APAC To Have Fastest Growth in Brain Modalities and Software Industry

The revenue of the brain modalities and software market will surge at a CAGR of about 5%, from $13,343.3 million in 2021 to $23,195.6 million in 2030, due to the increasing demand for harmless and non-invasive medical imaging, growing patient emphasis on early and effective diagnosis of diseases, and surging incidence of neurological ailments. For example, in 2020, 55 million people globally had dementia. Furthermore, this count will reach 78 million by 2030 and 139 million in another 20 years.

The revenue contribution of the pediatrics & infants with brain diseases to the brain modalities and software market will increase at an over 6% CAGR during 2021–2030, on the basis of patient type. Though some neurological conditions are congenital, asphyxia, hydrocephalus, hemorrhage, and viral or bacterial contamination can be caused during pregnancy, delivery, or after birth. The usage of drugs or alcohol during pregnancy is a key risk factor for neurological disorders in children.

The diagnostic imaging centers category will grow the fastest, with a rate of about 7%, in the brain modalities and software market, under segmentation by end user.  The main reason for this is that diagnostic imaging centers offer reasonably priced brain imaging services as opposed to clinics, hospitals, and medical centers. Further advantages of going to a diagnostic center are a briefer wait time and personalized service, which have been making these facilities incredibly popular among patients.

The growing population affected by neurological disorders that are non-communicable is one good reason for the increasing total outlays on treatment. With the growing and aging of the population, there will be an increase in the demand faced by the governments across the world for neurological disorder diagnosis, treatment, rehabilitation, and support services. This is due to the higher chances of major neurological disorders with age. As most neurological diseases have few identifiable reasons, novel research is essential for the development of effective analysis, prevention, and treatment procedures.

The rapid integration of advanced technology in medical imaging, growing requirement for software-based imaging solutions for precise diagnoses, and increasing incidence of neurological disorders push the brain modalities and software market in North America. Moreover, the continent, especially the U.S., has a strong base of CT, MRI, and PET–CT scanner producers. The region has one of the most-advanced healthcare systems globally. The integration of AI in medical imaging has led to the availability of advanced imaging and image interpretation solutions and imaging hardware.

The Asia-Pacific (APAC) region will likely witness a CAGR of around 7% in the years to come. The brain modalities and software market growth in the region is mainly driven by the booming expenditure on healthcare, presence of a large number of medical device manufacturing companies, increasing consciousness concerning the early detection of disease by using cutting-edge imaging technologies, and snowballing incidence of brain ailments. Moreover, the vast patient population in China and India offers lucrative opportunities to the players in the industry.

Hence, due to an increase in the number of people suffering from brain diseases because of aging or mishaps at the time of birth, the need for brain imaging machines software is on the rise.