Functional Near-infrared Optical Brain Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Functional Near-infrared Optical Brain Imaging Market is segmented by Application Type (Parkinson's Disease, Epilepsy, Dementia, Traumatic Brain Injury, Sleep Disorders, and Other Application Types), End User (Hospitals and Diagnostic Centers), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Functional Near Infrared Optical Brain Imaging Market Snapshot
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 10.5 %

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Market Overview

The functional near-infrared optical brain imaging market is expected to register a CAGR of 10.5% during the forecast period (2022 - 2027).

The COVID-19 pandemic has been an unprecedented health concern and adversely affected communities, industries, businesses, and lives around the world. The pandemic had a significant impact on the healthcare systems, with significant consequences not only for COVID-19-infected patients but also for others, resulting in the cancellation of treatment and diagnosis to manage and reserve resources, and many hospitals were experiencing a shortage of professionals to assist with these treatments. The increase in COVID-19 cases and lockdown imposed by the government all over the world have significantly decreased the incidences of traumatic brain injury in some countries. For instance, according to an article published by the Nature Public health Emergency Collection, in July 2020, titled “The influence of the COVID-19 pandemic on traumatic brain injuries in Tyrol: experiences from a state under lockdown”, in Austria, the district of Landeck was quarantined due to the rapidly increasing number of infections. This resulted in the closure of all ski resorts and hotels, as well as a curfew for all residents and a ban on outdoor sports activities which decreases the incidences of brain injuries. Thus, the decreasing number of traumatic brain injury cases is decreasing the demand for near-infrared spectroscopy, which has impacted the market growth. However, the patients infected with COVID-19 are likely to have neuroinflammation and other problems in the long term that results in thickening of the blood which blocks the blood vessels, thus, restricting the blood supply to the brain which is expected to increase the demand for near-infrared optical brain imaging to examine the blood flow and functioning of the brain, thus expected to augment the market growth over the forecast period.

Certain factors that are propelling the market growth include the rising prevalence of neurological disorders, the rising geriatric population, and emerging trends in the products. The rising number of neurological disorders coupled with the increasing geriatric population who are more prone to develop neurodegenerative diseases such as Parkinson's, Alzheimer's, dementia, epilepsy, and others are the key factors that are expected to fuel growth in the functional near-infrared optical brain imaging market.

For instance, according to an article published in 2020 by International Parkinson and Movement Disorder Society, the incidence of Parkinson's disease has increased from 6 million cases in 2016 to 9.4 million cases in 2020 and this number is further expected to grow with the increasing global geriatric population as they are more prone to neurological disorders. Additionally, according to the "World Alzheimer Report 2021" published in September 2021, over 55 million people live with dementia worldwide in 2021, almost 60% of which were residing in low- and middle-income countries and the same source projected that the number of people living with dementia is estimated to reach 78 million by 2030 and 139 million by 2050. The increasing burden of neurological diseases globally is expected to increase the demand for early detection of the condition and diseases along with monitoring and treatment, which is expected to increase the demand for functional near-infrared optical brain imaging, thereby propelling the market growth.

Moreover, the increasing global geriatric population is also expected to play a significant role in the growth of the studied market as they are more susceptible to various neurological disorders and injuries due to old age, and coupled with new advancements in technology, the studied market is expected to grow during the forecast period. However, a lack of skilled professionals is expected to restrain the growth of the functional near-infrared optical brain imaging market over the forecast period.

Scope of the Report

As per the scope of the report, functional near-infrared spectroscopy (fNIRS) is a transportable, non-invasive brain imaging technique that uses optical sensors attached to the scalp's surface to monitor changes in cerebral blood flow using low amounts of non-ionizing light. The Functional Near-infrared Optical Brain Imaging Market is segmented by Application Type (Parkinson's Disease, Epilepsy, Dementia, Traumatic Brain Injury, Sleep Disorders, and Other Application Types), End User (Hospitals and Diagnostic Centers), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.

By Application Type
Parkinson's Disease
Epilepsy
Dementia
Traumatic Brain Injury
Sleep Disorders
Other Application Types
By End User
Hospitals
Diagnostic Centers
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Traumatic Brain Injury Segment Expects to Register a High CAGR in the Forecast Period

The traumatic brain injury segment is expected to witness significant growth in the market over the forecast period owing to the factors such as rising incidences of traumatic brain injury, and the adoption of near-infrared optical brain imaging for examining the brain. For instance, according to an article published by the BMJ Journals, in April 2022, titled “Traumatic brain injury during COVID-19 pandemic-time-series analysis of a natural experiment”, India accounts for nearly a quarter of all trauma-related deaths and 21% of new traumatic brain injury cases worldwide. Additionally, according to an article published by the Journal of Neurotrauma, in November 2021, titled “Epidemiology of Chronic Effects of Traumatic Brain Injury”, about 64,362 traumatic brain injury-related deaths were reported in 2020. Similarly, according to an article published by the JAMA Neurology, in September 2021, titled “Pathological Computed Tomography Features Associated With Adverse Outcomes After Mild Traumatic Brain Injury”, approximately 12%-20% of patients with mild traumatic brain injury have had macrostructural intracranial injury visible on computed tomography (CT). Thus, the increasing burden of brain injuries due to various factors are expected to increase the demand for optical brain imaging to examine the injury and damage, thereby boosting the market growth.

Furthermore, in August 2021, a team of researchers from Brown University has taken a key step toward a new concept for a future BCI system that employs a coordinated network of independent, wireless microscale neural sensors, each about the size of a grain of salt, to record and stimulate brain activity. The sensors, dubbed neurograins, independently record the electrical pulses made by firing neurons and send the signals wirelessly to a central hub, which coordinates and processes the signals. This innovation helps in recording the brain signals in detail, leading to new insights into how the brain works and new therapies for people with brain or spinal injuries, thus driving the market significantly over the forecast period.

Thus, the increasing burden of traumatic brain injury among the population and emerging trends in products are expected to augment the segment growth, which is further expected to boost the market growth.

Global

North America is Expected to Hold a Significant Share in the Market During the Forecast Period

North America is expected to hold a major market share in the functional near-infrared optical brain imaging market over the forecast period owing to the factors such as the increasing geriatric population and associated neurological disorders and other brain injuries, rise in funding for various research regarding neurological diseases, are expected to propel the market in this region.

The rising burden of neurological disorders among the population and the increasing geriatric population who are more likely to develop neurodegenerative diseases are the key factors driving the market growth. For instance, as per the Alzheimer’s Association 2021 Alzheimer's Disease Facts and Figures, an estimated 6.2 million Americans aged 65 and older were living with Alzheimer's dementia in 2021, in the United States. As per the same source, the number of people aged 65 and older with Alzheimer’s dementia is projected to increase to 12.7 million by 2050. Similarly, according to the 2022 statistics published by CerebralPalsy.org, it has been observed that about two to three children out of every 1,000 have Cerebral Palsy in the United States. Thus, the increasing neurological disorders in the population are expected to increase the demand for near-infrared spectroscopy to monitor the tissue oxygenation and blood flow in the brain, thereby boosting the market growth.

Furthermore, increasing healthcare expenditure and the presence of well-established healthcare infrastructure are also fueling the growth of the overall regional market to a large extent. For instance, according to 2021 statistics published by the Centers for Medicare and Medicaid Services, healthcare spending in the United States increased by 9.7% in 2020 to USD 4.1 trillion or USD 12,530 per person. In addition, as per the same source, this number is expected to reach USD 6.8 trillion by 2030. Thus, the increasing healthcare spending in the region is expected to increase the research and development activities to effectively treat brain injuries and neurological disorders among the population, which is expected to increase the demand for near-infrared optical brain imaging, thereby boosting the market growth.

Moreover, the increasing investment by the private players is also boosting the growth of the market. For Instance, in June 2021, Synchron, a brain interface platform company, received funding of USD 40 million in a Series B round of financing led by Silicon Valley venture capital firm Khosla Ventures for the launch of the United States Clinical Trials of Minimally Invasive Brain Computer Interface. Additionally, in July 2021, the company received approval from the United States Food and Drug Administration for the conduction of clinical trials in humans in the United States.

Thus, the rising prevalence of neurological disorders, increasing healthcare funding, and rising investment by the players are likely to boost the market growth in the region over the forecast period.

Functional Near Infrared Optical Brain Imaging Market - Growth Rate by Region

Competitive Landscape

The market for functional near-infrared optical brain imaging is moderately competitive and consists of several major players. Strategic initiatives taken by the companies are expected to impact the market positively. Some of the companies currently dominating the market are Shimadzu Corporation, Spectratech Inc., Artinis Medical Systems, Soterix Medical Inc., Biopac Systems Inc., Gowerlabs Ltd, and NIRx Medical Technologies LLC, and Cephalon.

Recent Developments

  • In March 2022, Kernel, a neurotechnology company, developed a wearable headset device, Kernel Flow, for brain measurement which is based on time-domain functional near-infrared spectroscopy (TD-fNIRS) which enables accurate, high-resolution measurement of the brain and its functions by emitting picosecond pulses of light into tissue and measuring the arrival times of single photons. The device weighs 2.05 kg and contains 52 modules arranged in four plates that fit on either side of the head.
  • In March 2022, MYndspan launched an imaging service, that uses brain connectivity to measure and assess brain health, at Aston University's Institute of Health and Neurodevelopment. The brain imaging service measures the electrical signals between neurons to form a highly detailed map of brain activity and function.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Prevalence of Neurological Disorders

      2. 4.2.2 Emerging Trends in Products

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Skilled Professionals

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value- USD Million)

    1. 5.1 By Application Type

      1. 5.1.1 Parkinson's Disease

      2. 5.1.2 Epilepsy

      3. 5.1.3 Dementia

      4. 5.1.4 Traumatic Brain Injury

      5. 5.1.5 Sleep Disorders

      6. 5.1.6 Other Application Types

    2. 5.2 By End User

      1. 5.2.1 Hospitals

      2. 5.2.2 Diagnostic Centers

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 South Korea

        6. 5.3.3.6 Rest of Asia-Pacific

      4. 5.3.4 Middle-East and Africa

        1. 5.3.4.1 GCC

        2. 5.3.4.2 South Africa

        3. 5.3.4.3 Rest of Middle-East and Africa

      5. 5.3.5 South America

        1. 5.3.5.1 Brazil

        2. 5.3.5.2 Argentina

        3. 5.3.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Artinis Medical Systems

      2. 6.1.2 Biopac Systems Inc.

      3. 6.1.3 Oxford Instruments

      4. 6.1.4 Gowerlabs Ltd

      5. 6.1.5 Shimadzu Corporation

      6. 6.1.6 Fujifilm Holdings Corporation (Hitachi Ltd.)

      7. 6.1.7 NIRx Medical Technologies LLC

      8. 6.1.8 Soterix Medical Inc.

      9. 6.1.9 PerkinElmer Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The Global Functional Near-infrared Optical Brain Imaging Market market is studied from 2019 - 2027.

The Global Functional Near-infrared Optical Brain Imaging Market is growing at a CAGR of 10.5% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Artinis Medical Systems , Soterix Medical Inc. , NIRx Medical Technologies , Shimadzu Corporation, Biopac Systems Inc. are the major companies operating in Global Functional Near-infrared Optical Brain Imaging Market.

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