The Global Pediatric MRI Market Size is valued at USD 3.57 billion in 2022 and is predicted to reach USD 6.62 billion by the year 2031 at a 7.3% CAGR during the forecast period for 2023-2031.
Key Industry Insights & Findings from the Report:
- There is growing awareness among healthcare professionals and parents about the importance of early diagnosis and intervention in pediatric diseases.
- MRI is extensively used in pediatric research studies and clinical trials for evaluating disease progression, treatment efficacy, and developing new therapies, thereby driving the demand for pediatric MRI systems.
- North America dominated the market and accounted for a global revenue share in 2023.
- A shortage of pediatric radiologists and technologists with the necessary expertise might limit the widespread adoption of pediatric MRI.
Pediatric MRI radiology, a subspecialty of diagnostic radiology, is concerned with children rather than any specific imaging technique or body area. Pediatric radiology is the subspecialty of radiology that focuses on the imaging needs of children, infants, neonates, and young adults with chronic diseases. The pediatric MRI market is anticipated to develop due to increased diagnostic laboratories staffed by trained professionals, more cutting-edge radiology equipment, and a rise in financial commitments to the pediatric radiology industry.
In addition, key players' increased focus on new product development and strategic collaborations to develop cutting-edge pediatric imaging modalities should fuel market expansion. The market could be slowed by expensive installation costs and the significant radiation danger hindering market growth.
The shortage of trained workers is also slowing the expansion of the diagnostic industry in the healthcare sector. Companies involved in the pediatric MRI market can anticipate substantial development prospects and increased spending on cutting-edge technology and the introduction of new products regularly. It drives expansion globally and is expected to boost market expansion in the coming years.
Competitive Landscape
Some Of The Pediatric MRI Market Players Are:
- Siemens Healthcare AG
- Advanced Imaging Research Inc
- LMT Medical Systems GmbH
- Hyperfine Inc.
- GE Healthcare Technologies Inc
- Neoscan Solutions GmbH
- Aspect Imaging Ltd
- NORAS MRI Products GmbH
- Koninklijke Philips NV
- Time Medical Holding
Market Segmentation:
The pediatric MRI market is segmented based on type, application, product type, age group, and end-users. Based on type functional Brain MRI, 4D MRI, and others. Application segment includes neurology, orthopedics, cardiology, oncology, and others. By product type, the market is segmented into equipment & coil design, interchangeable pediatric brain coil, pediatric blanket coil, and others. By age group, the market is segmented into adolescents (12-18 Years), children (2-11 Years), infants & toddlers (28 Days 23 Months), neonatal stage (0-27 Days), and fetal stage. By end user, the market is segmented into hospitals, pediatric clinics, diagnostic centers, and others.
Based On The Product Type, The Equipment & Coil Design Pediatric MRI Devices Segment Is Accounted As A Major Contributor To The Pediatric MRI Market
The equipment & coil design pediatric MRI category is expected to maintain a significant global market share in 2022. It is attributed to some benefits, including safer imaging for children and pregnant women, less need for anesthesia and repeat scans, and improved patient comfort overall, but most noticeably for young patients. Pediatric MRI machines make it possible to safely position, transport, and immobilize patients with spinal injuries by using motion restriction and immobilization techniques for the cervical spine.
The Hospitals Segment Noticed Growth At A Rapid Rate.
The hospital segment is projected to improve in the global pediatric MRI market. The growing industry participants and hospitals are working more closely to improve pediatric care. Increased number of children and the need for healthcare body scan treatment, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Pediatric MRI Market Holds A Significant Revenue Share.
The North American pediatric MRI market is expected to report the most increased market share in revenue shortly. It can be attributed to the developments in healthcare infrastructure, an uptick in new product launches, the availability of cutting-edge diagnostic and treatment tools, and efforts to maximize patient comfort through technology innovations. In addition, the presence of key market competitors and improvements in medical technology fuel expansion in the region's industries. In addition, Asia Pacific is projected to grow in the global pediatric MRI market because of the growing young population, better pediatric MRI equipment, General advancements in pediatric healthcare and growing financial support from the business and medical communities.
Recent Developments:
- In March 2023, Time Medical Holding, officially opened its new production facility in the MARS Centre at Tai Po INNOPARK, Hong Kong. This facility is the largest MRI production base in Southeast Asia and the Greater Bay Area, and it is the first large-scale facility for producing medical equipment in Hong Kong. The production plant focuses on research and development as well as manufacturing high-value-added superconductor MRI systems for breast and newborn screening.
Pediatric MRI Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 3.57 Bn |
|
Revenue Forecast In 2031 |
USD 6.62 Bn |
|
Growth Rate CAGR |
CAGR of 7.3% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, Application, Product Type, Age Group, End-user |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Siemens Healthcare AG, Advanced Imaging Research Inc, LMT Medical Systems GmbH, Hyperfine Inc., GE Healthcare Technologies Inc, Neoscan Solutions GmbH, Aspect Imaging Ltd, NORAS MRI Products GmbH, Koninklijke Philips NV, and Time Medical Holding. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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