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

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

France magnetic resonance imaging (MRI) market was valued at USD 383.57 million in 2021 and is projected to register a CAGR of 5.92% during the forecast period (2022-2027).

The COVID-19 pandemic in France originated in the east and swiftly spread over the entire nation. This made the already lengthy wait times for advanced imaging services like magnetic resonance imaging (MRI) and computed tomography (CT) worse. Emergency teleradiological activity is an epidemiological estimator and predictor of the COVID-19 pandemic in mainland France, according to a study published in July 2021. The pandemic brought to light the necessity of real-time monitoring of the evolution of diseases in order to swiftly adopt restrictive measures. This study looked into the global estimates of the pandemic evolution in France using radiological markers of COVID-19-related emergency activities. Mainland France's total number of hospitalizations as a result of COVID-19 was counted based on the findings of the magnetic resonance imaging (MRI) and computed tomography (CT) scan reports. Monitoring teleradiological activity in emergency rooms might help with COVID-19 reappearance identification. Consequently, the reports from the MRI and CT scans aid in predicting how the pandemic will develop. Thus, the MRI market might see lower growth in that area during the pandemic.

The major factors that are expected to drive the growth of the magnetic resonance imaging (MRI) market in France are the growing burden of chronic ailments, such as kidney disorders, and the technological advancements in MRI technology. For instance, the prevalence of chronic renal failure in adults aged 18 to 74 years was 1.5% using the chronic kidney disease epidemiology collaboration (CKD-Epi) formula and 2.1% using the European kidney function consortium (EKFC) formula, according to the report "Prevalence of chronic kidney disease in France" published in October 2021. According to the CKD-EPI and EKFC equations, the prevalence was higher in women than in males and rose with age, reaching 6.5 percent and 9.9 percent in 65-74 years, respectively. As a result, it is anticipated that during the projected period, the prevalence of chronic diseases will rise in the nation. MRI is a very effective imaging method that can distinguish between a solid kidney mass and a hollow cystic mass. Similarly, intitatives by market players are expected to increase the market growth. The project GAMMA-MRI, which the European Union funded under the topic "FET-Open Challenging Current Thinking," was started in April 2021 by the European Organization for Nuclear Research (CERN; Switzerland), the University of Geneva (Switzerland), KU Leuven (Belgium), and the businesses Tecnologas Avanzadas Inspiralia (Spain) and RS2D (France). In order to comprehend brain illnesses better, this study will use the sensitivity of gamma detection and the spatial resolution and flexibility of MRI.Thus, the market is expected to grow in the future.

However, it is anticipated that the market expansion in France will be constrained by inadequate reimbursement and the high cost of equipment.

Key Market TrendsOncology Segment is Expected to Hold a Significant Market Share Over the Forecast Period

The imaging test known as magnetic resonance imaging (MRI) can be used to find tumors and malignant cells in the body as well as to look for any symptoms that cancer may have migrated from the original site to another area of the body. The MRI technology creates comprehensive computer-generated cross-section images of the body using strong magnets and radio waves, which are then utilized by clinicians to identify malignant cells and tissues. According to Globocan 2020, France reported 467,965 new cancer cases in 2020, whereas the country had 1,501,881 cancer cases overall in the previous five years. The same analysis predicted that France would have roughly 579,388 new cancer cases by 2040. Also, as per the above-mentioned source, the major forms of cancer detected in France in 2020 were prostate (25.4%), lung (12.3%), colorectum (9.9%), bladder (5.1%), and kidney (3.7%) cancer.

The growing incidence of cancer cases in the nation, together with the usage of MRI for cancer detection, diagnosis, and monitoring, is anticipated to boost expansion in the country's magnetic resonance imaging (MRI) market. For instance, mammography and breast ultrasound continue to be the standard breast imaging modalities, but breast magnetic resonance imaging (MRI) has grown in importance for the detection of breast cancer, and approximately half of French and Quebec radiologists interpret 1–10 breast MRI exams each week, according to a research study published in July 2020 titled "Utilization of breast MRI and breast MRI-guided biopsy in clinical practise: results of a survey in Québec and France". As a result, the usage of MRI will rise along with the country's rising breast cancer incidence, boosting the oncology market's expansion in the French market under study.

Competitive Landscape

France magnetic resonance imaging market is moderately competitive and consists of several major players. Some of the companies that are currently dominating the market are GE Healthcare, Siemens Healthineers AG, Canon Medical Systems Corporation, Esaote SpA, and Koninklijke Philips NV among others.

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