Asia Pacific Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia Pacific Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific magnetic resonance imaging (MRI) market is expected to register a CAGR of 3.5% during the forecast period.

The COVID-19 pandemic had impacted the studied market. As per the article named ‘Cardiac Complications in Patients Hospitalized With COVID-19 in Australia’ published in December 2021, acute myopericarditis has been recognized as a possible complication of COVID-19 in case reports. However, little is known about its incidence. A systematic review found only a total of 12 cases of confirmed myocarditis in the literature, in which the diagnosis was confirmed with cardiac magnetic resonance imaging (MRI). There are a few cases of cardiac MRI proving the cardiac complications after the COVID-19 infection in patients. This may create the demand for MRIs in clinical settings and hospitals to find the possible adverse reactions of post covid. According to a study titled ‘Acute Ischemic Stroke During the Convalescent Phase of Asymptomatic COVID-2019 Infection in Men’, published in April 2021, acute ischemic stroke (AIS) is a documented neurological consequence in COVID-19 infected patients who have respiratory symptoms. AIS, on the other hand, has not been recorded as a late complication in COVID-19 individuals who do not have respiratory symptoms. The results from the clinical course, imaging, and laboratory findings were retrieved and compared. The incidence rate is high in covid-positive patients. This might increase the demand for the MRIs in upcoming future.

Factors such as the increasing adoption of MRI coupled with initiatives by public and private organizations are expected to increase the market growth. For instance, in October 2020, United Imaging Healthcare presented its advanced magnetic resonance imaging system at the 83rd China International Medical Equipment Fair (CMEF 2020), the uMR Omega, and the Ultra-High-Field 9.4T Preclinical MR with PET Insert. The uMR OMEGA is a 75 cm, ultra-wide bore 3T MRI with a 60 cm field of view and high homogeneity, and the system includes industry-leading table weight capacity, a 3.5 MW gradient amplifier, and a calming lighting environment. Furthermore, in January 2021, Promaxo Inc., the medical imaging, robotics, and AI technology company, and Huami Corp. closed an investment round of USD 4.17 million led by Huami. The Huami Corp made a strategic investment in Promax, Inc for developing powerful open MRI systems providing better healthcare to the patients and clinical settings. Similarly, in May 2021, the Government of Andhra Pradesh launched CT and MRI scanners in four hospitals located in Ongole, Kadapa, Srikakulam, and Nellore. Therefore, due to the above-mentioned factors, the magnetic resonance market is expected to grow during the forecast period.

Key Market TrendsNeurology Segment is Expected to Hold Major Market Share and is Believed to Continue the Same Over the Forecast period

Magnetic Resonance Imaging (MRI) is the best tool for diagnostic imaging and neuroscience research. It provides morphological images with the highest spatial resolution and unmatched soft tissue contrast, as well as the unique functional information of the central nervous system (CNS). MRI can also detect the disorders, along with performing the monitoring of degenerative disorders, such as multiple sclerosis, Alzheimer's disease, and dementia and it can even document brain injury from trauma. According to Dementia Australia, approximately 459,000 Australians are living with dementia in 2020, and almost 1.6 million Australians are involved in their center for care. It is also estimated that the number of people with dementia is expected to upsurge to 1.1 million by 2058. It is the leading cause of death of women in Australia, the second leading cause of death in this country and it is predicted to become the leading cause of death within the next five years. Moreover, major players are strategically introducing new innovative technologies into MRI products for improved prediction of brain disorders. For instance, in November 2021, in Japan, Canon Medical launched the Vantage Fortian, new advanced productivity, open bore 1.5T MRI system at RSNA 2021. The new system features innovative workflow solutions, image enhancement, and accelerated scan technology. It used AI smart technologies, machine learning, and deep learning technology that enhances the image quality by removing noise and restoring SNR. Thus, this new MRI technology is expected to increase the demand for the studied segment in the future. Furthermore, in December 2021, Canon Medical Systems Corp. signed a licensing arrangement with Resoundant Inc. to include its technology in Canon's newest line of magnetic resonance imaging. Although research is underway to use Resoundant's MRE technology to scan other soft organs and brains.

Hence, the use of MRI is expected to increase in the coming years in the diagnosis of the disease which will drive the segment in the near future.

China is Expected to Dominate the Market Over the Forecast Period

Factors such as the increasing burden of chronic diseases coupled with the initiatives by key market players are expected to increase the market growth. China has one of the highest burdens of chronic diseases in the country such as cancer, which are expected to drive the growth of the studied market over the years. For instance, according to the Globocan 2020 report, China reported 4,568,754 new cases of cancer in 2020, and the total number of five-year prevalent cases of cancer was 9,294,006 further, the same report projected that the cases of cancer will reach 5,811,629 by 2030, and 6,845,787 by 2040, which shows a tremendous increase in the cases of cancer in the country, due to which the demand of MRI systems will increase in the country which will drive the growth of the studied market. Product launches are another factor in market growth. For instance, in August 2021, Siemens Shenzhen Magnetic Resonance Ltd (SSMR), a wholly-owned subsidiary of Siemens Healthineers, introduced a high-end magnetic resonance (MR) scanner 1.5 Tesla (1.5T) MAGNETOM Altea, powered by artificial intelligence to the Chinese market. Similarly, in July 2021, Neusoft Medical launched NeuMR Libra MRI at the China International Medical Equipment Fair in Shangai. Thus, the abovementioned factors are expected to increase in market growth.

Competitive Landscape

The Asia-Pacific magnetic resonance imaging (MRI) market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and quality service provision, mid-size to smaller companies are increasing their market presence by introducing new products at fewer prices. Some of the companies involved in the market are Siemens Healthcare, GE Healthcare, Canon Medical Systems Corporation, Koninklijke Philips NV, Fujifilm Corporation, Esaote SpA, and Neusoft Medical Systems Co. Ltd.

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