|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
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The portable magnetic resonance imaging market is projected to register a CAGR of 7.0% during the forecast period, 2022-2027.
With the outbreak of COVID-19, demand for portable imaging has increased both in the outpatient and inpatient settings as there are high chances of airborne transmission of COVID-19 from the MR suite, and portable MRI machines can clean in minutes. During Covid-19, the shifting of patients to advanced neuroimaging centers was limited due to the risk of Coronavirus infection. This condition highlighted the need for portable MRI in many centers across the globe. All these factors are projected to accelerate the growth of the portable MRI market during the forecast period.
Portable magnetic resonance imaging (MRI) is a revolutionary development in the healthcare field. This development helps expand the applications and opens new possibilities where MRI can assist in diagnosing multiple diseases. In 2020, the United States Food and Drug Administration (US FDA) approved the first portable MRI system, costing 20 times lower than conventional MRI systems.
Advantages associated with the portable MRI over conventional or standard MRI are expected to accelerate the market growth during the forecast period. Ease of scanning, economical, less power consumption (35 times lesser than conventional), and weight 10 times lesser are some of the major advantages of portable MRI over standard MRI.
Demand from underdeveloped countries is expected to increase by leaps and bounds during the forecast period as healthcare access is poor due to high-cost devices and lack of space for huge equipment. For instance, in April 2021, Pakistan welcomed its first portable MRI system in Aga Khan University’s Medical College.
Scope of the Report
As per the scope of this report, portable magnetic resonance imaging is considered imaging offered by an MRI scanner that is portable and mobile. The device can provide imaging to the patient on-site and on time. The portable MRI market is segmented by application (neurology, musculoskeletal, gastroenterology, others), facility (hospitals, clinics, ambulatory surgery centers, others), 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 countries across major global regions. The report offers the value (USD million) for the above segments.
|Ambulatory Surgery Centers|
Key Market Trends
The Neurology Segment is Expected to Hold a Major Market Share in the Global Portable Magnetic Resonance Imaging (MRI) Market
The neurology segment held the largest share in 2021 and is projected to grow further in the coming years due to the increasing patient base, awareness about portable MRI for neurology application, and benefits of portable MRI in neurological injuries factors of the market.
According to the study conducted by Yale and Harvard researchers in April 2020, portable MRI is observed to be as effective as conventional MRI while detective stroke or cause of stroke. Additionally, the ability of portable MRI systems to differentiate the stroke types is expected to assist clinicians in remote areas in making rapid and accurate treatment decisions. According to statistics published by the World Stroke Organization (WSO) 2022, more than 12 million (12,224,551) people experienced a stroke in 2019. The organization also stated that one in four people after 25 years of age experience stroke in their lifetime. Hence, the growing burden of stroke patients globally is projected to propel market growth.
UC Davis Medical Center was the first in Northern California to utilize a portable MRI machine. The hospital stated that Swoop not only improves the access to neuroimaging but also helps reduce the time for diagnosing traumatic brain injury. Additionally, portable MRI improves the safety of critically ill patients as about 40% of brain-injured patients observe complications during the shifting of patients to a fixed MRI scanner. Hence, such advantages will likely increase the demand and market for portable MRI during the forecast period.
A major drawback in some cases is that resolution is not equivalent to non-mobile systems, which may limit the growth. However, with technological development and advanced computer algorithms, the resolution is expected to improve shortly.
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North America Dominated the Global Portable MRI Market and is Projected to Maintain it’s Share During the Forecast Period
North America comprises the United States, Canada, and Mexico. A well-developed healthcare infrastructure, high awareness about portable MRI & its applications, and the local presence of industry leaders are some of the key factors responsible for the huge demand and, thereby, the highest share of North America in the market. For instance, North America's hospitals, diagnostics centers, and research laboratories are already equipped with portable MRIs after receiving approval from the Food and Drug Administration (FDA) in 2020.
In December 2021, Hyperfine announced that it received a Health Canada license and the commercial launch of Swoop in Canada. In February 2022, Queen's University and Kingston Health Sciences Centre deployed the Swoop System, a portable MRI system, to improve patient care in remote areas of northern communities in Canada where access to conventional MRI is limited.
According to the data published by Hyperfine in their 2021 annual report, the company has installed more than 50 systems after receiving approval from various regulatory authorities. Hence, increasing demand for this system and investment by companies to develop and commercialize portable MRI are expected to accelerate market growth in the North American region.
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Hyperfine is the highest contributing global company currently operating in the portable MRI market. However, several other regional players are operating, and many are in the development stage in the market. For instance, in June 2018, Tata Group launched an India-made portable MRI system to improve healthcare access in remote villages in India. The machine is developed by VoxelGrids, a Bengaluru-based startup in MRI technology, and research is supported by Tata Trusts’ Foundation for Innovation and Social Entrepreneurship (FISE).
Hyperfine is competing with other small-size and well-established conventional MRI systems providers, including Siemens Healthineers, Philips Healthcare, GE Healthcare, Canon Medical Systems, JMP Medical, Voxelgrids, and PrizMed Imaging.
In June 2022, Hyperfine, Inc., creator of the Swoop Portable MR Imaging System, completed registration and notification of the device in Australia and New Zealand. With this activity, the Swoop system is now available in Australia and New Zealand and includes the United States Food and Drug Administration-cleared advanced reconstruction software using deep learning.
In June 2021, King's Health Partners welcomed Europe's first portable MRI, Swoop System. It will further improve accessibility by providing affordable and bedside brain imaging.
Table of Contents
1.1 Study Assumptions & Market Defination
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 Cost-effectivity Over Conventional MRI
4.2.2 Wide Range of Applications
4.2.3 Investment by Market Players
4.3 Market Restraints
4.3.1 Low Awarness and Doubts in Minds about Accuracy of Portable MRIs
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
5.1 By Application
5.2 By Facility
5.2.2 Diagnostic Centers
5.2.3 Ambulatory Surgery Centers
5.3.1 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
5.3.4 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
5.3.5 South America
188.8.131.52 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.2 Canon Medical Systems
6.1.4 PrizMed Imaging
6.1.5 Siemens Medical Solutions USA, Inc.
6.1.6 Philips AG
6.1.7 JMP Medical
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Portable Magnetic Resonance Imaging Market market is studied from 2019 - 2027.
What is the growth rate of Global Portable Magnetic Resonance Imaging Market ?
The Global Portable Magnetic Resonance Imaging Market is growing at a CAGR of 7% over the next 5 years.
Which region has highest growth rate in Global Portable Magnetic Resonance Imaging Market ?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Portable Magnetic Resonance Imaging Market ?
North America holds highest share in 2021.
Who are the key players in Global Portable Magnetic Resonance Imaging Market ?
Hyperfine , VoxelGrids , PrizMed Imaging , Canon Medical UK Ltd. , Siemens Medical Solutions USA, Inc. are the major companies operating in Global Portable Magnetic Resonance Imaging Market .