Portable Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Portable Magnetic Resonance Imaging (MRI) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The portable magnetic resonance imaging market is projected to register a CAGR of 7.0% during the forecast period.

The COVID-19 pandemic impacted the growth of the portable MRI market. For instance, an article published by the Israel Journal of Health Policy Research on July 2021 reported a 47.5% decline in MRI utilization during the first peak of the COVID-19 pandemic observed in Israel. Thus, the COVID-19 pandemic impacted the growth of the portable MRI market. However, in the current scenario, it is observed that with a reduction in COVID-19 cases, MRI utilization returned to near-normal compared to the beginning of the pandemic, and thus the market is expected to witness significant growth over the forecast period.

The portable MRI is a revolutionary development in the healthcare field. This development helps expand the applications and opens new possibilities where MRI can assist in diagnosing multiple diseases. The factors that are driving the growth of the studied market are cost-effectivity over conventional MRI, a wide range of applications, and increasing investment by market players. For instance, a research study published by NCBI in August 2021 reported that a portable MRI machine could diagnose cerebral hemorrhages, information that could save lives, especially in places or circumstances where easy access to advanced brain imaging scans is impossible. Hence, the demand for portable MRI is expected to increase over the years, which is expected to boost growth in the portable magnetic resonance imaging (MRI) market.

In addition, the wide application of portable MRI is leading to many investments in the area which is further expected to have a positive impact on the studied market. For instance, in February 2021, Hyperfine raised about USD 90 million in its Series D funding. The funds will be used to aggressively scale up the commercial expansion of the company’s category-defining Swoop portable MR imaging platform in the United States and to accelerate the company’s plans for multiple country launches.

Furthermore, the demand for innovative techniques in portable MRI equipments is expected to boost growth in the studied market. For instance, in February 2022, Queen's University and Kingston Health Sciences Centre deployed the Swoop System, a portable MRI system, to improve patient care in remote areas of northern communities in Canada where access to conventional MRI is limited.

Thus, due to the cost-effectivity over conventional MRI, a wide range of applications, and increasing investment by market players, the portable MRI market is expected to have healthy growth over the forecast period. However, low awareness of the portable MRI systems and non-established technology of the system is expected to restrain the market’s growth during the forecast period.

The neurology segment is expected to witness significant growth over the forecast period due to the increasing patient base, awareness about portable MRI for neurology application, and benefits of portable MRI in neurological injuries factors of the market.

An article published by the journal Science Advances in April 2022 reported that portable MRI is observed to be as effective as conventional MRI while detective stroke or cause of stroke low-field magnetic resonance imagers. Additionally, the ability of portable MRI systems to differentiate stroke types is expected to assist clinicians in remote areas in making rapid and accurate treatment decisions.

The high and growing burden of neurodegenerative diseases is expected to be the major driving factor for the neurology segment. For instance, according to the September 2021 report of the World Health Organization, about 55 million people around the world are living with dementia, and nearly 10 million cases are reported every year. As per the same source, Alzheimer’s is the most common form of dementia and constitutes about 60-70% of the total cases of dementia. Hence, the demand for effective diagnostic and monitoring tools is expected to increase over the years, which is anticipated to boost the segment’s growth.

Furthermore, new product launches by key market players are expected to drive the growth of this segment. For instance, in June 2021, King's Health Partners welcomed Europe's first portable MRI, Swoop System. It will further improve accessibility by providing affordable and bedside brain imaging.

Thus, due to the advancements of portable MRI in the neurology field, a high number of dementia cases, and new product launches, the segment is expected to witness significant growth over the forecast period.

North America comprises the United States, Canada, and Mexico. A well-developed healthcare infrastructure, high awareness about portable MRI and its applications, and the local presence of industry leaders are some of the key factors responsible for the huge demand and, thereby, the highest share of North America in the market.

The rising dementia cases in the region are fueling the demand for portable MRIs, thereby driving the growth of the studied market. For instance, an article published by The Journal of Alzheimer's Association in July 2022 reported that an estimated 6.5 million Americans are living with Alzheimer's, and it is expected to increase to 13.8 million cases by 2060. Portable MRI is significant in the diagnosis of dementia, and the rising cases of Alzheimer's are expected to drive the growth of the studied market in the region.

Additionally, with increasing dementia associated with the geriatric population, the market is expected to witness significant growth over the forecast period. For instance, in July 2022, United Nations Projection reported that 10.6 million people in Mexico aged above 65 years, and this number is expected to increase to 19.7 million by 2040. Similarly, 7.3 million people in Canada aged above 65 years in the year 2022, and this number is expected to increase to 10.1 million by 2040. Thus, the rising geriatric population is expected to drive the growth of the studied market in the country.

Furthermore, with regulatory approval for the new products, the market is expected to witness significant growth in the region. For instance, in December 2021, Hyperfine received a Health Canada license and the commercial launch of Swoop in Canada.

Thus, due to the rising dementia cases, product launches and approvals, and the rising geriatric population, the market is expected to witness significant growth over the forecast period.

The portable magnetic resonance imaging (MRI) market is highly consolidated with the presence of a few major players in the market. Some of the key players in the market are Hyperfine Inc., Canon Medical Systems, Voxelgrids Innovations Pvt. Ltd., PrizMed Imaging Solution, Inc., Siemens Healthineers Ag, Cobalt Health, GE Healthcare, Koninklijke Philips NV and JMP Medical SP.

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