According to a report published by Next Move Strategy Consulting, the magnetic resonance imaging (MRI) market generated $7.55 billion in 2022, and is projected to generate $12.19 billion by 2030, witnessing a CAGR of 6.2% from 2022 to 2030. The research offers a detailed analysis regarding drivers, restraints and opportunities to highlight changing market dynamics of the market. Moreover, the research provides an extensive analysis of major segments and their sub-segments to determine fastest-growing and highest revenue-generating segments.
A Reportlinker.com report on the magnetic resonance imaging market also predicts growth.
According to the World Health Organization (WHO), in 2021, various types of chronic diseases, such as cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes, are responsible for approximately 17.9 million, 9.3 million, 3 million, and 1.5 million deaths, respectively. Also, the growing necessity and demand for innovative medical imaging technology to cater to the rise in injury, illness or congenital abnormalities in children fuels research and development activities globally. For instance, in March 2021, Philips announced a partnership with The Walt Disney Company to improve the health care experience of children. Philips partnered with European Hospitals for their first clinical research pilot program, which aimed at reducing fear and anxiety to improve children’s patient experience during MRI exams, according to Reportlinker.com.
“However, factors such as high cost of MRI systems and requirement of complex or high-tech infrastructure for installation and maintenance of these systems are restraining the growth of the market during the forecast period. On the contrary, integration of artificial intelligence (AI) in medical imaging including MRI by providing deep learning solutions for image acquisition, reconstruction and supporting clinical decision-making is expected to create ample opportunities for the market in the coming years,” the report adds.
The North America market is projected to hold the dominant share by 2030, Reportlinker states.
North America holds the largest market share of MRI market due to factors such as presence of a large pool of elderly population in countries such as the U.S. and Canada. The elderly population are prone to bone disorders and need MRI for the diagnosis and treatment of their medical condition. For instance, in July 2019, according to the United States Census Bureau, the total number of people 65 and older was 54.1 million in the country. Moreover, the presence of established health care systems in the region owing to the increased expenditure on health care by countries such as the U.S. and Canada enable public health care providers to adopt advanced MRI systems. These factors drive the growth of the MRI market. For instance, in 2021, according to the Center for Medicare & Medicaid Services (CMS), the U.S. Government spent $4.1 trillion in the health care sector to improve and maintain public health activities in the country, the report states.
In addition, a report from the The Insight Partners states that the pediatric MRI market could be worth $5.6 billion by 2028.
