The magnetoencephalography (MEG) market is anticipated to grow from USD 307.9 million in 2024 to USD 470.7 million by 2032, progressing at a CAGR of 5.6% from 2025 to 2032. This growth is largely driven by advancements in MEG technologies, the increasing prevalence of neurological disorders, and the growing demand for non-invasive diagnostic tools. MEG, a highly sensitive technique for measuring the magnetic fields generated by neuronal activity, offers a non-invasive method for diagnosing conditions such as epilepsy, brain tumors, dementia, and other neurological disorders. The market is further supported by the rising aging population and a greater focus on early diagnosis and intervention.
Technological advancements, particularly in sensor miniaturization, portability, and integration with artificial intelligence (AI) and machine learning for data analysis, have made MEG systems more accessible and accurate. These innovations have expanded the scope of MEG applications, particularly in clinical settings, as well as research institutions focused on neuroscience. Furthermore, the increasing preference for non-invasive testing methods and the growing awareness of brain health issues have also contributed to the rising demand for MEG devices.
Key Insights
Technological Advancements: MEG systems based on optically pumped magnetometers (OPMs) are expected to experience the fastest growth due to their lower operating costs, enhanced sensitivity, and portability. Unlike traditional superconducting quantum interference devices (SQUIDs), OPM-based systems do not require supercooling, making them more compact, cost-effective, and adaptable for mobile and wearable applications.
Rising Prevalence of Neurological Disorders: The increasing global burden of neurological disorders such as epilepsy, dementia, and stroke is one of the major growth drivers for the MEG market. According to the World Health Organization, the number of people affected by epilepsy is expected to rise to 78 million by 2030, while dementia cases are anticipated to increase significantly. MEG's ability to detect abnormal brain activity with high spatial and temporal resolution makes it a valuable tool for early diagnosis and treatment planning.
Clinical Applications: The clinical segment dominated the market with a 65% share in 2024, driven by the growing need for precise diagnostics in conditions such as epilepsy, dementia, and schizophrenia. Epilepsy, in particular, is one of the most significant applications of MEG, as it allows for the accurate identification of seizure foci, improving surgical outcomes for patients.
Research Applications: The research segment is expected to grow at the highest CAGR due to the increasing focus on understanding brain functions and disorders. Research institutions are investing in MEG to study brain connectivity, cognitive functions, and the dynamics of neuropsychiatric disorders. The U.S. BRAIN Initiative and the European Human Brain Project are fueling this trend by supporting research that requires non-invasive imaging tools like MEG.
End-User Dynamics: Hospitals remain the largest end-user of MEG systems, accounting for 45% of the market share in 2024. The adoption of MEG in hospitals is driven by the need for advanced diagnostic capabilities in neurology departments. However, the academic and research institutes segment is expected to grow the fastest, as more research institutions are adopting MEG technology for neuroscience studies and clinical trials.
Regional Growth: North America holds the largest market share (40%) in 2024, with the U.S. leading the adoption of next-generation MEG systems. The region's high disposable income, advanced healthcare infrastructure, and significant investments in medical research contribute to the growth of the market. Additionally, the increasing focus on reimbursement policies for MEG in North America is expected to further drive its adoption.
Barriers to Entry and Market Competition: The MEG market is consolidated, with a few key players, such as Compumedics Limited, MEGIN, GE Healthcare, and Philips Healthcare, leading the market. The high cost of developing MEG systems, combined with regulatory approval processes and technological complexity, creates significant barriers for new entrants. However, advancements in sensor technology and the rise of AI-powered MEG systems present opportunities for innovation and market expansion.
Partnerships and Collaborations: Collaboration between academia, industry, and government bodies is crucial for the growth of the MEG market. For instance, MEGIN's partnership with FIND Neuro and the funding from the Indian government for the development of next-gen neuroimaging technologies are expected to advance MEG's clinical and research applications.
Table of Contents
Chapter 1. Research Scope
1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segments
1.4.1. Market Size Breakdown, by Type
1.4.2. Market Size Breakdown, by Application
1.4.3. Market Size Breakdown, by End User
1.4.4. Market Size Breakdown, by Region
1.4.5. Market Size Breakdown, by Country
1.5. Market Data Reporting Unit
1.5.1. Revenue
1.6. Key Stakeholders
Chapter 2. Research Methodology
2.1. Secondary Research
2.1.1. Paid
2.1.2. Unpaid
2.1.3. P&S Intelligence Database
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
5.1. Industry Background
5.2. Market Dynamics
5.2.1. Trends
5.2.2. Drivers
5.2.3. Restraints/Challenges
5.2.4. Emerging Economies and Key Opportunities
5.2.5. Impact Analysis of Drivers/Restraints
5.3. Impact of COVID-19
5.4. Sociopolitical Impact
5.5. Porter's Five Forces Analysis
5.5.1. Bargaining Power of Buyers
5.5.2. Bargaining Power of Suppliers
5.5.3. Threat of New Entrants
5.5.4. Intensity of Rivalry
5.5.5. Threat of Substitutes
5.6. Innovation and Technology Trends
5.7. Supply Chain and Value Chain Insights
5.8. Economic and Regulatory Impact
5.9. Market Entry Strategies
Chapter 6. Competitive Landscape
6.1. List of Market Players and their Offerings
6.2. Market Share of Key Players (2024)
6.2.1. Global
6.2.2. North America
6.2.3. Europe
6.2.4. Asia-Pacific
6.2.5. Latin America
6.2.6. Middle East & Africa
6.3. Competitive Benchmarking of Key Players
6.4. Product Benchmarking of Key Players
6.5. Recent Strategic Developments by Key Players
6.6. Company Leadership Matrix
Chapter 7. Global Market
7.1. Overview
7.2. Market Revenue, by Type (2019-2032)
7.3. Market Revenue, by Application (2019-2032)
7.4. Market Revenue, by End User (2019-2032)
7.5. Market Revenue, by Region (2019-2032)
Chapter 8. North America Market
8.1. Overview
8.2. Market Revenue, by Type (2019-2032)
8.3. Market Revenue, by Application (2019-2032)
8.4. Market Revenue, by End User (2019-2032)
8.5. Market Revenue, by Country (2019-2032)
Chapter 9. Europe Market
9.1. Overview
9.2. Market Revenue, by Type (2019-2032)
9.3. Market Revenue, by Application (2019-2032)
9.4. Market Revenue, by End User (2019-2032)
9.5. Market Revenue, by Country (2019-2032)
Chapter 10. Asia-Pacific Market
10.1. Overview
10.2. Market Revenue, by Type (2019-2032)
10.3. Market Revenue, by Application (2019-2032)
10.4. Market Revenue, by End User (2019-2032)
10.5. Market Revenue, by Country (2019-2032)
Chapter 11. Latin America Market
11.1. Overview
11.2. Market Revenue, by Type (2019-2032)
11.3. Market Revenue, by Application (2019-2032)
11.4. Market Revenue, by End User (2019-2032)
11.5. Market Revenue, by Country (2019-2032)
Chapter 12. Middle East & Africa Market
12.1. Overview
12.2. Market Revenue, by Type (2019-2032)
12.3. Market Revenue, by Application (2019-2032)
12.4. Market Revenue, by End User (2019-2032)
12.5. Market Revenue, by Country (2019-2032)
Chapter 13. U.S. Market
13.1. Overview
13.2. Economic Indicators
13.3. Demographics and Population Insights
13.4. Regional Hotspots
13.5. Growth Drivers
13.6. Challenges and Barriers
13.7. Competitive Strategies
13.8. Emerging Players
13.9. Import/Export Policies
13.10. Compliance Requirements
13.11. Emerging Investment Areas
13.12. Major Ongoing Projects
13.13. Market Size and Forecast
13.13.1. Market Revenue, by Type (2019-2032)
13.13.2. Market Revenue, by Application (2019-2032)
13.13.3. Market Revenue, by End User (2019-2032)
Chapter 14. Canada Market
14.1. Overview
14.2. Economic Indicators
14.3. Demographics and Population Insights
14.4. Regional Hotspots
14.5. Growth Drivers
14.6. Challenges and Barriers
14.7. Competitive Strategies
14.8. Emerging Players
14.9. Import/Export Policies
14.10. Compliance Requirements
14.11. Emerging Investment Areas
14.12. Major Ongoing Projects
14.13. Market Size and Forecast
14.13.1. Market Revenue, by Type (2019-2032)
14.13.2. Market Revenue, by Application (2019-2032)
14.13.3. Market Revenue, by End User (2019-2032)
Chapter 15. U.K. Market
15.1. Overview
15.2. Economic Indicators
15.3. Demographics and Population Insights
15.4. Regional Hotspots
15.5. Growth Drivers
15.6. Challenges and Barriers
15.7. Competitive Strategies
15.8. Emerging Players
15.9. Import/Export Policies
15.10. Compliance Requirements
15.11. Emerging Investment Areas
15.12. Major Ongoing Projects
15.13. Market Size and Forecast
15.13.1. Market Revenue, by Type (2019-2032)
15.13.2. Market Revenue, by Application (2019-2032)
15.13.3. Market Revenue, by End User (2019-2032)
Chapter 16. Germany Market
16.1. Overview
16.2. Economic Indicators
16.3. Demographics and Population Insights
16.4. Regional Hotspots
16.5. Growth Drivers
16.6. Challenges and Barriers
16.7. Competitive Strategies
16.8. Emerging Players
16.9. Import/Export Policies
16.10. Compliance Requirements
16.11. Emerging Investment Areas
16.12. Major Ongoing Projects
16.13. Market Size and Forecast
16.13.1. Market Revenue, by Type (2019-2032)
16.13.2. Market Revenue, by Application (2019-2032)
16.13.3. Market Revenue, by End User (2019-2032)
Chapter 17. France Market
17.1. Overview
17.2. Economic Indicators
17.3. Demographics and Population Insights
17.4. Regional Hotspots
17.5. Growth Drivers
17.6. Challenges and Barriers
17.7. Competitive Strategies
17.8. Emerging Players
17.9. Import/Export Policies
17.10. Compliance Requirements
17.11. Emerging Investment Areas
17.12. Major Ongoing Projects
17.13. Market Size and Forecast
17.13.1. Market Revenue, by Type (2019-2032)
17.13.2. Market Revenue, by Application (2019-2032)
17.13.3. Market Revenue, by End User (2019-2032)
Chapter 18. Italy Market
18.1. Overview
18.2. Economic Indicators
18.3. Demographics and Population Insights
18.4. Regional Hotspots
18.5. Growth Drivers
18.6. Challenges and Barriers
18.7. Competitive Strategies
18.8. Emerging Players
18.9. Import/Export Policies
18.10. Compliance Requirements
18.11. Emerging Investment Areas
18.12. Major Ongoing Projects
18.13. Market Size and Forecast
18.13.1. Market Revenue, by Type (2019-2032)
18.13.2. Market Revenue, by Application (2019-2032)
18.13.3. Market Revenue, by End User (2019-2032)
Chapter 19. Spain Market
19.1. Overview
19.2. Economic Indicators
19.3. Demographics and Population Insights
19.4. Regional Hotspots
19.5. Growth Drivers
19.6. Challenges and Barriers
19.7. Competitive Strategies
19.8. Emerging Players
19.9. Import/Export Policies
19.10. Compliance Requirements
19.11. Emerging Investment Areas
19.12. Major Ongoing Projects
19.13. Market Size and Forecast
19.13.1. Market Revenue, by Type (2019-2032)
19.13.2. Market Revenue, by Application (2019-2032)
19.13.3. Market Revenue, by End User (2019-2032)
Chapter 20. China Market
20.1. Overview
20.2. Economic Indicators
20.3. Demographics and Population Insights
20.4. Regional Hotspots
20.5. Growth Drivers
20.6. Challenges and Barriers
20.7. Competitive Strategies
20.8. Emerging Players
20.9. Import/Export Policies
20.10. Compliance Requirements
20.11. Emerging Investment Areas
20.12. Major Ongoing Projects
20.13. Market Size and Forecast
20.13.1. Market Revenue, by Type (2019-2032)
20.13.2. Market Revenue, by Application (2019-2032)
20.13.3. Market Revenue, by End User (2019-2032)
Chapter 21. Japan Market
21.1. Overview
21.2. Economic Indicators
21.3. Demographics and Population Insights
21.4. Regional Hotspots
21.5. Growth Drivers
21.6. Challenges and Barriers
21.7. Competitive Strategies
21.8. Emerging Players
21.9. Import/Export Policies
21.10. Compliance Requirements
21.11. Emerging Investment Areas
21.12. Major Ongoing Projects
21.13. Market Size and Forecast
21.13.1. Market Revenue, by Type (2019-2032)
21.13.2. Market Revenue, by Application (2019-2032)
21.13.3. Market Revenue, by End User (2019-2032)
Chapter 22. Australia Market
22.1. Overview
22.2. Economic Indicators
22.3. Demographics and Population Insights
22.4. Regional Hotspots
22.5. Growth Drivers
22.6. Challenges and Barriers
22.7. Competitive Strategies
22.8. Emerging Players
22.9. Import/Export Policies
22.10. Compliance Requirements
22.11. Emerging Investment Areas
22.12. Major Ongoing Projects
22.13. Market Size and Forecast
22.13.1. Market Revenue, by Type (2019-2032)
22.13.2. Market Revenue, by Application (2019-2032)
22.13.3. Market Revenue, by End User (2019-2032)
Chapter 23. India Market
23.1. Overview
23.2. Economic Indicators
23.3. Demographics and Population Insights
23.4. Regional Hotspots
23.5. Growth Drivers
23.6. Challenges and Barriers
23.7. Competitive Strategies
23.8. Emerging Players
23.9. Import/Export Policies
23.10. Compliance Requirements
23.11. Emerging Investment Areas
23.12. Major Ongoing Projects
23.13. Market Size and Forecast
23.13.1. Market Revenue, by Type (2019-2032)
23.13.2. Market Revenue, by Application (2019-2032)
23.13.3. Market Revenue, by End User (2019-2032)
Chapter 24. South Korea Market
24.1. Overview
24.2. Economic Indicators
24.3. Demographics and Population Insights
24.4. Regional Hotspots
24.5. Growth Drivers
24.6. Challenges and Barriers
24.7. Competitive Strategies
24.8. Emerging Players
24.9. Import/Export Policies
24.10. Compliance Requirements
24.11. Emerging Investment Areas
24.12. Major Ongoing Projects
24.13. Market Size and Forecast
24.13.1. Market Revenue, by Type (2019-2032)
24.13.2. Market Revenue, by Application (2019-2032)
24.13.3. Market Revenue, by End User (2019-2032)
Chapter 25. Brazil Market
25.1. Overview
25.2. Economic Indicators
25.3. Demographics and Population Insights
25.4. Regional Hotspots
25.5. Growth Drivers
25.6. Challenges and Barriers
25.7. Competitive Strategies
25.8. Emerging Players
25.9. Import/Export Policies
25.10. Compliance Requirements
25.11. Emerging Investment Areas
25.12. Major Ongoing Projects
25.13. Market Size and Forecast
25.13.1. Market Revenue, by Type (2019-2032)
25.13.2. Market Revenue, by Application (2019-2032)
25.13.3. Market Revenue, by End User (2019-2032)
Chapter 26. Mexico Market
26.1. Overview
26.2. Economic Indicators
26.3. Demographics and Population Insights
26.4. Regional Hotspots
26.5. Growth Drivers
26.6. Challenges and Barriers
26.7. Competitive Strategies
26.8. Emerging Players
26.9. Import/Export Policies
26.10. Compliance Requirements
26.11. Emerging Investment Areas
26.12. Major Ongoing Projects
26.13. Market Size and Forecast
26.13.1. Market Revenue, by Type (2019-2032)
26.13.2. Market Revenue, by Application (2019-2032)
26.13.3. Market Revenue, by End User (2019-2032)
Chapter 27. U.A.E. Market
27.1. Overview
27.2. Economic Indicators
27.3. Demographics and Population Insights
27.4. Regional Hotspots
27.5. Growth Drivers
27.6. Challenges and Barriers
27.7. Competitive Strategies
27.8. Emerging Players
27.9. Import/Export Policies
27.10. Compliance Requirements
27.11. Emerging Investment Areas
27.12. Major Ongoing Projects
27.13. Market Size and Forecast
27.13.1. Market Revenue, by Type (2019-2032)
27.13.2. Market Revenue, by Application (2019-2032)
27.13.3. Market Revenue, by End User (2019-2032)
Chapter 28. Saudi Arabia Market
28.1. Overview
28.2. Economic Indicators
28.3. Demographics and Population Insights
28.4. Regional Hotspots
28.5. Growth Drivers
28.6. Challenges and Barriers
28.7. Competitive Strategies
28.8. Emerging Players
28.9. Import/Export Policies
28.10. Compliance Requirements
28.11. Emerging Investment Areas
28.12. Major Ongoing Projects
28.13. Market Size and Forecast
28.13.1. Market Revenue, by Type (2019-2032)
28.13.2. Market Revenue, by Application (2019-2032)
28.13.3. Market Revenue, by End User (2019-2032)
Chapter 29. South Africa Market
29.1. Overview
29.2. Economic Indicators
29.3. Demographics and Population Insights
29.4. Regional Hotspots
29.5. Growth Drivers
29.6. Challenges and Barriers
29.7. Competitive Strategies
29.8. Emerging Players
29.9. Import/Export Policies
29.10. Compliance Requirements
29.11. Emerging Investment Areas
29.12. Major Ongoing Projects
29.13. Market Size and Forecast
29.13.1. Market Revenue, by Type (2019-2032)
29.13.2. Market Revenue, by Application (2019-2032)