Market Trends of Australia Magnetic Resonance Imaging Industry
This section covers the major market trends shaping the Australia Magnetic Resonance Imaging Market according to our research experts:
Neurology is Expected to Witness Steady Growth Over the Forecast Period
Magnetic resonance imaging (MRI) of the brain produces high-quality two-dimensional or three-dimensional images of the brain and brainstem without the use of ionizing radiation or radioactive tracers.
According to Cancer Australia 2021, in Australia, 1,896 new cases of brain cancer were expected to be diagnosed (1,171 males and 725 females). By the age of 85, a person's risk of being diagnosed with brain cancer is estimated to be 1 in 161, with 1 in 130 for males and 1 in 211 for females. Furthermore, many developing countries are investing in these MRI machines for the betterment of people. This is fueling the demand for MRI systems. For instance, in July 2021, two MRI machines officially opened in Broken Hill with the aim of locals no longer needing to travel hundreds of kilometers to get scans. This hospital offers MRI diagnostic services for various neurological disorders.
Companies that are introducing new innovative technologies in the country are expected to increase segment growth. For example, in July 2021, in Australia, Omniscient Neurotechnology launched the 'Quicktome' Brain Mapping platform for neurosurgery after regulatory clearance in the United States, Canada, and Australia. A digital brain mapping platform that allows neurosurgeons to visualize and understand a patient's brain networks before performing life-changing brain surgery.
Thus, introducing innovative technologies in MRI along with the increased prevalence of various brain diseases is expected to boost the market in the country.
