Segments - Functional Near Infrared Optical Brain Imaging Market by Type (Dispersive NIR Spectroscopy, FT-NIR Spectroscopy, and Others), Application (Sleep Disorders, Parkinson Disease, Epilepsy, Traumatic Brain Injury, Dementia, and Others), End-user (Diagnostic Centers, Hospitals, and Research Institutes), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The global functional near infrared optical brain imaging market size was valued at USD XX billion in 2022 and is likely to reach USD XX billion by 2031, expanding at a CAGR of XX% during 2023 – 2031. The growth of the market is attributed growing demand for noninvasive brain imaging systems.
Rise in brain-related health problems is resulting in increasing utilization of brain imaging technology which further contributes to boosting the functional near infrared optical brain imaging market. Neurological disorders, such as Alzheimer's disease, stroke, and brain injuries, are becoming common among all ages. Functional near infrared optical brain imaging (fNIRS) is a valuable tool for studying and diagnosing these conditions.
As per the report published by the National Library of Medicine on February 21, 2023, around 15% of the world's population is suffering from neurological disorders. These disorders are the leading cause behind cognitive disability and physical across the globe.
Functional near-infrared optical brain imaging is a non-invasive technique for observing and measuring brain activity. It detects changes in the concentrations of oxygenated and deoxygenated hemoglobin within the brain's blood vessels. This technology relies on the fundamental principle that active brain regions demand increased oxygenated blood, resulting in elevated blood flow and hemoglobin levels. fNIRS harnesses the use of safe near-infrared light capable of penetrating the skull to monitor these hemoglobin changes.
The research report finds that the COVID-19 pandemic has hampered the market. The pandemic disrupted supply chains and manufacturing, which negatively impacted the fNIRS device production. Components and materials sourced globally experienced delays due to lockdowns and travel restrictions. These challenges affected order fulfillment and the market's growth.
Emergence of artificial intelligence contributing to the market growth. AI is improving fNIRS data analysis, to boost efficiency. The utilization of AI-powered machine learning algorithms is helping to understand complex fNIRS data revealing brain activity patterns. Additionally, AI-driven systems enhance fNIRS user-friendliness expanding its applications in neuroscience and healthcare.
Increasing geriatric population is expected to drive the market during the projected period. The risk of neurological conditions increases with growing age. fNIRS technology allows for early detection and monitoring of these conditions. This early diagnosis is important for timely intervention and improving the quality of life for older individuals. Moreover, the rising demand for brain imaging solutions for research and scientific purposes is further boosting the market.
According to a report published by WHO on October 1, 2022, stating that the rate of population aging is increasing at a much faster pace than in previous years. By 2030, it is projected that approximately one in six people worldwide will be aged 60 years or older. Furthermore, by 2050, the global population of individuals aged 60 years or older is expected to double, reaching a total of 2.1 billion people.
High cost of these brain imaging machines is expected to hinder the market. These devices hold immense value for brain research but come with substantial purchase and maintenance expenses. This cost hurdle restricts access to smaller research institutions, clinics, or facilities operating on limited budgets. Additionally, a shortage of skilled operators further diminishes fNIRS demand in the market.
Ongoing continuous research and advancement are expected to create immense market opportunities for players competing. Manufacturers are integrating fNIRS with other neuroimaging methods, including f-magnetic resonance imaging and EEG to provide a comprehensive understanding of brain activity. This potentially unlocks new insights into neurological disorders and cognitive processes. Moreover, the development of advanced fNIRS-enabled telemedicine and remote healthcare platforms is expected to fuel the growth of the market.
The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Functional Near Infrared Optical Brain Imaging Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Type (Dispersive NIR Spectroscopy, FT-NIR Spectroscopy, and Others), Application (Sleep Disorders, Parkinson Disease, Epilepsy, Traumatic Brain Injury, Dementia, and Others), and End-user (Diagnostic Centers, Hospitals, and Research Institutes) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Artinis Medical Systems; Biopac Systems Inc.; Fujifilm Holdings Corporation (Hitachi Ltd.); Gowerlabs Ltd; Kernel; MYndspan; NIRx Medical Technologies LLC; Oxford Instruments; PerkinElmer Inc.; Shimadzu Corporation; and Soterix Medical Inc |
Based on type, the functional near infrared optical brain imaging market is divided into dispersive NIR spectroscopy, FT-NIR spectroscopy, and others. The dispersive NIR spectroscopy segment is expected to hold a major market revenue share during the forecast period, as they are majorly utilized by researchers and healthcare professionals. Dispersive NIR spectroscopy provides high precision in measuring changes in light absorption in brain tissues. This precision allows for accurate assessments of oxygen levels and blood flow to understand brain function. Furthermore, funding support by the governmental and private sectors for the development of spectroscopy technology is further boosting the market.
The FT-NIR spectroscopy segment is anticipated to register robust growth in the market, owing to its inherent advantages and versatility. It uses near-infrared light to measure changes in blood flow and oxygen levels in the brain. This information provides real-time insights into brain function. The versatility and suitability for a wide range of applications make it a preferred choice for studying brain-related conditions and cognitive processes that further boost their demand in the market.
On the basis of application, the market is classified as sleep disorders, Parkinson disease, epilepsy, traumatic brain injury, dementia, and others. The traumatic brain injury segment is projected to register a considerable CAGR during the forecast period, due to the increasing occurrence of traumatic brain injury (TBI) from accidents, sports injuries, and military conflicts. This prevalence is fueling the demand for effective diagnostic and monitoring tools including, fNIRS in the marker.
Based on end-user, the market is segregated into Diagnostic Centers, Hospitals, and Research Institutes. The hospitals segment is expected to hold a key market share during the projected period, due to their increasing demand for the fNIRS systems to cater to a wide range of patients. fNIRS provides real-time data on brain activity helping healthcare providers make informed decisions about patient care. Moreover, the growing patient burden on hospital settings further propels the demand for the fNIRS in the market.
The research institutes segment is expected to grow at a significant CAGR in the market in the coming years, as these institutes are at the forefront of scientific exploration. They conduct studies to understand the brain, cognition, and neurological disorders. fNIRS allows researchers to investigate brain activity in a non-invasive and dynamic manner. Moreover, the continuous advancement and launch of new brain imaging systems for research purposes are contributing to the growth of this segment in the market.
On July 31, 2023, Kernel, a neuroimaging technology provider, announced the launch of its Flow2 system. This system is designed to provide MRI-like functional neuroimaging in a headset that is both user-friendly and quick, making it easier to access precise neuro medicine. Flow2 incorporates state-of-the-art technology such as time-domain functional near-infrared spectroscopy (TD-fNIRS) and electroencephalography (EEG) to provide a comprehensive view of brain activity. This unique combination allows researchers and clinicians to study the intricate workings of the brain in greater detail.
In terms of region, the global functional near infrared optical brain imaging market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market in the projected period, due to the presence of a strong healthcare system, abundant healthcare facilities, diagnostic centers, and hospitals. These institutions are adept at seamlessly incorporating fNIRS into diagnostic and research protocols. Moreover, substantial government funding fosters brain health and imaging technology projects, bolstering the regional market.
The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, owing to increasing healthcare awareness highlighting the pivotal importance of early diagnosis and treatment. This awareness is driving the demand for advanced diagnostic fNIRS tools to assess and manage neurological conditions. Moreover, the rising incidence of age-related neurological disorders, due to the large and growing aged population is further boosting the market in the Asia Pacific.
The global functional near infrared optical brain imaging market has been segmented on the basis of
Key players competing in the global functional near infrared optical brain imaging market are Artinis Medical Systems; Biopac Systems Inc.; Fujifilm Holdings Corporation (Hitachi Ltd.); Gowerlabs Ltd; Kernel; MYndspan; NIRx Medical Technologies LLC; Oxford Instruments; PerkinElmer Inc.; Shimadzu Corporation; and Soterix Medical Inc
These companies are boosting their market share by adopting various strategies such as partnerships, mergers, reduction in production costs, launching new products, and implementing advanced technologies.