Press release
Pediatric MRI Market Current Scenario with Future Aspect Analysis
The global pediatric MRI market is estimated to reach over USD 6.62 billion by 2031, exhibiting a CAGR of 7.3% during the forecast period.
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Pediatric magnetic resonance imaging (MRI) plays a crucial role in diagnosing a wide range of conditions in children, including injuries, infections, and congenital disorders. Its ability to penetrate bone structures, such as the skull and spine, makes it particularly effective for evaluating the brain and spinal cord in pediatric patients. MRI utilizes magnetic fields, radio waves, and advanced imaging technology to generate detailed images of a child's internal organs and tissues. In recent years, improved access to diagnostic imaging and treatment-particularly in developing countries-has contributed to market expansion, a trend expected to continue in the coming years.
List of Prominent Players in the Pediatric MRI Market:
• 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 Dynamics:
Drivers-
The pediatric MRI market is poised for growth, driven by the increasing approval and introduction of new imaging technologies and the rising incidence of chronic illnesses in children. Additionally, rising healthcare expenditure is contributing to the expansion of medical infrastructure, further boosting market demand.
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Challenges:
Despite promising growth, the market faces several challenges, including limited awareness, insufficient expertise, and inconsistent treatment adherence in certain emerging economies, particularly during periods of lockdowns and isolation. Additionally, a shortage of trained MRI specialists and the high cost of advanced pediatric imaging systems present significant barriers to market expansion.
Regional Trends:
The North American pediatric MRI market is expected to dominate in terms of revenue, with a high projected CAGR driven by the increasing demand for specialized pediatric care. The presence of favorable reimbursement policies, coupled with ongoing research and development efforts by key industry players, is expected to fuel market growth in the region. Meanwhile, Europe holds a significant market share, supported by its strong healthcare infrastructure, advanced medical facilities, and growing prevalence of pediatric diseases.
The presence of leading market players and the adoption of innovative imaging technologies are key contributors to the region's growth. Additionally, collaborations and strategic partnerships among major industry participants are expected to further strengthen market expansion in the region, creating new opportunities for the global pediatric MRI market.
Recent Developments:
• In March 2023, Time Medical's new manufacturing plant in Hong Kong, located in the MARS Centre at Tai Po INNOPARK, officially opened, making it the city's first large-scale medical equipment manufacturing facility and the largest MRI manufacturing base in the Greater Bay Area and Southeast Asia. The factory focuses on developing and manufacturing superconductor MRI systems for high-value applications, including neonatal and breast screening.
• In July 2023, Neoscan Solutions is pleased to announce that the neo315 1.5T MR system has achieved official CE certification. We're all quite proud of the team's accomplishment. Thanks to its accreditation, Neoscan Solutions is now allowed to work with hospitals across Europe to offer MR imaging straight to neonatal and pediatric wards.
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Segmentation of Pediatric MRI Market-
By Type-
• Functional Brain MRI
• Cardiac MRI
• 4D MRI
• Others
By Application-
• Neurology
• Orthopedics
• Cardiology
• Oncology
• Others
By Product Type-
• Equipment
• Coil Design
o Pediatric Head/Neck/Spine MRI Coil
o Interchangeable Pediatric Brain Coil
o Pediatric Blanket Coil,
o Others
By Age Group-
• Adolescent (12-18 Years)
• Child (2-11 Years)
• Infants & Toddlers (28 Days -23 Months)
• Neonatal Stage (0-27 Days)
• Fetal Stage
By End User-
• Hospitals
• Pediatric clinics
• Diagnostic centers
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.
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