Market Trends of Europe Magnetic Resonance Imaging (MRI) Industry
This section covers the major market trends shaping the Europe MRI Market according to our research experts:
Open MRI Systems Segment is Expected to Grow with High CAGR Over the Forecast Period in the Europe Magnetic Resonance Imaging (MRI) Market
An open magnetic resonance imaging (MRI) system, the name itself indicates it is open and can be used to take high-quality images. This system is used to accommodate claustrophobic, obese, and pediatric patients. While an open MRI does not surround the body, it is usually open on two or three sides. An Open MRI provides a more relaxed, less confining environment and lowers noise levels making it less stressful as compared to a closed system. Also, the shape of the system allows patients of all shapes and sizes to be able to make use of an MRI to accurately diagnose their problems and, it is preferred by patients having claustrophobia. Thus, the demand for open MRI systems is expected to increase over the years which will drive growth in the studied segment.
Open MRI is used to accommodate claustrophobic, obese, geriatric, and pediatric patients. Therefore, an increase in this population is anticipated to boost segment growth over the forecast period. According to the United Nations Population Fund's World Population Dashboard's Statistics 2021, people of age 65 years and above accounted for about 19.5% of the total population in Austria, 19.6% in Belgium, 20.5% in Netherlands, 19.4% in Switzerland, and 20.5% in Sweden in 2020. These large portions of aged people in European countries are expected to drive the studied market.
Cancer is also a severe burden on Europe. As per the data published by GLOBOCAN, in 2020, the prevalence of cancer was estimated at 132,014; 83,267; and 60,483 in the Netherlands, Belgium, and Switzerland, respectively. Also, approximately 49,008; 30,079; and 19,036 deaths due to cancer were recorded in the Netherlands, Belgium, and Switzerland, respectively.
The technological advancements and growing demand of advanced and comfortable diagnostic imaging systems are leading to new investments in the area and companies launching new systems in the area which is anticipated to have a positive impact on the growth of the open MRI systems segment. For instance, in March 2021, Hitachi launched two new permanent open MRI systems at the start of the 2021 European Congress of Radiology. The APERTO Lucent Plus Open MRI provides high-speed exams with motion-free images and easy siting and operation for fast return-of-image and an open design that maximizes patient comfort.
United Kingdom Holds a Significant Share in the Market and is Expected to do Same Over the Forecast Period
The presence of a sophisticated healthcare system such as the National Health Services (NHS) in the country, coupled with the growing geriatric population and increasing prevalence of chronic diseases such as cardiovascular diseases, musculoskeletal diseases, and cancer, the magnetic resonance imaging (MRI) market is expected to grow in the United Kingdom over the forecast period. For instance, according to the Globocan 2020 report, the United Kingdom reported about 457,960 new cases of cancer in 2020. Furthermore, the most prevalent forms of cancer were prostate, breast, colorectum, lung, and melanoma cancer. Also, as per the same source, the cases of cancer are expected to reach 528,902 by 2030 and 595,909 by 2040, which shows an increasing burden of cancer in the country. As MRIs are one of the major imaging devices used in tumor diagnosis and monitoring, the demand for MRI systems is expected to increase.
According to the July 2021 report of the British Heart Foundation, in the United Kingdom, roughly 7.6 million people were suffering from heart and cardiovascular disorders in 2020. Also, an aging and growing population and improved survival rates from heart and circulatory events could see these numbers rise, which is expected to significantly boost the growth of the studied market in the country.
The presence of major market players, as well as other innovative and research-intensive companies in the nation with significant financing for R&D activities involved in advancing MRI technology, are also anticipated to considerably contribute to the growth of the MRI market. For instance, in September 2021, Hyperfine Inc. announced its plans for expansion in the United Kingdom and Pakistan, and its operation in the United Kingdom will be led by Yossi Cohen, M.D., who joins the company as the United Kingdom senior medical director. Hyperfine is the United States-based company engaged in the development of innovative MRI imaging devices. Similarly, in July 2021, a new magnetic resonance imaging (MRI) scanner facility opened in Leicester, worth EUR 3.1 billion. This new facility will increase the current imaging capacity of researchers from 500 cardiovascular research participants a year to 1500. The new scanner facility has been funded by a EUR 1 million grant from the British Heart Foundation (BHF). It will be jointly owned by Leicester's Hospitals, which has dedicated EUR 2.1 million to the facility, and the University of Leicester. In March 2021, Royal Free hospital in the United Kingdom installed 3 brand new high field 3T MRI scanners to increase the department's scanning capacity and ensure that patients can be seen sooner with increased image quality and advanced scanning techniques.
Hence, growing strategic developments coupled with the upsurge in the burden of chronic diseases are all together boosting the market growth in the United Kingdom.
