Market Trends of France Magnetic Resonance Imaging Industry
Musculoskeletal Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Magnetic resonance imaging (MRI) utilizes a strong magnetic field and radio waves to create precise images of bones, soft tissues, and joints. The majority of the time, it is the greatest option for checking the body for degenerative diseases, tumors, and injuries. The musculoskeletal segment is expected to witness significant growth owing to the high prevalence of musculoskeletal diseases, a rise in the geriatric population, an increase in accidents and injuries, rapid technological developments, and advantages offered by MRI equipment in diagnosing different types of musculoskeletal diseases.
For instance, according to Osteoporosis 2022 and Beyond, Prevention of Osteoporosis, in France, there are about 400,000 fractures occur per year, and that number is expected to rise to 490,000 by 2025. With the rise in cases of fractures, the demand for MRI equipment is expected to increase in the country, which may drive the growth of the studied segment in the market. Additionally, the presence of some of the key market leaders in the country and new product launches, MRI device installations, and collaborations are also expected to have a positive impact on the musculoskeletal segment in the country over the years. For instance, in August 2022, Joseph Nathaniel France (JNF) General Hospital planned to install an MRI machine to offer quality healthcare in St. Kitts and Nevis. Similarly,
Thus, owing to the high prevalence of injury cases, the rise in the geriatric population, and the rise in the adoption of MRI in musculoskeletal disease detection coupled with various strategic activities by the key players, the studied segment is expected to witness significant growth over the forecast period.
Closed MRI Systems are Expected to Witness a Significant Growth in the Studied Market Over the Forecast Period
A closed MRI machine is a capsule or tube-like space in which the patient can lie in the center while images are taken of their body. The system includes a large magnet and radio wave that sends signals and receives signals to and from the body. The closed MRI segment is expected to witness significant market growth due to the rise in chronic diseases, product launches, and rapid technological advancements in closed MRI systems.
For instance, as per the July 2022 update by HAS, stroke affects 150,000 people each year and is one of the leading causes of acquired disability in adults in France. An MRI scan shows brain tissue in greater detail, allowing smaller or more unusually located areas affected by a stroke to be identified. Thus, owing to the high prevalence of chronic diseases, the demand for closed MRI systems increases, thereby contributing to the segment growth over the forecast period.
Furthermore, various key players' strategic activities across France are expected to bolster segment growth in the coming years. For instance, in April 2022, Lens Hospital installed a new MRI machine, which cost around EUR 2 million (USD 2.10 million). This replaces one of the establishment's three MRIs after approximately 10 years of activity. Similarly, in October 2022, Bayeux Hospital (Calvados) received a new MRI (Magnetic Resonance Imaging) machine. The cost of installing the new MRI amounts to EUR 799,467.50, excluding tax. (USD 859.05 thousands) This new device belonged to the Bessin Scanner-IRM Economic Interest Group and was 40% financed by the Aunay Bayeux Hospital Center and 60% by the Normedis Radiologie company. Also, in December 2021, the Lyon Sud Hospital acquired a new generation MRI, which allows more precise imaging. The acquisition of a new generation MRI machine (1.5 tesla) offers the Lyon Sud Hospital new and very encouraging prospects for cancer treatment. Thus, such advancements in MRI are expected to increase the demand to adopt closed MRI systems.
Therefore, due to the high prevalence of chronic diseases and strategic activities by the key players, the studied segment is expected to witness significant growth over the study period.
