Asia Pacific Magnetic Resonance Imaging (MRI) Market Size

Magnetic Resonance Imaging Market Analysis

The Asia Pacific Magnetic Resonance Imaging Market size is estimated at USD 2.15 billion in 2024, and is expected to reach USD 2.95 billion by 2029, growing at a CAGR of 6.46% during the forecast period (2024-2029).

During the early pandemic, due to lockdown restrictions, suspension of non-urgent scheduled visits and hospitalizations, and stringent social distancing norms, the demand for MRI imaging was reduced, which affected the market studied. As per the article published by the National Institute of Health in January 2021, the radiology services in India were majorly damaged during the COVID-19 pandemic, and hospital systems were largely affected. However, post-pandemic, the market is expected to gain traction over the coming years because of declining COVID-19 cases and the resumption of hospital services and MRI imaging.

The market is driven by the rising prevalence of chronic diseases in the country. With the increasing burden of chronic diseases, such as cancer and cardiovascular diseases, coupled with the technological advancements in the country, the magnetic resonance imaging (MRI) market is expected to grow in the region. For instance, according to the study published in the Chinese Medical Journal in March 2022, in China, there were about 4,820,000 cancer cases and 3,210,000 cancer deaths in 2022. Lung cancer is the most prevalent cancer in China and the leading cause of cancer death. In China, age-standardized incidence and mortality rates have increased. Thus, the country's significant burden of cancer is expected to boost the market over the forecast period.

Additionally, the availability of universal health coverage in several Asian countries is expected to boost market growth over the forecast period. For instance, as per World Bank data published in October 2021, to ensure that their populations can access the healthcare they require without experiencing financial hardship, the World Bank has assisted nations throughout East Asia and the Pacific in their efforts to improve health services. Results-based financing based on disbursement-linked indicators (DLIs) is proving a valuable tool, helping maintain momentum towards universal health coverage (UHC) in the region. East Asian and Pacific Island nations have committed to offering their citizens universal health coverage so they may get the high-quality care they need when they need it without facing financial hardship.

Factors such as the increasing adoption of MRI coupled with initiatives by public and private organizations are expected to increase the market's growth. For instance, 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 Corporation made a strategic investment in Promax, Inc. to develop powerful open MRI systems that provide better healthcare to 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.

Hence, with the above-mentioned factors, it is observed that increasing awareness regarding MRI scans is propelling the growth of the MRI services market across the Asia-Pacific region. However, the high cost of the MRI system may hamper the market growth.