Magnetoencephalography (MEG) is one of the medical neuroimaging techniques which tracks the brain activity by measuring the magnetic field produced by neurons in the brain. It is a non-invasive technique which is safe, radiation-free, and also can be used for the pediatric population MEG device consists of numerous and highly sensitive magnetometers called Superconducting Quantum Interface Device (SQUID). MEG tests can be used for diagnosing diseases such as Alzheimer’s disease, epilepsy, and brain tumors.
It also offers real-time resolution as it is capable of providing results in milliseconds and identifies the primary location of brain activation. A MEG device captures brain activity by detecting and amplifying magnetic signals produced by the brain, and it does not emit radiation or create magnetic fields in the surrounding.
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Increasing awareness and diagnosis of mental illness or brain injury is expected to boost growth of the global magnetoencephalography market over the forecast period. According to the National Institute of Mental Health (NIMH), in 2016, around 44.7 million people of 18 years of age and above in the U.S. suffered from mental health disorders, and around 19.2 million people were diagnosed and received treatment.
However, factors such as low availability of MEG devices is expected to hinder growth of the magnetoencephalography devices market over the forecast period. For instance, in 2015, the European MEG Society (EMEGS) surveyed 44 MEG centers in 10 different countries, of which only 12 centers were using MEG for clinical purpose. Furthermore, high cost and maintenance cost of MEG device is a barrier for adoption of MEG, as single MEG device costs around US$ 2 million to US$ 3 million.
Increasing technological advancements in MEG systems is expected to drive growth of the magnetoencephalography devices market
Key players in the market are focusing on product launches and technological innovations which is expected to drive the market growth. For instance, in 2017, 1.9 million collaborative projects between scientists at the University of Nottingham and University College London (UCL) is focusing on improving the way the human brain is mapped. Focusing on the development of magnetoencephalography (MEG), researchers have 3D printed a prototype helmet that may yield quadruple the sensitivity of current MEG devices
Magnetoencephalography devices market restraints
Increasing preference for magnetic resonance Imaging (MRI) scanning, computerized axial tomography (CT) scanning, and Positron emission tomography (PET) scanning which is expected to hamper the magnetoencephalography devices market growth over the forecast period. For instance, according to a research published in the Journal of the American Medical Association in March 2018, Japan had 52 MRI scanners and 107 scanners per 1 million people, respectively. The U.S. had the second highest number of MRI scanners (38), and the third highest number of CT scanners (41). Furthermore, the U.S. performed 118 MRIs per 1,000 people compared to other 11 countries of 82 MRI’s per 1,000 population.
Magnetoencephalography Devices Market- Regional Insights
On the basis of region, the global magnetoencephalography devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds a dominant position in the global magnetoencephalography market owing to presence of key players in the U.S. such as Advanced Brain Monitoring Inc., Cadwell Laboratories Inc., CAS Medical Systems, DePuy Synthes Companies, Electrical Geodesics, Inc., and HeadSense Medical, Inc. Among region, Europe accounts for the second largest market share owing to technological advancements in MEG. For instance, in November 2017, Leti, a France-based technology research institute, developed a next-generation MEG scanning system, wearable brain scanner or MEG helmet for improved diagnosis of epilepsy and brain tumor.
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Magnetoencephalography Devices Market- Competitive Landscape
Key players operating in the global magnetoencephalography devices market include Compumedics Limited, Croton Healthcare, Ricoh Company, Ltd., and CTF MEG International Services LP.