Market Trends of Pediatric Magnetic Resonance Imaging (MRI) Industry
Oncology Segment is Expected to Hold a Significant Share in the Market Over the Forecast Period
The oncology application segment is expected to hold a significant market share. Magnetic resonance imaging (MRI) systems diagnose cancer in pediatric patients. The growing burden of cancer in pediatric patients and the strategic initiatives undertaken by the market players are increasing the demand for MRI imaging, contributing to the market growth.
For instance, the American Cancer Society, in January 2023, stated that about 9,910 children in the United States under the age of 15 will be diagnosed with cancer in 2023, a significant number of patients, increasing the demand for diagnosis using MRI. In addition, as per the same source, childhood cancer rates rose slightly over the past few decades in the United States. These rising cancer cases increase the usage of MRI devices and are expected to boost the market over the forecast period.
Furthermore, the increasing initiatives are contributing to 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 hospital's children's ward. Such product launches increase the widespread distribution of MRI services and are expected to propel the market's growth.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
The United States is expected to hold a significant market share within North America. The factors propelling the market growth are the increasing burden of pediatric births and diseases, growing technological advancements in pediatric imaging techniques, and rising collaborations, approvals, and launches to enhance pediatric care in the region.
The partnerships and agreements among the market players increase the widespread applications and are expected to hold significant growth in the market. For instance, in December 2021, Hyperfine Inc. partnered with Raising Malawi, which built and co-operated Malawi's only specialized pediatric hospital, the Mercy James Centre for Paediatric Surgery & Intensive Care (MJC). The partnership is to highlight the important research made possible at MJC with Hyperfine's breakthrough portable MRI system. Such developments through various partnerships are expected to propel the region's studied market growth.
Furthermore, the establishment of new imaging banks for pediatrics increases the need for MRI devices and likely propels the market. For instance, in March 2022, Holland Bloorview Kids Rehabilitation Hospital's Bloorview Research Institute (BRI) launched a new MRI imaging bank for children with disabilities in Canada. Thus, the market is expected to grow significantly over the forecast period due to the abovementioned developments and establishments.
