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

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

The Canadian magnetic resonance imaging market was valued at USD 205.85 million in 2021 and is projected to register a CAGR of 6.37% during the forecast period (2022-2027).

The COVID-19 pandemic has profoundly affected patient access to the healthcare system in Canada. The impact of the pandemic raises questions about the resiliency and ability of the health system to continue to protect, promote and restore the physical and mental well-being of residents of Canada and to facilitate reasonable access to health services. Many jurisdictions postponed non-urgent care due to concerns about the spread of COVID-19, surge capacity, and hospitals being overrun with SARS-CoV-2 cases. The disruption to health care services affected diagnostic imaging examinations, tests, and procedures. According to a report from the Canadian Association of Radiologists 2021, the COVID-19 pandemic has had a dire effect on wait times for medical imaging procedures across the country. They were waiting an average of 50 to 82 days for CT scans and 89 days for MRI imaging. This is 20 to 52 days longer than the recommended 30-day wait time. Due to COVID-19, waitlists are even longer, putting Canada in crisis mode for medical imaging. The Canadian healthcare system is not equipped with well MRI imaging facilities to handle, and they left several patients untreated with MRI. So, the Canadian Association of Radiologists recommended that the Canadian government invest CAD 1.5 Billion in the imaging equipment and technology infrastructure. Hence, the COVID-19 pandemic has severely affected the market growth during the years 2021 and 2021.

With the growing geriatric population and increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, etc., the studied market of the magnetic resonance imaging (MRI) market is expected to grow in Canada during the forecast period of the study. Also, there is the presence of some of the key companies operating in the MRI market in Canada who are continuously improving their product offering and launching new ones and also engaged in various other business expansion measures such as collaborations, mergers, and acquisitions, among others that will also boost the growth of the studied market in the country over the years. For instance, in February 2020, Synaptive Medical received clearance from Health Canada for its Evry systems, a superconducting 0.5T head magnetic resonance imaging (MRI) system intended to provide MRI directly at the point of care.

Therefore, owing to the above-mentioned factors, the market studied is expected to witness steady growth over the forecast period.

Key Market TrendsLow Field MRI Systems to Witness Significant Growth

Low-field systems, defined as field strengths of 0.25-1T, might potentially benefit from many of the advancements made in higher-field MRI, such as signal-to-noise ratio (SNR) reliance on the static magnetic field and its impact on achievable contrast, resolution, and acquisition times.

In February 2021, ReGen Scientific, which offers personalized, preventative, and regenerative health, has become the first comprehensive health clinic in Canada to bring Synaptive Medical’s Evry, a superconducting 0.5T head magnetic resonance imaging (MRI) system intended to provide MRI directly at the point-of-care, to their downtown Toronto location. Hence, increasing the installation of MRI scanners in clinics across the country is propelling the growth of the segment.

According to Brain Canada 2021, Hyperfine is a startup that created the world's first portable, user-friendly MRI machine. It has a far lower magnetic field than traditional clinical MRI scanners, costs a lot less, fits in a cargo van, and is simple to set up using an ordinary wall outlet. It can be used by considerably more individuals than normal clinical MRI scanners because it has a low magnetic field, is portable, and simply covers the head. In early 2021, Brain Canada will acquire a Hyperfine point-of-care low-field MRI scanner.

In November 2021, Hyperfine expanded into Canadian Market with Medical Device License Issued by Health Canada. It has FDA cleared portable low field magnetic resonance imaging MRI device, Swoop, Health Canada licensing of Swoop, and the commercial launch of the imaging system in Canada. This system is developed using deep learning. Thus, the introduction of new systems in the country is expected to increase the market growth.

Hence, the above developments in low field magnetic resonance imaging (MRI) systems are expected, can improve the market growth in this segment.

Competitive Landscape

The Canada magnetic resonance imaging market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and quality service provisions, mid-size to smaller companies are increasing their market presence by introducing new products at less prices. Companies, like Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare, hold a significant market share in the magnetic resonance imaging market.

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