MRI (magnetic resonance imaging) is gaining popularity due to its non-invasive imaging technique and versatility in various conditions, such as cancer, cardiovascular diseases, and neurological disorders. Their utilization steadily increases, particularly owing to their high efficacy, speed, and no long-term side effects. Patients increasingly prefer non-invasive procedures because they don’t use radiation, making them safer, and high-resolution images of soft tissues. This steady increase in demand would help manufacturers grow their revenue and invest further in Research & Development to create even more advanced MRI scanners. Moreover, Pharmaceutical companies can benefit from the advancement by identifying new biomarkers for drug development as well as increasing their profit margins through better collaborative opportunities with imaging companies.
The aging global population currently accounts for 10% of the world population, leading to a rise in age-related health problems. As older people are more prone to conditions like arthritis and dementia, the demand for MRIs for diagnosis and treatment monitoring is rising. There is also an increase in chronic conditions such as cancer, cardiovascular diseases, and neurological disorders. In 2022, there were 20 Mn cancer cases reported worldwide, translating to roughly 1 in 5 people developing cancer in their lifetime, this has further fueled demand for advanced imaging techniques, making MRI an essential tool for early diagnosis and treatment planning.
GE Healthcare recently launched its Silent Scan technology that significantly reduces noise levels during MRI scans, providing patients with a more comfortable experience and Siemens MAGNETOM Lumina features an open design that simplifies patient positioning, further enhancing accessibility and comfort. These innovations have not only improved treatment quality but also expanded access to MRI technology, benefitting a larger number of patients.
The MRI market is in a state of constant evolution, marked by new advancements and breakthroughs. However, amid these innovations, a noticeable gap remains. Currently, the Swoop system by Hyperfine stands out as the sole FDA-cleared portable MR brain imaging system that combines safe, ultra-low-field magnetic resonance with proprietary artificial intelligence. As, global initiatives are pushing boundaries in MRI technology, countries like South Korea are working towards developing advanced visualization having 4D visualization techniques for MRI data, while France has introduced the world’s most powerful MRI scanner, Iseult, which holds the potential to make advances in brain research and treatment for diseases like Alzheimer’s and Parkinson’s.
Regionally, North America leads the market share in MRI market, owing to higher healthcare spending, a surge in chronic disease cases, and the introduction of hybrid MRI systems. However, the Asia Pacific is expected to witness the fastest growth in market share owing to the rapid expansion of the healthcare industry, growing awareness about the benefits of early diagnosis, and availability of affordable healthcare services.
While the MRI market is propelled by factors such as increasing healthcare spending and technological advancements, several challenges hinder its growth. The declining supply of helium due to reduced production from major suppliers amidst ongoing geopolitical tensions along with the limited availability of natural gas deposits restricted to few locations, poses a risk to the production and operational efficiency of MRI machines, potentially leading to increased costs and limited availability of MRI services. In low and middle-income countries, where resources are limited and people have lower disposable income, MRI services often become inaccessible because the costs of installation, calibration, and ongoing maintenance are challenging under tight budgets which deter healthcare providers from adopting MRI technology.
Insights10’s report & analysis suggest that the market is competitive, with companies striving to maintain existing connections while expanding into new markets. GE Healthcare launched the Signa Magnus, an MRI system specifically designed for enhanced imaging of the brain. This head-only system utilizes advanced deep-learning algorithms to achieve superior visualization of both brain microstructure and function. Concurrently, Hologic has been concentrating on advancing breast MRI technologies, aiming to enhance their systems for the early detection of breast cancer. Other major players with significant market share in this field include Siemens Healthcare, Philips Healthcare, Hitachi Medical Corporation, and Shimadzu Corp.
Despite the challenges, the MRI market presents substantial growth opportunities. The development of hybrid MRI systems, such as PET/MRI, is expanding diagnostic capabilities, while innovations focused on patient comfort are gaining traction. As innovation continues to unfold, MRI technology is poised to redefine diagnostic standards and healthcare delivery in the years ahead.
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