Market Trends of Magnetic Resonance Imaging Industry
This section covers the major market trends shaping the Magnetic Resonance Imaging Market according to our research experts:
The Oncology Segment in Application is Expected to Hold a Significant Market Share During the Forecast Period
MRI is an imaging test that can be used to detect tumor/cancerous cells in the body. Also, it can be used to look for signs that cancer may have metastasized (spread) from where it started to another part of the body. MRI system uses powerful magnets and radio waves to make detailed, computer-generated cross-section pictures of the body which is later used by doctors in the diagnosis of cancerous cell/tissue. The growing burden of cancer and developments in the field, coupled with the launch of MRI products, are propelling the market segment's growth.
Cancer is one of the most prevalent forms of chronic diseases globally. MRI is used to detect cancer/tumor and to plan treatment such as surgery or radiation therapy for cancer patients. Thus, with the increasing burden of cancer cases around the world, the use of MRI systems is expected to increase, which will fuel the growth of the market studied. For instance, according to Canadian Cancer Statistics, published in October 2021, it was estimated that 229,200 Canadians were diagnosed with cancer in 2021. It was also reported that lung, breast, colorectal, and prostate cancers are expected to remain the most commonly diagnosed cancers, accounting for 46% of all diagnoses in 2021 in the country.
Additionally, the increasing research for cancer radiation therapy also boosts the market segment's growth. For instance, in October 2022, ViewRay Inc. launched a phase III randomized controlled trial titled "Locally Advanced Pancreatic cancer treated with ABLAtivE stereotactic MRI-guided adaptive radiation therapy" for patients receiving a combination of chemotherapy and 5-fraction MRIdian SMART (stereotactic MR-guided adaptive radiotherapy). The study is designed to demonstrate superior overall survival in patients receiving post-chemotherapy MRIdian SMART. The positive results from such studies can lead to the adaption of a new cancer treatment and thus are expected to drive the growth of the market segment.
Thus, owing to the abovementioned factors, the oncology segment of the market is expected to project healthy growth during the forecast period.
North America is Expected to Dominate the Magnetic Resonance Imaging Market During the Forecast Period
North America dominates the MRI market. It is expected to show a similar trend during the forecast period, owing to the region's high prevalence of chronic diseases, the presence of a universal healthcare system in the United States and Canada, and new product launches and approvals.
The growing burden of the disease in the region contributes to the market's growth. For instance, the American Cancer Society estimated that 1,918,0303 new cases would be reported in the United States in 2022. Out of which 236,740 lung cancer cases, 290,560 breast cancer cases, and 268,490 prostate cancer cases were expected to be reported in 2022. Such a high burden of cancer creates the need for MRI scans for proper diagnosis and treatments. Thus, it is expected to drive the growth of the market in the region.
Additionally, the approval from the regulatory authority for the product is also contributing to the growth of the market in the region. For instance, in October 2021, Subtle Medical received approval from Health Canada for their suite of artificial intelligence-powered image enhancement solutions, SubtleMR and SubtlePET. These are virtual upgrades to existing magnetic resonance imaging (MRI) and positron emission tomography (PET) machines that can boost the scanner's performance and improve patient comfort during medical imaging exams.
Further, the introduction and launch of new and advanced MRI systems in the country by the key market players in the area are expected to augment the growth of the market in the region. For instance, in December 2021, ADM Diagnostics Inc. received FDA clearance for CorInsights MRI. CorInsights MRI provides quantitative information about brain tissue volume for use by radiologists, neurologists, and clinical researchers. Such launches are propelling the growth of the market in the region.
Therefore, owing to the above-mentioned factors, the North American region is expected to hold a major market share in the global magnetic resonance imaging market during the forecast period.
