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The global neurophotonics market size is estimated to grow by USD 606.48 million, at a CAGR of 11% between 2023 and 2028.
Funding assistance for researchers from companies involved in advancing neurology diagnostics and device systems has witnessed a significant increase. This support aims to enhance diagnostic precision and treatment efficacy for neurological disorders, encompassing epilepsy, Alzheimer's disease, cerebrovascular diseases, multiple sclerosis, Parkinson's disease, and more. Notable organizations, such as the National Institute of Health Research (NIHR) in the UK and the National Institute of Neurological Disorders and Stroke (NINDS) in the US, allocate substantial funds for neurological research initiatives. In 2021, NIHR invested USD 1.6 billion in 254 studies, including MRI-based investigations into changes in brain oxygen levels. This surge in funding holds the potential to expedite the growth of the market during the forecast period.
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It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The market share growth by the research segment will be significant during the forecast period. Neurosciences are undergoing a transformation and changes as a result of advances in optical technologies. Optical technologies for imaging and manipulating brain structure and functions range from a non-invasive macroscopic analysis of the cortical activities in human subjects to observation of intracellular organelles and protein assemblies.
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The research segment was the largest and was valued at USD 399.49 million in 2018. Electrical excitability, neuroglial partnerships, neurovascular communication, metabolic activities, and hemodynamics are all phenomena of the brain that are constantly growing due to modern methodologies and applications. The market has made significant progress in identifying diseases such as neurological disorders and improving diagnosis and therapy due to increased funding for brain research. The Boston University Neurophotonics Center, for example, is now working on the spectrum of neurophotonics research and therapeutic applications in Alzheimers, autism, and strokes. Furthermore, the Center has also broadened the scope of the project for the general public. Different researchers would be able to examine the field as a result of this. In the research phase, all of the above elements will create a huge potential for the market during the forecast period.
Functional optical microscopy, more specifically, in-vivo recordings employing fluorescence microscopy, is one of the fastest-growing subfields for cutting-edge brain recording methods in this race. Compared to other imaging techniques, microscopy has many special advantages. The activity observed is less distorted by the hemodynamic response than functional magnetic resonance imaging (fMRI) and functional ultrasonography and is more directly related to neuronal activity. Furthermore, compared to electrophysiological, optical procedures are usually less intrusive because they do not involve the implantation of probes into the brain. The low photon penetration depth is a disadvantage of this benefit. More intrusive techniques, including the placement of a gradient refractive index (GRIN) lens, are needed to image deeper structures. Furthermore, complete images that capture both the morphology of the cells and the brain activity are produced by microscopy. This, in turn, will drive the segment and market during the forecast period.
Non-invasive optical spectroscopic methods that detect the onset and progression of diseases and other conditions, such as pre-malignancy, cancer, Alzheimer's disease, tissue and cell response to therapeutic intervention, unintentional injury, and laser energy deposition, are addressed by neurophotonics spectroscopy. Investigations into the optical fingerprints of single and multiphoton excitation in healthy and pathological nerve tissues, as well as in the brain, are being conducted in the field of neurophotonics. It offers a deeper comprehension of the underlying biochemical and structural alterations in tissues and cells that give rise to the spectroscopic signals that are seen. The utility of spectroscopy approaches based on fluorescence imaging is likely to benefit significantly from ongoing technical innovations in neurological research. This will drive the segment and market during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market growth and forecasting during the market forecast period. North America is home to a significant number of research laboratories, which has the biggest market share in the global neurophotonics market. The market is growing due to an increase in surgical procedures, government-sponsored R&D, and an increase in the elderly population in this region. The medical device business in the US is known for producing high-quality products with advanced technology as a result of extensive market research and growth investment.
Furthermore, initiatives like BRAIN 2025 focus on identifying and providing experimental access to various brain cell types to better understand their functions in health and diseases. These factors contribute to market expansion, which is likely to continue throughout the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Artinis Medical Systems - The company offers neurophotonics such as the fNIRS system. It is proficient in measuring oxy, deoxy, and total hemoglobin concentration changes in both brain and muscle tissue.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth analysis. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, market trends and analysis, and challenges.
The increasing prevalence of neurological disorders is notably driving market development. Neurological disorders are increasingly recognized as the major cause of death and disability worldwide. Low- and middle-income countries continue to bear the brunt of neurological illnesses. Governments will face increased demand for treatment, rehabilitation, and support services for neurological disorders as populations expand and age and the prevalence of severe debilitating neurological disorders rises sharply with age, contributing to market expansion.
Moreover, genetic disorders, congenital anomalies or disorders, infections, lifestyle or environmental health problems, namely malnutrition, brain injury, spinal cord injury, or nerve injury, are some of the causes of neurological disorders. Hence, the increasing prevalence of neurological disorders will fuel the global neurophotonics market growth during the forecast period.
Increasing focus on accurate neurological diagnostics is an emerging market growth and trends shaping the market development. Brain injuries such as traumatic brain injury (TBI) leave serious and lasting damage to people. Computed tomography (CT) scans have been commonly used to check bleeding or swelling in the brain but fail to detect accurate results in most cases. Thus, delivering accurate results for neurological disorders with the help of CT scans is more challenging. This inability of CT scans leaves a gap in which many brain injuries go unrecognized and undiagnosed. Moreover, the growing focus on precisive neural diagnostic imaging and minimally invasive treatments is driving the demand for neuroimaging solutions such as neurophotonics.
Additionally, optical technologies have made it possible to visualize brain-behaviour correlations and structure-function at microscopic, mesoscopic, and macroscopic sizes in all species, frequently without invasive methods. Thus, increasing focus on accurate neurological diagnosis for neurological disorders is expected to increase the demand for neurophotonics, which, in turn, is anticipated to propel the growth of the market during the forecast period.
Unawareness of neurological disorders is a significant challenge hindering market development. It can, however, lead to harmful impacts and make care management difficult. Awareness is a complex and multidimensional entity with neurological, neuropsychological, psychopathological, and psychosocial elements that are yet poorly understood. Unawareness is a partial and dimensional phenomenon that is sometimes misunderstood as a categorical phenomenon. Neurological disorders can be difficult to diagnose because symptoms of one condition can be similar to another.
Moreover, neurology has an especially close relationship with psychology and psychiatry, as all three disciplines focus on the functions and disorders of a single organ, the brain. Neurological syndromes can be mistaken for psychiatric conditions. Thus, unawareness of neurological disorders will negatively impact the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Neurophotonics Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Market forecasting period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11% |
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Market Growth 2024-2028 |
USD 606.48 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
10.33 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Canada, UK, Spain, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Artinis Medical Systems, Bruker Corp., Cairn Research Ltd., Carl Zeiss AG, Danaher Corp., Femtonics Ltd., Hitachi Ltd., HORIBA Ltd., Intelligent Imaging Innovations Inc., ISS Inc., Nanoscope Technologies LLC, NIRx Medical Technologies LLC, PerkinElmer Inc, Thermo Fisher Scientific Inc., and Vielight Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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