Market Trends of Magnetic Resonance Imaging Industry
The Oncology Segment in Application is Expected to Hold a Significant Market Share Over the Forecast Period
MRI, an imaging test, detects tumors or cancerous cells and identifies signs of metastasis, where cancer spreads from its origin to other body parts. The MRI system uses powerful magnets and radio waves to make detailed, computer-generated cross-section pictures of the body, which doctors later use to diagnose cancerous cells/tissue. The growing burden of cancer and developments in the field, coupled with the launch of MRI products, are propelling the market segment's growth.
Cancer ranks among the most widespread chronic diseases worldwide. MRI, including surgeries and radiation therapies, is pivotal in cancer detection and treatment planning. For instance, in June 2023, the National Health Service (NHS) conducted urgent cancer checks for more than 261 thousand individuals in the United Kingdom. A record-breaking 335 thousand individuals commenced cancer treatments between July 2022 and June 2023 as compared to previous years. As global cancer diagnoses rise, the demand for MRI systems is set to surge, propelling market growth.
Furthermore, the increasing focus on cancer radiation therapy research is also contributing to the growth of this market segment. For instance, in January 2022, researchers at the Sylvester Comprehensive Cancer Center at the University of Miami developed a technique for MRI-guided radiation therapy using machine learning. This technique allows for real-time monitoring of glioblastoma treatment response by combining daily MRI with radiation. It provides physicians with high-resolution images to track the tumor's progress and understand how the cancer is reacting to treatment. Positive outcomes from such studies may lead to the adoption of new cancer treatments, driving growth in this market segment.
Thus, the rising incidence of cancer and advancements in MRI technology are significantly driving the growth of the MRI market. The increasing adoption of MRI systems for cancer detection and treatment planning and ongoing research in MRI-guided therapies underscores the market's potential for continued expansion.
North America is Expected to Dominate the Magnetic Resonance Imaging Market Over the Forecast Period
North America dominates the MRI market. It is expected to show a similar trend during the forecast period, owing to the region's high prevalence of chronic diseases, the presence of a universal healthcare system in the United States and Canada, and new product launches and approvals.
The growing disease burden in the region contributes to the market's growth. For instance, the American Cancer Society estimated that 2 million new cases would be reported in the United States in 2024. Of these, 0.23 million lung cancer cases, 0.31 million breast cancer cases, and 0.30 million prostate cancer cases were expected to be reported in 2024.
Similarly, according to Canadian Cancer Statistics, published in November 2023, it was estimated that 239 thousands of Canadians were diagnosed with cancer in 2023. It was also reported that lung, breast, colorectal, and prostate cancers are expected to remain the most commonly diagnosed cancers, accounting for 46% of all diagnoses in 2023 in the country. Such a high burden of cancer creates the need for MRI scans for proper diagnosis and treatments. Thus, it is expected to drive the growth of the market in the region.
Furthermore, research institutions' development of new products is also driving market growth in the region. For example, research published by Ohio State University in January 2024 highlighted the impact of real-time magnetic resonance (MR) imaging during gene therapy in the nervous system. This technology is crucial for optimizing the effectiveness, safety, and efficiency of delivering gene therapy to the nervous system. Over the next 3 to 5 years, real-time MRI for gene therapy delivery is expected to become more widely used as more sites acquire the necessary infrastructure and expertise.
Moreover, the adoption of new and advanced MRI systems by end-users in the region is expected to further boost market growth. For instance, in June 2023, Moffitt McKinley Hospital introduced intraoperative Magnetic Resonance Imaging (MRI). This technology, integrated into the hospital's operations, provides surgeons with a cutting-edge tool during complex surgeries. Traditional imaging methods like ultrasounds and CT scanners may lack the resolution needed to precisely locate tumors and understand their detailed physical characteristics. The adoption of such products is driving market growth in the region.
Therefore, owing to the factors mentioned above, such as product development and adoption, the North American region is expected to hold a major market share in the global magnetic resonance imaging market during the forecast period.
