Market Trends of Europe Open System MRI Industry
This section covers the major market trends shaping the Europe Open System MRI Market according to our research experts:
Neurology Segment Under Application is Expected to Dominate the Market Growth During the Forecast Period
MRI systems used in neurology include diagnoses of brain and spinal cord tumors, infection, and vascular irregularities, which may lead to stroke. MRIs can also detect disorders and monitor degenerative disorders, such as multiple sclerosis, and they can even document brain injury from trauma. MRIs also have the potential to detect focal signal abnormalities, which may assist the clinical differentiation between Alzheimer's disease (AD) and vascular dementia (VaD).
Alzheimer Europe's 2021 report estimates that the number of people living with dementia in the European Union (EU27) is 7,853,705 and 9,780,678 in European countries represented by AE members. The number of people with dementia is expected to rise in the coming years, which would reflect positively on the market. Hence, the high burden of neurological diseases in Europe is expected to increase demand for diagnostic imaging equipment like open MRIs. Hence, these factors are expected to boost market growth.
United Kingdom is Expected to Hold a Significant Share in the Market
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, is expected to boost the growth of the open system MRI) market in the United Kingdom during the forecast period. For instance, according to the Globocan 2021 report, the United Kingdom reported about 457,960 new cancer cases in 2021. 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 a report from the British Heart Foundation, in the United Kingdom, roughly 7.6 million people were suffering from heart and cardiovascular disorders in 2020. An aging and growing population and improved survival rates from heart and circulatory events may see these numbers rise, which is expected to significantly boost the growth of the market studied 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 contribute to the growth of the MRI market considerably. For instance, in September 2021, Hyperfine Inc. announced its plans for expansion in the United Kingdom and Pakistan. Hyperfine is a United States-based company engaged in the development of innovative MRI imaging devices.
Hence, growing strategic developments, coupled with the upsurge in the burden of chronic diseases, are boosting the market growth in the United Kingdom.
