Market Size of Global Portable Magnetic Resonance Imaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Portable Magnetic Resonance Imaging Market Analysis
The portable magnetic resonance imaging market is projected to register a CAGR of 7.0% during the forecast period.
The COVID-19 pandemic impacted the growth of the portable MRI market. For instance, an article published by the Israel Journal of Health Policy Research on July 2021 reported a 47.5% decline in MRI utilization during the first peak of the COVID-19 pandemic observed in Israel. Thus, the COVID-19 pandemic impacted the growth of the portable MRI market. However, in the current scenario, it is observed that with a reduction in COVID-19 cases, MRI utilization returned to near-normal compared to the beginning of the pandemic, and thus the market is expected to witness significant growth over the forecast period.
The portable 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. The factors that are driving the growth of the studied market are cost-effectivity over conventional MRI, a wide range of applications, and increasing investment by market players. For instance, a research study published by NCBI in August 2021 reported that a portable MRI machine could diagnose cerebral hemorrhages, information that could save lives, especially in places or circumstances where easy access to advanced brain imaging scans is impossible. Hence, the demand for portable MRI is expected to increase over the years, which is expected to boost growth in the portable magnetic resonance imaging (MRI) market.
In addition, the wide application of portable MRI is leading to many investments in the area which is further expected to have a positive impact on the studied market. For instance, in February 2021, Hyperfine raised about USD 90 million in its Series D funding. The funds will be used to aggressively scale up the commercial expansion of the company's category-defining Swoop portable MR imaging platform in the United States and to accelerate the company's plans for multiple country launches.
Furthermore, the demand for innovative techniques in portable MRI equipments is expected to boost growth in the studied market. For instance, 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.
Thus, due to the cost-effectivity over conventional MRI, a wide range of applications, and increasing investment by market players, the portable MRI market is expected to have healthy growth over the forecast period. However, low awareness of the portable MRI systems and non-established technology of the system is expected to restrain the market's growth during the forecast period.
