|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The global pediatric magnetic resonance imaging (MRI) market is expected to register a CAGR of nearly 7% over the forecast period, 2022-2027.
The COVID-19 pandemic is an unprecedented health concern and has significantly impacted the pediatric MRI market. In the early phase of the pandemic, the market witnessed a negative impact. For instance, as per a June 2021 published article titled, "Imaging Appropriateness in Pediatric Radiology during COVID-19 Pandemic: A Retrospective Comparison with No COVID-19 Period", all imaging studies performed in patients with trauma at tertiary children's Hospital during the first wave of the COVID-19 pandemic (between March and May 2020) were reviewed, in comparison with a control time interval (March 2019 to May 2019). As per the study, in the pre-COVID control era, 669 imaging studies documented bone fractures in 145/568 children (25.5%), while in the COVID era, 79/177 (44.6%) pediatric patients showed bone fractures on 193 imaging studies. However, owing to the long-term impact of COVID-19 on the body and large-scale vaccination programs running around the world, the studied market is expected to regain its full potential over the years.
The growth of the market can be attributed to the factors such as the increasing burden of pediatric births and pediatric diseases, growing technological advancements in pediatric imaging techniques, as well as rising collaborations, approvals, and launches to enhance pediatric care worldwide.
The increasing burden of premature births and pediatric diseases is driving the demand for magnetic resonance imaging machines for pediatrics. For instance, as per a July 2020 published article by the National Center for Biotechnology Information (NCBI), titled, "Global burden of preterm birth," preterm birth is a live birth that occurs before 37 completed weeks of pregnancy, and approximately 15 million babies are born preterm annually worldwide, indicating a global preterm birth rate of about 11%. As per the same source, with 1 million children dying due to preterm birth before the age of 5 years, preterm birth is the leading cause of death among children, accounting for 18% of all deaths among children aged under 5 years and as many as 35% of all deaths among newborns. Thus, the demand for pediatric MRI is on the rise in order to obtain early diagnosis and treatment.
In addition, as per a December 2021 update by the United Nations International Children's Emergency Fund (UNICEF), in 2020, 5.0 million children under 5 years of age died, which translates to 13,800 children under the age of 5 dying every day in 2020. As per the same source, globally, infectious diseases, including pneumonia, diarrhea, and malaria, remain a leading cause of under-five deaths, along with preterm birth and intrapartum-related complications. Thus, the statistics indicate that there is an increasing demand for pediatric imaging, thereby proliferating the market growth.
However, declining helium availability and high installation costs are the factors restraining the market growth.
Scope of the Report
As per the scope of the report, pediatric magnetic resonance imaging (MRI) uses a powerful magnetic field, radio waves, and a computer to produce detailed pictures of the inside of a child's body. MRI may be used to help diagnose or monitor treatment for a variety of conditions within the brain, chest, abdomen, pelvis, and extremities. The market is segmented by type (functional MRI, 4D MRI, and other types), application (oncology, neurology, cardiology, orthopedics, and other application types), end user (hospitals, diagnostic centers, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above-mentioned segments.
|Other Application Types|
|By End User|
|Other End Users|
Key Market Trends
Oncology Segment is Expected to Hold a Major Market Share in the Pediatric Magnetic Resonance Imaging (MRI) Market
By application, the oncology segment is expected to hold a significant share in the market. Magnetic resonance imaging (MRI) systems are used for the diagnosis of cancer in pediatric patients. The growing burden of cancer in pediatric patients is increasing the demand for MRI imaging in pediatric patients, which is contributing to the market growth as well as the strategic initiatives undertaken by the market players.
For instance, according to the article published by National Cancer Institute in February 2022, the prevalence of neuroblastoma is about 1 case per 7,000 live births. The incidence is 10.54 cases per 1 million per year in children younger than 15 years. As per the same source, about 37% of patients are diagnosed as infants, and 90% are younger than 5 years at diagnosis, with a median age at diagnosis of 19 months. Such a high burden of disease is propelling the growth of the market.
Moreover, as per a May 2020 published article titled, "Whole-body magnetic resonance imaging in pediatric oncology — recommendations by the Oncology Task Force of the ESPR," whole-body MRI as a radiation-free modality has been increasingly performed over the last two decades, and newer applications, as in the screening of children with germ-line mutation cancer-related gene defects, are now widely accepted. Such studies indicate that MRI imaging is widely used for the diagnosis of cancer in pediatric patients.
Furthermore, the increasing initiatives are contributing to the market growth. For instance, in May 2021, Neoscan Solutions invented an MRI scanner for babies. The smaller and lighter MRI scanner can be placed directly in the children's ward of the hospital. Such launches are propelling the growth of the market.
Thus, due to the above-mentioned developments, the market is expected to witness significant growth over the forecast period.
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North America is Expected to Hold a Significant Share in the Market and do the Same in the Forecast Period
Within North America, the United States held the major share of the market. The factors propelling the market growth are the increasing burden of pediatric births and pediatric diseases, growing technological advancements in pediatric imaging techniques, as well as rising collaborations, approvals, and launches to enhance pediatric care worldwide.
For instance, as per November 2021 by the Centers for Disease and Control and Prevention (CDC), in 2020, preterm birth affected 1 of every 10 infants born in the United States. It also reported in 2020, the rate of preterm birth among African-American women (14.4%) was about 50 percent higher than the rate of preterm birth among white or Hispanic women (9.1% and 9.8%, respectively). Since infants born preterm is at increased risk of neurological complications, MRI helps in the diagnosis and detection of the conditions and thus drives the growth of the market.
In addition, in December 2021, Hyperfine Inc., creator of one of the first United States Food and Drugs Administration, cleared portable magnetic resonance imaging (MRI) device, Swoop, entered into a partnership with Raising Malawi, which built and co-operated Malawi's only specialized pediatric hospital, the Mercy James Centre for Paediatric Surgery & Intensive Care (MJC). Raising Malawi and Hyperfine are partnering to highlight the important research made possible at MJC with Hyperfine's breakthrough portable MRI system, a partnership model that can be replicated to support medical research and improve patient care in other low-resource or developing world settings. Such developments are propelling the growth of the studied market in the region.
Moreover, in November 2021, FUJIFILM Healthcare Americas Corporation, one of the leading providers of diagnostic imaging and medical informatics solutions, unveiled the Velocity MRI System, its advanced, high-field open MRI system, during the 2021 Radiological Society of North America (RSNA) conference. The Velocity MRI system is Fujifilm's newest MRI scanner, designed to streamline workflow and enhance the patient experience with its unique open gantry, integrated radiofrequency (RF) coils, and reconstruction technologies. The scanner's unique, open gantry creates a spacious feeling for pediatric patients and other patients. The introduction of new products in boosting the growth of the market in the region.
Thus, due to the above-mentioned developments, the market is expected to witness significant growth over the forecast period.
To understand geography trends, Download Sample Report
The pediatric magnetic resonance imaging (MRI) market is competitive with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some of the key players in the market are Siemens Healthineers AG, General Electric Company, Koninklijke Philips NV, Neoscan Solutions Gmbh, and Fujifilm Holdings Corporation, among other players.
In February 2022, The LEGO Foundation reported donating 600 LEGO MRI Scanners to hospitals worldwide to help children cope with the uncertainty of having a Magnetic Resonance Imaging (MRI) scan.
In February 2022, Neurosurgeons at Primary Children's Hospital launched innovative technology to improve outcomes in kids requiring brain surgery. It is a specialized intraoperative MRI to clearly see deep inside the brain during surgeries to help kids with severe seizures and protect kids' healthy brain tissue when removing tumors.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Burden of Premature Births and Pediatric Diseases
4.2.2 Technological Advancements in Pediatric Imaging Techniques
4.2.3 Rising Collaborations, Approvals and Launches to Enhance Pediatric Care Worldwide
4.3 Market Restraints
4.3.1 Declining Helium Availability
4.3.2 High Installation Cost
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value -USD million)
5.1 By Type
5.1.1 Functional MRI
5.1.2 4D MRI
5.1.3 Other Types
5.2 By Application
5.2.5 Other Application Types
5.3 By End User
5.3.2 Diagnostic Centers
5.3.3 Other End Users
5.4.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
5.4.5 South America
188.8.131.52 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Neoscan Solutions Gmbh
6.1.2 Siemens Healthineers AG
6.1.3 General Electric Company
6.1.4 Koninklijke Philips NV
6.1.5 Advanced Imaging Research dba SREE Medical Systems�i
6.1.6 LMT Medical Systems GmbH
6.1.7 Fujifilm Holdings Corporation
6.1.9 Aspect Imaging Ltd
6.1.10 Time Medical Holding
6.1.11 Esaote SpA
6.1.12 NORAS MRI products GmbH
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Pediatric Magnetic Resonance Imaging (MRI) Market market is studied from 2019 - 2027.
What is the growth rate of Global Pediatric Magnetic Resonance Imaging (MRI) Market?
The Global Pediatric Magnetic Resonance Imaging (MRI) Market is growing at a CAGR of >7% over the next 5 years.
Which region has highest growth rate in Global Pediatric Magnetic Resonance Imaging (MRI) Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Pediatric Magnetic Resonance Imaging (MRI) Market?
North America holds highest share in 2021.
Who are the key players in Global Pediatric Magnetic Resonance Imaging (MRI) Market?
Siemens Healthineers AG, General Electric Company, Koninklijke Philips N.V., Neoscan Solutions Gmbh, Fujifilm Holdings Corporation are the major companies operating in Global Pediatric Magnetic Resonance Imaging (MRI) Market.