Pediatric Magnetic Resonance Imaging (MRI) Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Pediatric Magnetic Resonance Imaging (MRI) Market Analysis
The pediatric magnetic resonance imaging (MRI) market is expected to register a CAGR of 7.1% over the forecast period.
The unique challenges of caring for pediatric patients, particularly in the setting of the COVID-19 pandemic, adversely impacted the market during the pandemic. As per the report published by Pediatric Body MRI in April 2021, numerous MRI services faced unusual challenges because of COVID-19. During the first wave of COVID-19 in the United States, numerous MRI services dealt with the problem of large-volume outpatient examination cancellations and rescheduling, adversely impacting the market. However, according to the same source, the government took various public health measures to avoid COVID-19 infection, which increased the radiology examination volumes in healthcare facilities and significantly impacted the market growth.
The market's growth can be attributed to the increasing burden of premature births and pediatric diseases, growing technological advancements in pediatric imaging techniques, and rising collaborations, approvals, and launches to enhance pediatric care worldwide. For instance, in November 2022, UNICEF stated that in Lebanon, 639 newborns died before turning 28 days old in 2021. This high burden of preterm deaths can be reduced using proper monitoring and MRI diagnosis, which is expected to drive the market.
Furthermore, government initiatives can help to manage these deaths with various campaigns. For instance, in November 2022, the Ministry of Public Health, Lebanon, in partnership with UNICEF, launched the National Newborn and Prematurity Campaign to raise awareness of the importance of proper health care for newborns and premature babies. It also highlighted the essential role of family and healthcare providers. Hence, these campaigns on newborns and pediatrics increase the demand for devices like MRI and are expected to boost the market's growth over the forecast period.
However, declining helium availability and high installation costs are restraining the market growth.
Pediatric Magnetic Resonance Imaging (MRI) Market Trends
Oncology Segment is Expected to Hold a Significant Share in the Market Over the Forecast Period
The oncology application segment is expected to hold a significant market share. Magnetic resonance imaging (MRI) systems diagnose cancer in pediatric patients. The growing burden of cancer in pediatric patients and the strategic initiatives undertaken by the market players are increasing the demand for MRI imaging, contributing to the market growth.
For instance, the American Cancer Society, in January 2023, stated that about 9,910 children in the United States under the age of 15 will be diagnosed with cancer in 2023, a significant number of patients, increasing the demand for diagnosis using MRI. In addition, as per the same source, childhood cancer rates rose slightly over the past few decades in the United States. These rising cancer cases increase the usage of MRI devices and are expected to boost the market over the forecast period.
Furthermore, the increasing initiatives are contributing to market growth. For instance, in May 2021, Neoscan Solutions invented an MRI scanner for babies. The smaller and lighter MRI scanner can be placed directly in the hospital's children's ward. Such product launches increase the widespread distribution of MRI services and are expected to propel the market's growth.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
The United States is expected to hold a significant market share within North America. The factors propelling the market growth are the increasing burden of pediatric births and diseases, growing technological advancements in pediatric imaging techniques, and rising collaborations, approvals, and launches to enhance pediatric care in the region.
The partnerships and agreements among the market players increase the widespread applications and are expected to hold significant growth in the market. For instance, in December 2021, Hyperfine Inc. partnered with Raising Malawi, which built and co-operated Malawi's only specialized pediatric hospital, the Mercy James Centre for Paediatric Surgery & Intensive Care (MJC). The partnership is to highlight the important research made possible at MJC with Hyperfine's breakthrough portable MRI system. Such developments through various partnerships are expected to propel the region's studied market growth.
Furthermore, the establishment of new imaging banks for pediatrics increases the need for MRI devices and likely propels the market. For instance, in March 2022, Holland Bloorview Kids Rehabilitation Hospital's Bloorview Research Institute (BRI) launched a new MRI imaging bank for children with disabilities in Canada. Thus, the market is expected to grow significantly over the forecast period due to the abovementioned developments and establishments.
Pediatric Magnetic Resonance Imaging (MRI) Industry Overview
The pediatric magnetic resonance imaging (MRI) market is slightly consolidated with the presence of global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some of the key players in the market are Siemens Healthcare GmbH, GE HealthCare, Koninklijke Philips NV, Neoscan Solutions Gmbh, and Fujifilm Holdings Corporation, among others.
Pediatric Magnetic Resonance Imaging (MRI) Market Leaders
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Koninklijke Philips N.V.
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Neoscan Solutions Gmbh
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Fujifilm Holdings Corporation
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Siemens Healthcare GmbH
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GE HealthCare
*Disclaimer: Major Players sorted in no particular order
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Pediatric Magnetic Resonance Imaging (MRI) Market News
- December 2022: Children's Hospital Los Angeles received a USD 1.5 million award to expand the use of pediatric MRI to developing countries.
- February 2022: The LEGO Foundation reported donating 600 LEGO MRI Scanners to hospitals worldwide to help children cope with the uncertainty of having a Magnetic Resonance Imaging (MRI) scan.
Pediatric Magnetic Resonance Imaging (MRI) Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Burden of Premature Births and Pediatric Diseases
4.2.2 Technological Advancements in Pediatric Imaging Techniques
4.2.3 Rising Collaborations, Approvals and Launches to Enhance Pediatric Care Worldwide
4.3 Market Restraints
4.3.1 Declining Helium Availability
4.3.2 High Installation Cost
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value -USD)
5.1 By Type
5.1.1 Functional MRI
5.1.2 4D MRI
5.1.3 Other Types
5.2 By Application
5.2.1 Oncology
5.2.2 Neurology
5.2.3 Cardiology
5.2.4 Orthopedics
5.2.5 Other Application Types
5.3 By End User
5.3.1 Hospitals
5.3.2 Diagnostic Centers
5.3.3 Other End Users
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Neoscan Solutions Gmbh
6.1.2 Siemens Healthcare GmbH
6.1.3 GE HealthCare
6.1.4 Koninklijke Philips NV
6.1.5 Advanced Imaging Research dba SREE Medical Systems
6.1.6 LMT Medical Systems GmbH
6.1.7 Fujifilm Holdings Corporation
6.1.8 Hyperfine
6.1.9 Aspect Imaging Ltd
6.1.10 Time Medical Holding
6.1.11 Esaote SpA
6.1.12 NORAS MRI products GmbH
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Pediatric Magnetic Resonance Imaging (MRI) Industry Segmentation
As per the scope of the report, pediatric magnetic resonance imaging (MRI) uses a powerful magnetic field, radio waves, and a computer to produce detailed pictures of the inside of a child's body. MRI may help diagnose or monitor treatment for various conditions within the brain, chest, abdomen, pelvis, and extremities. The Pediatric Magnetic Resonance Imaging (MRI) market is segmented by type (functional MRI, 4D MRI, and other types), application (oncology, neurology, cardiology, orthopedics, and other application types), end user (hospitals, diagnostic centers, and other end users), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD) for the segments mentioned above.
| By Type | |
| Functional MRI | |
| 4D MRI | |
| Other Types |
| By Application | |
| Oncology | |
| Neurology | |
| Cardiology | |
| Orthopedics | |
| Other Application Types |
| By End User | |
| Hospitals | |
| Diagnostic Centers | |
| Other End Users |
| Geography | ||||||||
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Pediatric Magnetic Resonance Imaging (MRI) Market Research FAQs
What is the current Global Pediatric Magnetic Resonance Imaging (MRI) Market size?
The Global Pediatric Magnetic Resonance Imaging (MRI) Market is projected to register a CAGR of 7.10% during the forecast period (2024-2029)
Who are the key players in Global Pediatric Magnetic Resonance Imaging (MRI) Market?
Koninklijke Philips N.V., Neoscan Solutions Gmbh, Fujifilm Holdings Corporation, Siemens Healthcare GmbH and GE HealthCare are the major companies operating in the Global Pediatric Magnetic Resonance Imaging (MRI) Market.
Which is the fastest growing region in Global Pediatric Magnetic Resonance Imaging (MRI) Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Pediatric Magnetic Resonance Imaging (MRI) Market?
In 2024, the North America accounts for the largest market share in Global Pediatric Magnetic Resonance Imaging (MRI) Market.
What years does this Global Pediatric Magnetic Resonance Imaging (MRI) Market cover?
The report covers the Global Pediatric Magnetic Resonance Imaging (MRI) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Pediatric Magnetic Resonance Imaging (MRI) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Pediatric Magnetic Resonance Imaging (MRI) Industry Report
Statistics for the 2024 Pediatric Magnetic Resonance Imaging (MRI) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pediatric Magnetic Resonance Imaging (MRI) analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
