Portable MRI Market’s Steady Climb, Aiming for US$ 5.4 Billion by 2033, with the Expansion at 6.7% CAGR by 2033 | Future Market Insights Inc.
Get Detailed research study includes detailed segmentations in revenue and shipment, along with 10-year forecasts extending to 2033
NEWARK, Del, Sept. 05, 2023 (GLOBE NEWSWIRE) — The global portable MRI market currently stands at US$ 2.8 Billion in 2023, and it is further projected to expand at a CAGR of 6.7% over the forecast period (2023 to 2033).
The global market is expected to grow at a significant rate in the coming years, driven by several factors, including the increasing incidence of hemorrhage conditions and the prevalence of spinal tumors.
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The market for portable MRIs is being propelled by the rising need for sophisticated imaging solutions in diagnosing these conditions. For an early medical response to hemorrhage, such as cerebral bleeding, a quick and precise diagnosis is necessary. Healthcare practitioners can quickly examine the extent and location of bleeding with portable MRI machines, providing a useful tool for on-the-spot imaging that enables prompt and life-saving interventions.
Likewise, accurate imaging is essential for diagnosis, planning, and follow-up in cases of spinal tumors. The ability to provide high-quality imaging at the patient’s bedside or at specialist facilities is made possible by portable MRI scanners. With this feature, it is possible to evaluate the tumor size, location, and therapeutic response without having to transport patients to conventional imaging centers, which can be uncomfortable for them.
By providing imaging immediately in critical care or emergency settings, portable MRI scanners improve patient care. It speeds up decision-making, restricts patient travel, and lowers potential transportation-related dangers. The portable MRI market is poised to grow significantly as quick and healthcare practitioners, better able to meet the demands of spinal tumor diseases and hemorrhage disorders, give accurate diagnoses.
Portable MRI Market Key Takeaways
By product, the superconducting-magnet-based portable MRI segment contributed around USD 1.1 billion in 2022. Due to its greater image quality, small size, and stronger magnetic field, superconducting-magnet-based portable MRI technology dominates and makes sophisticated diagnostics in a variety of settings efficient and effective.
By application, neurology contributed around USD 1.3 billion in 2022. The dominance of the neurology segment is attributed to the significance of portable MRI in boosting patient outcomes and clinical decision-making through quick brain imaging for emergencies, stroke diagnosis, and accessibility in critical care.
By end users, hospitals contributed around USD 1.2 billion in 2022. Hospitals are the industry leaders because of their high patient volume, quick diagnostic needs, established infrastructure, and adaptable imaging for a variety of scenarios.
By region, North America held the dominant share in the world in 2022, contributing around USD 924.2 million. Due to its sophisticated healthcare system, widespread use of technology, and significant demand for point-of-care diagnostics, North America dominates.
“Sales opportunities from hospitals continue to increase, and partnerships with these stakeholders will keep the retention game on,” says an analyst of Future Market Insights.
Portable MRI Market Competition
With significant competitors such as GE HealthCare and Siemens Healthineers, the portable MRI market is highly competitive. These companies are continually attending conferences, competing for awards with their products, and launching new products to achieve a greater market share, focusing on cost, convenience, and efficacy.
In June 2023, GE HealthCare introduced FDA-approved deep learning technology for quicker MRI image capture, Sonic DL.
In July 2022, Utilizing artificial intelligence, Siemens Healthineers accelerates and enhances magnetic resonance imaging.
Top 10 Players in the Portable MRI Market:
- Canon Medical Systems Corporation
- GE Healthcare
- Siemens Healthineers
- Philips Healthcare
- Hyperfine
- Voxelgrids
- PrizMed Imaging.
- Koninklijke Philips N.V.
- Hitachi Ltd
- Mitsubishi Electric
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Key Market Segments Covered in Portable MRI Industry Research
By Product:
- Superconducting-magnet-based portable MRI
- Electromagnet-based portable MRI
- Permanent-magnet-based portable MRI
By Application:
- Neurology
- Musculoskeletal
- Gastroenterology
- Others
By End User:
- Hospitals
- Diagnostic Centers
- Ambulatory Surgery Centers
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the portable MRI market in its latest study, presenting a historical demand assessment of 2017 to 2022 and projections for 2023 to 2033. The global portable MRI market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader
The analysis is classified on the basis of product (superconducting-magnet-based portable MRI, electromagnet-based portable MRI, and permanent-magnet-based portable MRI), application (neurology, musculoskeletal, gastroenterology, and others), and end user (hospitals, diagnostic centers, ambulatory surgery centers, and others), across seven key regions around the world.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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