What Fueled The Previous Growth In The Portable Magnetic Resonance Imaging (MRI) Market?
The portable magnetic resonance imaging (mri) market has seen considerable growth due to a variety of factors.
• The portable magnetic resonance imaging (MRI) market has shown strong growth in recent years. It is projected to grow from $3.52 billion in 2024 to $3.78 billion in 2025 at a compound annual growth rate (CAGR) of 7.5%.
The growth can be attributed to the rising incidence of neurological disorders, greater demand for point-of-care diagnostics, increased awareness about early diagnosis, the need for cost-effective imaging solutions, advancements in battery technology, and improved image resolution.
How Does the Forecast Look for the Portable Magnetic Resonance Imaging (MRI) Market?
The portable magnetic resonance imaging (mri) market is expected to maintain its strong growth trajectory in upcoming years.
• The portable magnetic resonance imaging (MRI) market is expected to grow to $4.99 billion by 2029 at a CAGR of 7.2%.
The growth can be attributed to advancements in battery life, user-friendly interfaces, cost reduction, insurance policies, and their role in cancer detection and treatment monitoring. Key trends include the use of AI and machine learning, integration with other imaging techniques like ultrasound and CT scans, improved resolution and sensitivity, regenerative medicine, and personalized imaging protocols.
What Are The Leading Drivers Of Growth In The Portable Magnetic Resonance Imaging (MRI) Market?
The growth of the portable magnetic resonance imaging market is predicted to be fueled by the escalating cases of dementia. This condition falls under the group of advancing neurological disorders marked by a reduction in cognitive function, impacting memory, cognition, behavior and daily task execution skills. The rise in dementia cases is inherently linked to the globally aging populations and enhanced diagnostic proficiencies that enable better disease detection. Portable magnetic resonance imaging (MRI) plays a crucial role in dementia by offering on-site brain imaging that helps in reviewing structural alterations and aids in disease diagnosis and observation in several settings including clinics and care establishments. For instance, statistics from March 2024 reported by the Australia-based government agency, Australian Institute of Health and Welfare, indicated that about 411,100 Australians were diagnosed with dementia in 2023, with projections estimating these numbers to more than double by 2058. Hence, the escalating dementia cases are a key factor propelling the portable magnetic resonance imaging market's growth.
How Are The Segments Defined Within The Global Portable Magnetic Resonance Imaging (MRI) Market?
The portable magnetic resonance imaging (MRI) market covered in this report is segmented –
1) By Product: Superconducting-Magnet-Based Portable Magnetic Resonance Imaging (MRI), Electromagnet-Based Portable Magnetic Resonance Imaging (MRI), Permanent-Magnet-Based Portable Magnetic Resonance Imaging (MRI)
2) By Application: Neurology, Musculoskeletal, Gastroenterology, Other Applications
3) By End User: Hospitals, Diagnostic Centers, Ambulatory Surgery Centers, Other End Users
Subsegments:
1) By Superconducting-Magnet-Based Portable MRI: High-Field Superconducting MRI, Low-Field Superconducting MRI, Compact Superconducting MRI Systems, Superconducting MRI For Neurological Imaging, Superconducting MRI For Musculoskeletal Imaging
2) By Electromagnet-Based Portable MRI: Low-Field Electromagnet MRI Systems, Medium-Field Electromagnet MRI Systems, Electromagnetic MRI For Point-Of-Care Use, Electromagnet MRI For Diagnostic Imaging, Portable Electromagnet MRI For Emergency Settings
3) By Permanent-Magnet-Based Portable MRI: High-Resolution Permanent Magnet MRI, Low-Field Permanent Magnet MRI, Compact Permanent Magnet MRI Systems, Permanent Magnet MRI For Field Use, Permanent Magnet MRI For Veterinary Applications
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How Are Emerging Trends Reshaping The Dynamics Of The Portable Magnetic Resonance Imaging (MRI) Market?
Major players in the portable MRI market are intensifying efforts to provide innovative solutions like mobile MR imaging scanners to boost accessibility and flexibility in the medical imaging sector, more so in remote and point-of-care locations. MRI scanners utilize intense magnetic fields and radio waves to produce intricate images of the body's internal organs and tissues. An illustration of this is the launch of MAGNETOM Viato Mobile in November 2022 by Siemens Healthcare AG, a German healthcare firm. This new mobile MR imaging scanner, rated 1.5 Tesla (1.5T), is specifically designed for easy transport to offsite spots. The 70-centimeter-bore scanner can be conveniently installed inside a trailer, thereby transporting cutting-edge medical imaging to patients who otherwise would need to traverse far-flung distances. The MAGNETOM Viato.Mobile was recently awarded FDA clearance, underscoring Siemens Healthineers' dedication to the mobile MR market and their relentless pursuit of making sophisticated imaging technology more accessible. This innovation lets healthcare practitioners deliver advanced medical imaging to patients, especially in areas with limited healthcare access, who would normally have to travel a great distance.
Who Are the Key Players In The Portable Magnetic Resonance Imaging (MRI) Market?
Major companies operating in the portable magnetic resonance imaging (MRI) market are:
• TATA group
• Siemens Healthineers AG
• Koninklijke Philips N.V.
• Alliance HealthCare Services Inc.
• Akumin Inc.
• Esaote SpA
• Meridian Group International Inc.
• JMP Medical Ltd
• DMS Health Pvt. Ltd
• Cobalt Health
• Aurora Imaging Technology Inc.
• Kings Medical Group Inc.
• Hyperfine Inc.
• Burgess Diagnostics Ltd
• Interim Diagnostic Imaging Ltd
• PrizMED Imaging Solution Inc.
• Radiology Management Solutions Ltd
• Medco Blue LLC
• Odulair LLC
• Lamboo Medical Ltd
• Advanced Mobility & Shelter Technologies LLC
What Is The Most Dominant Region In The Portable Magnetic Resonance Imaging (MRI) Market?
North America was the largest region in the portable magnetic resonance imaging (MRI) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the portable magnetic resonance imaging (MRI) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
