Market Size of Pediatric Magnetic Resonance Imaging (MRI) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pediatric Magnetic Resonance Imaging (MRI) Market Analysis
The pediatric magnetic resonance imaging (MRI) market is expected to register a CAGR of 7.1% over the forecast period.
The unique challenges of caring for pediatric patients, particularly in the setting of the COVID-19 pandemic, adversely impacted the market during the pandemic. As per the report published by Pediatric Body MRI in April 2021, numerous MRI services faced unusual challenges because of COVID-19. During the first wave of COVID-19 in the United States, numerous MRI services dealt with the problem of large-volume outpatient examination cancellations and rescheduling, adversely impacting the market. However, according to the same source, the government took various public health measures to avoid COVID-19 infection, which increased the radiology examination volumes in healthcare facilities and significantly impacted the market growth.
The market's growth can be attributed to the increasing burden of premature births and pediatric diseases, growing technological advancements in pediatric imaging techniques, and rising collaborations, approvals, and launches to enhance pediatric care worldwide. For instance, in November 2022, UNICEF stated that in Lebanon, 639 newborns died before turning 28 days old in 2021. This high burden of preterm deaths can be reduced using proper monitoring and MRI diagnosis, which is expected to drive the market.
Furthermore, government initiatives can help to manage these deaths with various campaigns. For instance, in November 2022, the Ministry of Public Health, Lebanon, in partnership with UNICEF, launched the National Newborn and Prematurity Campaign to raise awareness of the importance of proper health care for newborns and premature babies. It also highlighted the essential role of family and healthcare providers. Hence, these campaigns on newborns and pediatrics increase the demand for devices like MRI and are expected to boost the market's growth over the forecast period.
However, declining helium availability and high installation costs are restraining the market growth.
