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

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

The global pediatric magnetic resonance imaging (MRI) market is expected to register a CAGR of nearly 7% over the forecast period, 2022-2027.

The COVID-19 pandemic is an unprecedented health concern and has significantly impacted the pediatric MRI market. In the early phase of the pandemic, the market witnessed a negative impact. For instance, as per article titled, "Imaging Appropriateness in Pediatric Radiology during COVID-19 Pandemic: A Retrospective Comparison with No COVID-19 Period", published in June 2021 all imaging studies performed in patients with trauma at tertiary children's Hospital during the first wave of the COVID-19 pandemic (between March and May 2020) were reviewed, in comparison with a control time interval (March 2019 to May 2019). As per the study, in the pre-COVID control era, 669 imaging studies documented bone fractures in 145/568 children (25.5%), while in the COVID era, 79/177 (44.6%) pediatric patients showed bone fractures on 193 imaging studies. However, owing to the long-term impact of COVID-19 on the body and large-scale vaccination programs running around the world, the studied market is expected to regain its full potential over the years.

The growth of the market can be attributed to the factors such as the increasing burden of pediatric births and pediatric diseases, growing technological advancements in pediatric imaging techniques, as well as rising collaborations, approvals, and launches to enhance pediatric care worldwide.

The increasing burden of premature births and pediatric diseases is driving the demand for magnetic resonance imaging machines for pediatrics. For instance, as per the article titled, "Global burden of preterm birth," published in July 2020 preterm birth is a live birth that occurs before 37 completed weeks of pregnancy, and approximately 15 million babies are born preterm annually worldwide, indicating a global preterm birth rate of about 11%. As per the same source, with 1 million children dying due to preterm birth before the age of 5 years, preterm birth is the leading cause of death among children, accounting for 18% of all deaths among children aged under 5 years and as many as 35% of all deaths among newborns. Thus, the demand for pediatric MRI is on the rise in order to obtain early diagnosis and treatment.

In addition, as per a December 2021 update by the United Nations International Children's Emergency Fund (UNICEF), in 2020, 5.0 million children under 5 years of age died, which translates to 13,800 children under the age of 5 dying every day in 2020. As per the same source, globally, infectious diseases, including pneumonia, diarrhea, and malaria, remain a leading cause of under-five deaths, along with preterm birth and intrapartum-related complications. Thus, the statistics indicate that there is an increasing demand for pediatric imaging, thereby proliferating the market growth.

However, declining helium availability and high installation costs are the factors restraining the market growth.

Key Market TrendsOncology Segment is Expected to Hold a Major Market Share in the Pediatric Magnetic Resonance Imaging (MRI) Market

By application, the oncology segment is expected to hold a significant share in the market. Magnetic resonance imaging (MRI) systems are used for the diagnosis of cancer in pediatric patients. The growing burden of cancer in pediatric patients is increasing the demand for MRI imaging in pediatric patients, which is contributing to the market growth as well as the strategic initiatives undertaken by the market players.

For instance, according to the article titled 'Neuroblastoma Treatment' published in February 2022, the prevalence of neuroblastoma is about 1 case per 7,000 live births. The incidence is 10.54 cases per 1 million per year in children younger than 15 years. As per the same source, about 37% of patients are diagnosed as infants, and 90% are younger than 5 years at diagnosis, with a median age at diagnosis of 19 months. Such a high burden of disease is propelling the growth of the market.

Moreover, as per published article titled, "Whole-Body Magnetic Resonance Imaging in Pediatric Oncology — Recommendations by the Oncology Task Force of the ESPR," published in May 2020 whole-body MRI as a radiation-free modality has been increasingly performed over the last two decades, and newer applications, as in the screening of children with germ-line mutation cancer-related gene defects, are now widely accepted. Such studies indicate that MRI imaging is widely used for the diagnosis of cancer in pediatric patients.

Furthermore, the increasing initiatives are contributing to the market growth. For instance, in May 2021, Neoscan Solutions invented an MRI scanner for babies. The smaller and lighter MRI scanner can be placed directly in the children's ward of the hospital. Such launches are propelling the growth of the market.

Thus, due to the above-mentioned developments, the market is expected to witness significant growth over the forecast period.

North America is Expected to Hold a Significant Share in the Market and do the Same in the Forecast Period

Within North America, the United States held the major share of the market. The factors propelling the market growth are the increasing burden of pediatric births and pediatric diseases, growing technological advancements in pediatric imaging techniques, as well as rising collaborations, approvals, and launches to enhance pediatric care worldwide.

For instance, as per November 2021 by the Centers for Disease and Control and Prevention (CDC), in 2020, preterm birth affected 1 of every 10 infants born in the United States. It also reported in 2020, the rate of preterm birth among African-American women (14.4%) was about 50 percent higher than the rate of preterm birth among white or Hispanic women (9.1% and 9.8%, respectively). Since infants born preterm is at increased risk of neurological complications, MRI helps in the diagnosis and detection of the conditions and thus drives the growth of the market.

In addition, in December 2021, Hyperfine Inc., creator of one of the first United States Food and Drugs Administration, cleared portable magnetic resonance imaging (MRI) device, Swoop, entered into a partnership with Raising Malawi, which built and co-operated Malawi's only specialized pediatric hospital, the Mercy James Centre for Paediatric Surgery & Intensive Care (MJC). Raising Malawi and Hyperfine are partnering to highlight the important research made possible at MJC with Hyperfine's breakthrough portable MRI system, a partnership model that can be replicated to support medical research and improve patient care in other low-resource or developing world settings. Such developments are propelling the growth of the studied market in the region.

Moreover, in November 2021, FUJIFILM Healthcare Americas Corporation, one of the leading providers of diagnostic imaging and medical informatics solutions, unveiled the Velocity MRI System, its advanced, high-field open MRI system, during the 2021 Radiological Society of North America (RSNA) conference. The Velocity MRI system is Fujifilm's newest MRI scanner, designed to streamline workflow and enhance the patient experience with its unique open gantry, integrated radiofrequency (RF) coils, and reconstruction technologies. The scanner's unique, open gantry creates a spacious feeling for pediatric patients and other patients. The introduction of new products in boosting the growth of the market in the region.

Thus, due to the above-mentioned developments, the market is expected to witness significant growth over the forecast period.

Competitive Landscape

The pediatric magnetic resonance imaging (MRI) market is competitive with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some of the key players in the market are Siemens Healthineers AG, General Electric Company, Koninklijke Philips NV, Neoscan Solutions Gmbh, and Fujifilm Holdings Corporation, among other players.

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