In 2021, the global brain modalities and software market was valued at $13,343.3 million, which is set to reach $23,195.6 million by 2030, at a CAGR of 5.2% during 2021–2030, according to P&S Intelligence. The growing patient emphasis on early and effective disease diagnosis, advancing demand for non-invasive and safer medical imaging, and surging prevalence of neurological disorders are the key factors that drive the market.
Because traditional methods combined with AI software produce faster and more-reliable results, they are gaining favor. However, although software solutions provide value to standalone imaging modalities, in terms of numerical evaluations, diagnostic accuracy, and precision, software adoption in the LATAM and MEA regions has been slow, which will impel brain modalities and software market players to aggressively market their offerings here.
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Key Findings of Brain Modalities and Software Market Report
- In the field of brain imaging, AI is increasingly being applied to improve picture quality and diagnosis accuracy. Image quality enhancement, segmentation, and illness classification automation are all examples of AI breakthroughs in medical imaging. As a result of these improvements, more-helpful AI tools are now available to aid physicians in analyzing pictures and making treatment choices.
- North America has the most-advanced healthcare system in the world. Additionally, the incorporation of AI in medical imaging has resulted in the creation of both AI-powered software solutions and hardware devices (scanners) for imaging and the analysis of the pictures.
- Of the two, hardware accounts for the higher sales revenue due to the growing volume of CT, MRI, and PET scans. Moreover, all hardware includes software as complementary, which is why the demand for additional software only arises during system upgradation.
- APAC is a rapidly growing brain modalities and software market, with a CAGR of roughly 7% predicted over the projection period. The increasing healthcare spending, existence of a large number of market participants, expanding awareness of early illness diagnosis, and rising frequency of brain disorders are driving the demand for radiological equipment and software.
- As the number of persons affected by non-communicable neurological illnesses grows, so will the amount of money spent on treatment. Governments will need to confront a rise in the demand for neurological condition diagnosis, rehabilitation, treatment, and support services, as the population increases and ages.
- Hence, Hyperfine Inc. announced its entry into the Canadian market in December 2021 with Health Canada issuing a license for its portable MRI device, Swoop. The license also covers the recently FDA-approved deep learning-based enhanced reconstructive software.
Browse detailed report on Brain Modalities and Software Market Size and Demand Forecast Through 2030
There are many brain modalities and software market players, such as Mint Labs Inc., IXICO plc, Aspect Imaging Ltd., A.I. Analysis Inc., Imaging Biometrics LLC, Fujifilm Holdings Corporation, Vuno Co. Ltd., Siemens Healthineers AG, Koninklijke Philips N.V., Canon Inc., and General Electric Company. They are engaging in a range of activities to remain competitive and augment their revenue.
For instance, Nano-X Imaging Ltd. completed its merger with Zebra Medical Vision Ltd., a deep learning medical imaging analytics business, in November 2021. USARAD Holdings Inc., a supplier of teleradiology services, and MDWEB LLC, a decentralized marketplace linking imaging providers with radiologists, were also reported as successful strategic acquisitions.
Brain Modalities and Software Market Segmentation Analysis
By Offering
- Brain Imaging Modalities
- Brain Analysis Software
By Patient Type
- Adults
- Brain diseases
- Neurodegenerative diseases
- Pediatrics & Infants
- Brain diseases
- Neurodegenerative diseases
By End User
- Hospitals and Clinics
- Ambulatory Surgery Centers
- Diagnostic Imaging Centers
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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