Canada Magnetic Resonance Imaging (MRI) Market Size

Canada Magnetic Resonance Imaging Market Analysis

The Canada Magnetic Resonance Imaging (MRI) Market size is expected to grow from USD 227.11 million in 2023 to USD 309.26 million by 2028, registering a CAGR of 6.37% during the forecast period.

The COVID-19 pandemic profoundly affected Canada's magnetic resonance imaging (MRI) market due to the disruption to healthcare services and the involvement of diagnostic imaging examinations, tests, and procedures. For instance, according to a report from the Canadian Association of Radiologists in 2021, the COVID-19 pandemic affected wait times for medical imaging procedures nationwide. The patients waited for an average of 50 to 82 days for CT scans and 89 days for MRI imaging. This counted 20 to 52 days longer than the recommended 30-day wait time. Due to COVID-19, waitlists were longer, putting Canada in crisis mode for medical imaging. However, as the pandemic restrictions are eased, the market is expected to witness significant growth in the coming years due to the rise in the utilization of MRI equipment in hospitals and the emergence of advanced technologies in MRI equipment.

With the growing geriatric population and increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, etc., the studied magnetic resonance imaging (MRI) market is expected to grow in Canada during the forecast period. For instance, according to the Canadian Cancer Society 2022 report, 233,900 new cancer cases were diagnosed in Canada in 2022. The high burden of cancer is expected to augment the demand for MRI services for imaging, thereby boosting market growth over the forecast period.

Furthermore, investments by the government to support the implementation of MRI scanners in a healthcare setting are expected to contribute to market growth. For instance, in December 2022, approximately USD 20 million was invested by the Ontario government as operating funding to support the installation of 27 new magnetic resonance imaging (MRI) machines in hospitals across Ontario. Moreover, in January 2023, the Ontario government planned to expand the availability of the services performed in community surgical and diagnostic centers, with a significant focus on cataract surgeries, MRI and CT imaging, and colonoscopy and endoscopy procedures. Thus, government initiatives focusing on the implementation and utilization of MRI services in Canada are expected to drive market growth over the forecast period.

Thus, owing to the increase in chronic disease that utilizes MRI imaging for disease detection and the rise in strategic activities by the key players, the studied market is expected to witness significant growth over the forecast period. However, the high cost of the MRI system is expected to restrain the market growth over the forecast period.