Magnetoencephalography Market Size, Share, Growth – By Product Type, By Application, By End Use – Global Forecast, 2024 – 2032

Magnetoencephalography Market Size

The global magnetoencephalography market was valued at USD 223.5 million in 2023 and is expected to exhibit growth at a CAGR of 11.1% from 2024 to 2032. The market is propelled by advancements in neuroscience and a rising demand for precise, non-invasive brain imaging solutions.
 

One of the major drivers is the increasing prevalence of neurological disorders, such as epilepsy, Alzheimer’s, and Parkinson’s disease, which require accurate diagnostics for effective management. MEG provides a powerful tool for mapping brain activity with high temporal resolution, enabling clinicians to detect abnormal brain function in real-time, which is particularly beneficial in epilepsy diagnosis and surgical planning.
 

The growing use of MEG in research and clinical applications also fuels market expansion. MEG’s ability to map brain activity non-invasively makes it invaluable for neuroscience research, cognitive studies, and clinical applications, especially in understanding sensory processing, language, and motor functions. Increasing investments in neuroscience research by both governments and private sectors contribute to market growth as well.
 

Technological advancements, such as the development of portable and hybrid MEG systems, enhance accessibility and usability, opening up new possibilities for clinical and research use in various settings. Innovations in data analysis and machine learning further support the use of MEG by enabling sophisticated interpretations of MEG data, which can aid in early diagnosis and personalized treatment planning.
 

Additionally, rising awareness and adoption of MEG in emerging economies contribute to market growth as healthcare facilities in these regions expand their diagnostic capabilities. Collaborations among healthcare institutions, research bodies, and medical device companies to develop and improve MEG technology also drive advancements in this field.
 

Magnetoencephalography (MEG) is a non-invasive medical imaging technique used to measure the magnetic fields produced by neural activity in the brain. This process captures real-time brain function with high temporal resolution, enabling precise mapping of brain regions involved in various cognitive tasks. MEG is commonly used in both research and clinical settings, aiding in the diagnosis and management of neurological disorders like epilepsy, where identifying the exact source of abnormal brain activity is crucial. Due to its accuracy and minimal invasiveness, MEG is an invaluable tool for studying brain dynamics and planning surgical interventions.

Magnetoencephalography Market Trends

The growing prevalence of neurological disorders is a key driver for the magnetoencephalography (MEG) market, as it increases the need for accurate, non-invasive diagnostic tools. Neurological conditions like epilepsy, Alzheimer’s disease, Parkinson’s disease, and multiple sclerosis are becoming more common globally, driven by factors such as aging populations and increased awareness of neurological health.
 

• MEG’s high temporal and spatial resolution provides detailed insights into brain monitoring activities, making it ideal for diagnosing and managing these complex disorders. For instance, in epilepsy treatment, MEG is essential in localizing seizure sources, which informs precise surgical interventions and improves patient outcomes. Additionally, MEG supports the early detection of neurodegenerative diseases by mapping subtle brain changes before symptoms become evident, facilitating timely intervention and treatment planning.
   
• With a growing emphasis on early and accurate neurological assessments, healthcare systems and research institutions are making substantial investments in MEG technology. MEG’s capability to capture dynamic brain activity in real-time is invaluable for monitoring the progression of neurological disorders, evaluating treatment effectiveness, and supporting the development of personalized medicine approaches. This technology not only enhances diagnostic precision but also plays a critical role in tailoring treatment plans to individual patient needs, advancing both clinical outcomes and research innovations.
   
• Governments and healthcare organizations globally are prioritizing investments in brain research and advanced diagnostic technologies to combat the growing prevalence of neurological diseases, which in turn accelerates MEG market growth. This increasing demand, coupled with technological advancements enhancing the accessibility and portability of MEG systems, is poised to drive further adoption, particularly in clinical and research settings focused on neurological health. These investments not only support the development of cutting-edge MEG solutions but also expand their applications, making them more integral to both patient care and scientific research.
   

Magnetoencephalography Market Analysis

Based on product type, the market is bifurcated into cryogenic systems/conventional and OPM systems. The cryogenic systems/conventional segment is expected to expand at a CAGR of 9.4%, reaching around USD 500 million by 2032.
 

• The cryogenic systems/conventional segment holds a significant market share in the market due to its crucial role in various applications, including early diagnosis of neurological diseases.
   
• MEG is currently performed using an array of cryogenically cooled superconducting quantum interference devices (SQUIDs) placed in a one-size-fits-all helmet.  Conventional MEG systems employ cryogenic sensors that cool to -269 °C using liquid Helium to measure the extremely small fields generated by the brain. Therefore, continuous improvements in cryogenic technology and MEG device design enhance the sensitivity, accuracy, and usability of these systems. Innovations such as improved superconducting quantum interference devices (SQUIDs) and better cryostats contribute to segmental growth.
   
• Furthermore, advancement in cryogenic technology has led to more sensitive and higher-resolution MEG devices, allowing for better detection and analysis of brain activity that are further fueling the market growth.
   

Based on application, the magnetoencephalography market is classified into clinical and research. The clinical segment held over 65% share of the market in 2023, driven by several key factors.
 

• The dominance of clinical application arises from its efficiency and versatility in diagnosing and treating neurological disorders. Also, ongoing research to explore more clinical applications of magnetoencephalography for the diagnosis and treatment of more psychiatric disorders is the factor that is anticipated to boost the growth of the market during the forecast period.
   
• Moreover, growing awareness among healthcare providers and patients about MEG’s advantages in diagnosing and managing neurological disorders, along with its increasing acceptance by medical professionals as a reliable, non-invasive diagnostic tool, is strengthening MEG’s position in the market. This heightened recognition not only underscores MEG’s clinical value but also reinforces its role as a preferred technology for accurate and real-time brain activity mapping, solidifying its market leadership in neurological diagnostics.  
   

Based on end use, the magnetoencephalography market is segmented into hospitals, imaging centres, and academic and research institutes. The hospitals segment dominated the market in 2023 and is anticipated to reach USD 242 million by 2032.
 

• This growth is driven by the increasing demand for non-invasive diagnostic procedures in hospitals, growing adoption of MEG and surge in awareness among healthcare professionals and patients regarding availability of non-invasive diagnostic device to diagnose neurological disorders.
   
• The hospitals are well equipped with technologically advanced diagnostic devices many large-scale hospitals are increasingly investing in magnetoencephalography technologies to establish efficient and precise diagnostic tools in their neurological department.  Therefore, as these hospitals continue to expand their neurological department internally the demand for MEG devices increases and is expected to propel significant growth in the coming years.
   
• Additionally, the rising prevalence of neurological disorders and the expanding clinical and diagnostic applications of magnetoencephalography devices further contribute to the segment's growth potential.
   

North America magnetoencephalography market accounted for USD 88.8 million market revenue in 2023 and is anticipated to grow at a CAGR of 10.5% between 2024 and 2032 period.
 

• The magnetoencephalography (MEG) market is growing in North America, largely due to significant investment in neurological research and advanced healthcare infrastructure. North America houses numerous leading neuroscience research institutions and healthcare facilities equipped with state-of-the-art technology. Rising cases of neurological conditions, including epilepsy and Alzheimer’s, have intensified the demand for MEG technology, as it allows for accurate and non-invasive brain imaging.
   
• Initiatives such as the U.S. Brain Initiative, which supports advancements in brain research, have also driven funding into MEG technology. North American healthcare systems prioritize high-quality diagnostic tools like MEG, further propelling its market growth.
   

U.S. magnetoencephalography market was valued at USD 83.5 million in 2023 and is projected to grow substantially in the coming years.
 

• In the U.S., the MEG market’s growth is fueled by a high incidence of neurological disorders and robust research funding. The country has a well-established healthcare system and leading research institutions, such as the National Institutes of Health (NIH), that support neurological disorder studies and treatment methods using MEG.
   
• Additionally, the presence of MEG equipment manufacturers and the demand for innovative medical technology ensure that MEG remains an essential tool in diagnosing and managing neurological disorders. The U.S. Brain Initiative and increased funding for neuroimaging research provide an environment for MEG adoption, especially in high-demand clinical and research settings.
   

U.K. magnetoencephalography market is projected to grow remarkably in the coming years.
 

• In the UK, the MEG market benefits from strong government support for neurological research and a focus on precision medicine. With a rise in epilepsy and neurodegenerative conditions, MEG’s high temporal resolution is especially valuable for early diagnosis and effective treatment planning. National research funding and healthcare initiatives, such as the UK Dementia Research Institute, drive MEG technology adoption, particularly in identifying the sources of brain disorders for surgical planning.
   
• The National Health Service (NHS) and leading UK research universities play a vital role in implementing MEG for both clinical diagnosis and research on complex neurological diseases.
   

China holds a dominant position in the Asia Pacific magnetoencephalography market.
 

• China’s MEG market is expanding rapidly as healthcare infrastructure improves, and the country addresses an increasing incidence of neurological disorders. Government initiatives to upgrade healthcare technology have promoted investments in neurodiagnostic tools like MEG, particularly for complex brain diseases such as epilepsy.
   
• The expansion of research centers and collaboration between international institutions and Chinese universities further drive MEG adoption. China’s focus on advancing medical research and establishing itself as a hub for medical technology innovation creates opportunities for MEG applications in both clinical and research environments.
   

Magnetoencephalography Market Share

The magnetoencephalography (MEG) market is dominated by a few key players specializing in neuroimaging technology, with companies like Cerca Magnetics, Compumedics, CTF MEF International Services, and FieldLine among the most prominent. Cerca Magnetics, a leader in MEG systems, holds a substantial market share, supported by its extensive customer base and long-standing expertise in neuroimaging. The market share distribution is shaped by each company's technological advancements, partnerships with research institutions, and capabilities in addressing complex neurological needs. Increasing neurological research and clinical applications continue to foster competition and drive MEG market expansion.
 

Magnetoencephalography Market Companies

Prominent players operating in the magnetoencephalography industry include:

• Cerca Magnetics
• Compumedics
• CTF MEF
• FieldLine
• MEGIN
• Ricoh USA
   

Magnetoencephalography Industry News:

• On February 2022, MEGIN revealed that the University of Nebraska Medical Center (UNMC) had adopted its latest, fourth-generation MEG system, the TRIUX neo, enhancing their neuroimaging capabilities.
   
• On November 2021, Cerca Magnetics, an innovative spin-off from the University of Nottingham, earned the Best Start-Up Medtech Company award at the annual OBN awards. This recognition highlighted Cerca Magnetics' pioneering work in developing and launching the first wearable MEG brain imaging device, marking a significant milestone in accessible brain monitoring technology.
   

The magnetoencephalography market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million and volume (Units) from 2021 – 2032 for the following segments:

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Market, By Product Type

• Cryogenic systems/conventional
• OPM systems

Market, By Application

• Clinical
  • Epilepsy
  • Autism
  • Dementia
  • Stroke
  • Traumatic brain injury (TBI)
  • Other clinical applications
• Research

Market, By End Use

• Hospitals
• Imaging centres
• Academic and research institutes

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
• Asia Pacific
  • China
  • Japan
• Rest of the World (RoW)