Brain Modalities and Software Market: Current Analysis and Forecast (2021-2027)
Emphasis on Offering (Brain Imaging Modalities and Brain Analysis Software); Patient Type (Adults and Pediatrics & Infants); Application (Headache Disorders, Epilepsy, Sleep Disorders, Parkinson’s Disease, Traumatic Brain Injury (TBI), Stroke, Huntington’s Disease, Dementia, Others); End-User (Hospitals & Clinics, Neurology Centers, Ambulatory Surgery Centers (ASC), and Diagnostic Centers); and Region/Country.
Brain modalities and software market is expected to witness a CAGR of ~5% over the forecast period (2021-2027). brain modalities and software devices are used to monitor and diagnose neurological conditions by exploring the structure and function of the brain. This process involves the use of several brain modalities and software devices such as electroencephalography devices, intracranial pressure monitors, and magnetoencephalography to track brain functions. In addition, according to the World Health Organization (WHO), the global prevalence of epilepsy and multiple sclerosis was calculated at 50 million and 2.5 million respectively. These stats show the need for brain modalities and Software devices in the global healthcare industry today. The market offers a wide range of devices to treat abnormal brain activities and restore their functioning, depending on the case.
The growth of this market is driven owing to the rising incidence and prevalence of neurological disorders, rising awareness of neurodegenerative diseases, and growth in the number of traumatic brain injuries. For instance, According to World Health Organization (WHO), in September 2021 more than 55 million people live with dementia worldwide, and there are nearly 10 million new cases every year. Also, in 2019, globally, 50 million people were diagnosed with epilepsy. According to World Health Organization (WHO), nearly 80% population live in low- and middle-income countries.
Rate of Death with Epilepsy as The Underlying Cause in the U.S. from 2015 to 2020 (Per 100,000 Population)
According to the world health organization (WHO), the ratio of death in the U.S. with epilepsy as the underlying cause from 2015 to 2020. the death ratio for epilepsy was 0.6 per 100,000 population, a slight increase from a rate of 0.4 in the year 2015.
Epilepsy is a general term used to describe a group of related neurological disorders characterized by recurrent seizures. Seizures among epileptics can vary in frequency and seriousness and can last a few seconds or a few minutes. Some of the most common seizure triggers among epileptics include bright flashing lights, stress, lack of sleep, illness or fever, and alcohol, caffeine, and other drugs. In most cases, the cause of epilepsy is unknown, but the disorder can result from stroke, brain injury, brain tumors, or serious illness. Approximately 1.1 percent of the population of the U.S. currently lives with epilepsy, with the disorder occurring equally among men and women.
Vuno Co. Ltd., Fujifilm Holdings Corporation, Imaging Biometrics LLC, A.I. Analysis Inc., Aspect Imaging Ltd., IXICO plc, Mint Labs Inc., Medtronic, CAS Medical Systems, Inc., Drägerwerk AG & Co. KGaA. are some of the prominent players operating in the brain modalities and software market. Several M&A’s along with partnerships have been undertaken by these players to develop new and advanced products.
Insights Presented in the Report
Amongst by offering, the brain imaging modalities segment to hold significant share”
Based by offering, the brain modalities and software market is bifurcated into brain imaging modalities, and brain analysis software. Among these, the brain imaging modalities category held the largest share in the market. This is mainly due to the rising incidence of neurological, traumatic brain injuries, psychotic, and sleep disorders, the need for early diagnosis, and increasing patient awareness.
“Amongst by patient type, the traumatic brain injury (TBI) segment holds the major share”
Based on patient type, the market is categorized into adults, pediatrics & infants. Among these, the pediatrics & infants category is projected to witness significant growth during the forecast period. Some neurological conditions are inborn, caused by birthing mishaps, such as hemorrhage, asphyxia, hydrocephalus, a viral or bacterial infection contracted during pregnancy, delivery, or after birth, and use of alcohol or drugs during pregnancy. Furthermore, rising incidences of traumatic brain injuries is also a key factor driving the market.
“Amongst end-user, the diagnostic image centers segment holds the major share”
Based on end-users, the brain modalities and software devices market is segmented into hospitals & clinics, neurology centers, ambulatory surgery centers (ACS), and diagnostic image centers. The diagnostic image centers is expected to hold a dominant position during the forecast period. Brain modalities and software is a complex process, requiring expensive and advanced devices and equipment that are mainly found in diagnostic image centers. Additionally, brain modalities and software devices pose a considerable burden in terms of maintenance expenses on healthcare facilities, more than other end-users.
“North America signifies one of the largest markets of Brain Modalities and Software market”
For a better understanding of the market adoption, the report provides a detailed analysis of major regions and countries including North America (US, Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. North America is expected to dominate the brain modalities and software market due to the growing incidence of neurological diseases coupled with rising expenditure on development of advance products and systems for treatment of various neurological and other diseases. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, due to the increase in the geriatric population.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The brain modalities and software market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the brain modalities and software Market were the three major steps undertaken to create and analyze the adoption of brain modalities and software for the different diseases across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of brain modalities and software. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the brain modalities and software market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the brain modalities and software market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are offering, patient type, end-user, and application. Further country-level analyses were conducted to evaluate the overall utilization of brain modalities and software in every region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of brain modalities and software market. Further, we conducted factor analysis using dependent and independent variables such as increasing incidence of sport injuries. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the brain modalities and software industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the brain modalities and software market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (USD) and the utilization rate of brain modalities and software across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the brain modalities and software market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the brain modalities and software market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of offering, patient type, end-user, and application of the brain modalities and software market.
Main Objective of the Brain Modalities and Software Market Study
The current & future market trends of brain modalities and software were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of brain modalities and software in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of offering, patient type, end-user, and application
- Define and analysis of the regulatory framework for the brain modalities and software industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the brain modalities and software market for the major region
- Major regions studied in the report include North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), and Rest of the World
- Company profiles of the brain modalities and software market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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