without misrepresentation, it is possible that neuromagnetic impulses can pass through the scalp and skull.

Furthermore, progressions in computer hardware and techs have increased interest in these kinds of devices.

Superconducting quantum interference devices dominated the industry, because of their high spatial resolution, the likelihood of examining non-conducting materials, and deeper penetration depths.

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Furthermore, these devices do not need substantial magnetic fields, allow greater scanning distances, and recognize weak magnetic fields. Therefore, these factors are powering the requirement for SQUIDs.

Hospitals dominated the industry, as a result of the increasing acceptance of tech- advanced sensors in hospitals, the occurrence of a large count of patients, and the growing number of processes performed in these healthcare institutions.

Moreover, the presence of many hospitals, well-established infra, and the rise in the acceptance of non-invasive procedures are advancing the need for magnetoencephalography in hospitals.

Furthermore, imaging centers will grow considerably in the future. This has a lot to do with the lower wait times and low scan costs in imaging centers, the increasing reimbursement structure, and the participation of diagnostic accreditation boards.

North America dominated the magnetoencephalography market, and the trend will continue in the years to come, with USD 149 million in 2030. This is because of the high acceptance of novel and cutting-edge technologies and high income in the region.

Furthermore, the next-gen sequencing technology delivers quicker and more precise results, as a result of which it is put to use in Canada and the U.S.

U.S. is the leader and it will grow with a rate of 5.7% in the years to come. This is credited to the robust healthcare infra, the existence of numerous key players, a surge in the product launch count, high expenditure on healthcare projects, and high investments in R&D activities in mental health field, in the nation.

Due to the increasing progressions in technologies all over the world, increasing cases of neurogenerative disorders, the demand for the magnetoencephalography processes will continue to grow in the years to come.