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Portable Magnetic Resonance Imaging (MRI) Market Research Report 2024-2033 | Insights, Demand, Forecast
Portable Magnetic Resonance Imaging (MRI) Market Research
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According to The Business Research Company's, The portable magnetic resonance imaging (MRI) market size has grown strongly in recent years. It will grow from $3.29 billion in 2023 to $3.52 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to the increasing prevalence of neurological disorders, rising demand for point-of-care diagnostics, growing awareness of early diagnosis, the need for cost-effective imaging solutions, advancements in battery technology, and improvements in image resolution.
The portable magnetic resonance imaging (MRI) market size is expected to see strong growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to longer battery durations for portable units, user-friendly interfaces and automated functionalities, cost reduction, reimbursement policies, and cancer detection and treatment response monitoring. Major trends in the forecast period include artificial intelligence and machine learning algorithms, integration with other imaging modalities such as ultrasound or ct scan, improved resolution and sensitivity, education and training, regenerative medicine and research, and patient-specific imaging protocols.
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Market Drivers and Trends:
The rising dementia cases are expected to propel the growth of the portable magnetic resonance imaging market going forward. Dementia is a group of progressive neurological disorders characterized by a decline in cognitive function, affecting memory, thinking, behavior, and the ability to perform daily activities. The increasing cases of dementia are attributed to aging populations globally and improved diagnostic capabilities leading to better detection of the condition. Portable magnetic resonance imaging (MRI) is used for dementia by providing on-site brain imaging to assess structural changes and aid in diagnosing and monitoring the condition in various settings, including clinics and care facilities. For instance, in March 2024, according to the Australian Institute of Health and Welfare, an Australia-based government agency, around 411,100 Australians had dementia in 2023, and this number is expected to more than double by the year 2058. Therefore, the rising dementia cases are driving the growth of the portable magnetic resonance imaging market.
Major companies operating in the portable magnetic resonance imaging market are focused on developing advanced solutions, such as mobile magnetic resonance (MR) imaging scanners, to enhance accessibility and flexibility in medical imaging, particularly for remote and point-of-care settings. Magnetic resonance imaging (MRI) scanners use strong magnetic fields and radio waves to generate detailed images of internal organs and tissues within the body. For instance, in November 2022, Siemens Healthcare AG, a Germany-based healthcare company, launched MAGNETOM Viato Mobile, a new 1.5 Tesla (1.5T) mobile magnetic resonance (MR) imaging scanner optimized for easy transportation to an offsite location. The 70-centimeter-bore scanner is designed to be installed in a trailer, allowing it to bring advanced medical imaging to patients who would otherwise need to travel long distances. The MAGNETOM Viato.Mobile has recently received FDA clearance, showcasing Siemens Healthineers' commitment to the mobile MR market and its efforts to make high-end imaging technology more accessible. This device enables healthcare providers to deliver advanced medical imaging to patients who would otherwise need to travel long distances, especially in underserved areas.
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Major Key Players of the Market:
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
Portable Magnetic Resonance Imaging (MRI) Market 2024 Key Insights:
• The portable magnetic resonance imaging (MRI) market size is expected to see strong growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Rising Dementia Propels Growth Of The Portable Magnetic Resonance Imaging Market
• Innovative Solutions Transforming Portable Magnetic Resonance Imaging
• North America was the largest region in the portable magnetic resonance imaging (MRI) market in 2023
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