Germany MRI Market - Forecasts from 2024 to 2029

Germany MRI Market - Forecasts from 2024 to 2029

The Germany MRI market is evaluated at US$1.908 billion for the year 2022 growing at a CAGR of 1.33% reaching the market size of US$2.093 billion by the year 2029.

MRI is a medical imaging technique that uses a strong magnetic field and radio waves to generate detailed images of the body's internal structures, particularly soft tissues like the brain, muscles, joints, and organs. It is particularly useful for diagnosing various medical conditions, as it is non-invasive and versatile, avoiding ionizing radiation. MRI is commonly used for diagnosing tumors, joint disorders, neurological disorders, and vascular abnormalities. The German MRI market is primarily driven by increased rates of circulatory system-related disorders such as heart attacks, high blood pressure, and heart failure, which are expected to drive up demand for MRI equipment over the following years.

In addition, the German government's increased healthcare spending is expected to support the MRI market's development in the future. However, MRI machines may not be fit for bigger people or patients with metal implants, pacemakers, or other implanted devices that are unable to undergo an MRI. With the emergence of better alternatives, the MRI machine market may face competition. Germany's healthcare system is advanced, with advanced medical imaging facilities like MRI services. These diagnostic tools are used in hospitals and clinics to detect and diagnose conditions affecting the brain, spine, joints, and other internal organs. However, the availability and quality of MRI services can vary depending on the location and healthcare facility.

MARKET DRIVERS:

Rising prevalence of circulatory diseases

Germany has seen significant growth in the number of deaths due to circulatory diseases. It accounts for the highest death rates for cardiovascular diseases in Europe. According to the German Federal Statistical Office, about 338,000 people, almost 35% of all fatalities in 2020, were due to circulatory diseases. Furthermore, they are linked to serious health implications for individuals and extensive medical expenses for society. Coronary heart disease, heart attacks, and stroke are the most common causes of cardiovascular death.

Doctors use cardiovascular magnetic resonance imaging (MRI) to diagnose and monitor circulatory diseases. Cardiac MRI allows doctors to examine the structure and function of the heart and major arteries without exposing the patient to the radiation used in other procedures or testing. In addition, MRI treatments aid in the early diagnosis of cardiac problems. With the growth in the number of deaths caused by cardiovascular illnesses, MRI treatments have become increasingly important in recent years. Moreover, MRI procedures are essential for detecting cancer and tumors, which is another increasing threat to people. As a result of the rise in human illnesses, the MRI market in Germany is predicted to develop dramatically in the coming years.
Relative stability of the economy will surge in the market growth

According to recent findings, Germany is Europe's best investment destination. Germany, with its relative economic stability, is Europe's largest domestic market, providing investors with a vast and steady client base. The competitiveness and global networking of the German economy can be linked to its high level of innovation and strong export orientation. In a wide number of industries, German products are export successes. In high-selling businesses like automotive manufacturing, mechanical and plant engineering, the chemicals industry, and medical technology, exports account for well over half of total revenues. Even during the COVID-19 pandemic, the German economy managed to be stable. From 2017 to 2019, Germany's economic growth stagnated, went slightly negative in 2020, and then restarted at a small pace in 2021.

In 2020, Germany spent roughly 12.5 percent of its GDP on healthcare costs, totaling about EU440 billion (US$466.7 billion). Its prospects are bright, owing to its solid healthcare and economic budget. The German MRI and healthcare markets will likely increase dramatically in the coming years.

Key Developments:

October 2023- Carestream Health, a global provider of medical imaging systems, X-ray imaging systems, and precision contract coating services, has partnered with EXAMION, a leading provider and servicer of medical imaging solutions in Germany. The alliance strengthens Carestream's commitment to providing innovative diagnostic imaging solutions that enhance user and patient experiences, improve clinical outcomes, and streamline radiography workflows. EXAMION has been providing digital X-ray and medical imaging solutions in human and veterinary medicine for over 30 years. Carestream Health's commitment to providing future-oriented solutions in X-ray, digital systems, software, and services is backed by a global service and support network.
April 2023- A neonatology team at Bonn University Hospital in Germany has conducted the world's first study of children receiving extracorporeal membrane oxygenation (ECMO) therapy using mobile magnetic resonance imaging (MRI). The study involved four pediatric ECMO patients, including newborns, two-year-olds, nine-year-olds, and ten-year-olds. The mobile MRI was used for routine examinations and diagnosis of abnormalities, such as oxygen deficiency at birth. The results were satisfactory, with the image data being suitable for emergency diagnosis and retrieval instantly. The researchers were able to identify brain hemorrhages, strokes, and acute changes in the children and provide prompt treatment. One child was diagnosed with a significant brain hemorrhage using the mobile MRI.

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