United Kingdom Magnetic Resonance Imaging Market Size

United Kingdom Magnetic Resonance Imaging Market Analysis

The United Kingdom Magnetic Resonance Imaging Market size is estimated at USD 2.40 billion in 2024, and is expected to reach USD 3.12 billion by 2029, growing at a CAGR of 5.51% during the forecast period (2024-2029).

The COVID-19 pandemic initially impacted the United Kingdom's magnetic resonance imaging market, with a temporary decline in the volume of magnetic resonance imaging diagnoses adversely impacting the market growth. It was primarily due to the massive number of cases of COVID-19, which led to lockdowns and restrictions on non-urgent diagnostic procedures in hospitals in the United Kingdom. 

For instance, a study published in the BMJ Paediatrics Open in 2021 by researchers from the United Kingdom stated that amid the pandemic, a significant reduction in overall outpatient imaging activity was observed in the volume of radiology appointments in tertiary children's hospitals. Thus, the decline in scanning procedures adversely affected the market. However, in the post-pandemic period, the volume of COVID-19-positive patients decreased, which led to the resumption of MRI imaging diagnosis in the United Kingdom, and it enabled the market to grow at the normal pace, along with the rising demand for MRI imaging for the management of various other diseases.

Further, the market is expected to grow with the increasing prevalence of cardiovascular disorders, coupled with the initiatives by key market players are expected to increase the market growth.

Factors such as the increasing prevalence of chronic diseases such as cancer and cardiovascular diseases, along with the initiatives by key market players, are expected to increase the market growth. For instance, per the updated data published by the International Agency for Research on Cancer (IARC) in 2023, cancer cases are expected to increase in the United Kingdom in the coming years, with 500 million cancer cases in 2025 to 531 million in 2030. 

Further, other chronic diseases, like neurological and cardiovascular diseases, are also prevalent in the United Kingdom, which is expected to boost the demand for MRI diagnosis; for instance, as per the data published by the British Heart Foundation in April 2023, over 7.6 million people in the United Kingdom are estimated to have heart or circulatory diseases in 2023. The same source stated that over 100,000 hospital admissions are observed yearly due to heart attacks in the United Kingdom. These numbers suggest that the country has a high prevalence of heart attacks and other risk factors for cardiovascular diseases, which is anticipated to spur growth in the market in the United Kingdom.

Furthermore, the market under investigation is anticipated to expand over the report's forecast period due to recent initiatives taken by important national companies. For instance, in July 2021, a new GBP 3.1 billion (USD 3.92 million) magnetic resonance imaging (MRI) scanning facility was launched in Leicester, United Kingdom, by a grant from the British Heart Foundation (BHF). With this new equipment, researchers can image up to 1,500 cardiovascular study participants annually, doubling their imaging capacity. 

GBP 1 million in funding from the British Heart Foundation (BHF) made the new scanner facility possible. Leicester's Hospitals has committed GBP 2.1 million (USD 2.66 million) to the facility, and the University of Leicester will share ownership. Therefore, owing to the factors mentioned above, the magnetic resonance imaging market in the United Kingdom is expected to grow during the forecast period of the study.

Therefore, owing to the factors above, including the rising burden of chronic diseases and the advancements in MRI, the studied market is anticipated to grow over the analysis period. However, the lack of proper reimbursement, stringent regulatory approval procedures, and the high equipment cost likely impede market growth.