Functional Near-infrared Optical Brain Imaging Market Size

Functional Near-infrared Optical Brain Imaging Market Analysis

The functional near-infrared optical brain imaging market is valued at USD 0.18 billion and is expected to reach USD 0.24 billion by the year 2028, registering a CAGR of 5.65% during the forecast period.

The COVID-19 pandemic was an unprecedented health concern and adversely affected communities, industries, businesses, and lives worldwide. The increase in COVID-19 cases and lockdowns imposed by the government worldwide 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, the district of Landeck was quarantined in Austria due to the rapidly increasing number of infections. This resulted in the closure of all ski resorts and hotels, a curfew for all residents, and a ban on outdoor sports activities, which decreased the incidences of brain injuries in Austria. Thus, decreasing traumatic brain injury cases decreased the demand for near-infrared spectroscopy, impacting market growth. However, the market has reached its pre-pandemic nature and is expected to grow strongly in the coming years.

Certain factors propelling the market growth include the rising prevalence of neurological disorders, the rising geriatric population, and emerging product trends. 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.

According to the World Alzheimer Report 2021, published in September 2021, over 55 million people lived with dementia worldwide in 2021, almost 60% residing in low- and middle-income countries. The same source projected that the number of people living with dementia will 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 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, coupled with new technological advancements. As per the data from WHO updated in October 2022, around 80% of the older population globally will be living in low and middle-income countries. Hence, the rising geriatric population in such countries is believed to propel the market growth.

However, a need for more skilled professionals is expected to restrain the growth of the functional near-infrared optical brain imaging market over the forecast period.