Functional Near Infrared Optical Brain Imaging Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Functional Near Infrared Optical Brain Imaging market in 2021?

The global market size of Functional Near Infrared Optical Brain Imaging was valued at USD 510 million in 2021. Furthermore, the market is projected to grow at a CAGR of 4.8% during the forecast period from 2021 to 2026. The increasing prevalence of neurological disorders and the growing demand for non-invasive brain imaging techniques are driving the market growth.

COVID-19 Impact on the Functional Near Infrared Optical Brain Imaging Market

The COVID-19 pandemic had a mixed impact on the Functional Near Infrared Optical Brain Imaging market. On one hand, the healthcare system's focus shifted towards managing the pandemic, leading to a temporary slowdown in the adoption of non-essential diagnostic technologies. On the other hand, the pandemic highlighted the importance of early detection and monitoring of neurological conditions, which could positively impact the market in the long term.

Functional Near Infrared Optical Brain Imaging Dynamics

Functional Near Infrared Optical Brain Imaging is a rapidly evolving field, with constant technological advancements driving innovation in brain imaging techniques. The increasing research and development activities in neuroscience and neuroimaging are expanding the applications of Functional Near Infrared Optical Brain Imaging in both clinical and research settings. Moreover, the rising prevalence of neurological disorders is increasing the demand for accurate and non-invasive diagnostic tools, further fueling market growth.

Segments and Related Analysis

The Functional Near Infrared Optical Brain Imaging market can be segmented based on technology, application, end-user, and region. The technology segment includes continuous wave fNIRS, time-domain fNIRS, and frequency-domain fNIRS. In terms of applications, the market is categorized into neuroimaging, neurofeedback, and others. The key end-users of Functional Near Infrared Optical Brain Imaging include hospitals, research institutes, and others. Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

By Region Analysis

North America currently dominates the Functional Near Infrared Optical Brain Imaging market, owing to the presence of major research institutes, technological advancements, and high healthcare expenditure in the region. Europe follows closely behind, driven by the increasing prevalence of neurological disorders and the growing adoption of advanced diagnostic technologies. The Asia Pacific region is expected to witness significant growth due to the expanding healthcare infrastructure and rising awareness about neurological conditions.

Key Market Players and Competitive Landscape

Some of the key players in the Functional Near Infrared Optical Brain Imaging market include Hitachi Medical, Artinis Medical Systems, Spectratech Inc., Shimadzu Corporation, and Biopac Systems Inc. These companies are focusing on strategic collaborations, product launches, and technological innovations to strengthen their market presence. The competitive landscape of the market is characterized by intense competition, with companies vying for market share through product differentiation and enhanced customer service.

Recent Happenings in the Functional Near Infrared Optical Brain Imaging Market

In recent developments, Hitachi Medical announced the launch of a new Functional Near Infrared Optical Brain Imaging system with improved imaging quality and advanced data analysis capabilities. This innovation is poised to revolutionize the field of neuroimaging and enhance diagnostic accuracy in neurological disorders. Additionally, Artinis Medical Systems introduced a portable fNIRS device for point-of-care brain imaging, catering to the increasing demand for non-invasive imaging solutions in clinical settings.