Israel MRI Market - Forecasts from 2024 to 2029

The Israel MRI market was valued at US$135.904 million in 2022.

According to the International Trade Administration, Israel's healthcare technology sector is worth US$6.2 billion, including US$2.4 billion in devices and US$3.8 billion in pharmaceuticals. Imports account for more than 65% of the device industry and around 60% of the pharmaceutical market. The majority of the portion is made up of diagnostic equipment, such as MRI device imports, as well as surgical tools and other medical electronics, lab reagents, and catheters. The Israeli MRI market is driven by the recent developments in imaging technology. Advancements such as the development of AI technology to assist in imaging techniques and the introduction of government policies to make imaging more efficient boost the MRI market in Israel and are expected to rise.

The worldwide pandemic outbreak has put tremendous strain on healthcare systems, with hospitals and community clinics in the hardest-hit regions reaching the limit. The number and rate of MRI tests declined during the first COVID-19 wave, according to the Israeli Ministry of Health (MOH), with the biggest dip in April 2020: a 47.5% relative decrease compared to April 2019 and a 42.2% relative decrease compared to 2018. The MRI use recovered to near-normal during the second wave of COVID-19, despite a larger daily growth of emerging cases reported. MRI use during the COVID-19 pandemic revealed adaptation to the new normal at the national level. The healthcare industry grew slowly but steadily as the government focused on preserving the health sector.

MARKET DRIVERS:

Government initiatives and reforms

Diagnostic examinations, therapy planning, and patient monitoring rely heavily on imaging studies. Because of the expensive technology and software, as well as the need for professionals necessary to operate them, MRI is an expensive imaging procedure. In the event of an emergency, MRI exams are also exceedingly time-consuming and inefficient.

In 2015, the Israeli Ministry of Health launched a national program to shorten the waiting times for emergency MRI exams. The average waiting time was reduced significantly from 52 days in 2015 to 24 days in 2016 and 2017. Following that, in 2018 and 2019, there was a minimal rise to 26 and 32 days, respectively. From 2015 to 2019, the relative fall in WT was 38.5 %. During this time, the number of MRI devices almost doubled, from 23 to 42 devices. Since then, many more licenses have been awarded, with more devices anticipated to start running soon. The MoH, in collaboration with the Scientific Council and the Radiology Society of the Israeli Medical Association, also launched its first radiology fellowship program to train and issue fellowships to new professionals. This led to an increase in the number of radiographers and radiologists with formal MRI training rose, leading to the development of more efficient imaging techniques. These advancements in MRI techniques are expected to increase the market for MRI imaging devices.

Rising developments in AI technology

Breakthroughs in MRI technology in Israel are expected to drive up the demand for MRI and imaging devices. Introduction and improvement in technologies such as artificial intelligence in MRI devices are expected to make imaging more time-efficient and economical. AI technology can help in boosting the productivity of MRI devices by diagnosing and detecting diseases or anomalies much faster than manual diagnostic techniques and drastically reducing the risk of misdiagnosis.

Companies such as DiA Imaging Analysis have already started implementing their AI software services to diagnose imagery and help healthcare companies provide efficient healthcare services. DiA says their AI software mimics how the human eye recognizes boundaries and detects motion, claiming that it is a step forward from "subjective" human analysis while simultaneously improving speed and efficiency. DiA currently offers AI software to companies like GE Healthcare, Philips, and Konica Milota on their PACS and imagery systems. Advancements like these are expected to drive up the demand for the MRI market.

Key Developments:

• September 2023- Researchers at the Hebrew University of Jerusalem, Tel Aviv Sourasky Medical Center, and Shaare Zedek Medical Center have developed a new MRI technology that non-invasively assesses iron levels in the human brain. This quantitative MRI approach can detect changes in brain iron homeostasis and distinguish between healthy and pathological brain tissue without the need for contrast agents. The technology has been validated in in vitro experiments and in vivo MRI scans of patients with brain tumors. It offers insights into changes in iron homeostasis and gene expression in pathological tissues.
• October 2023- Insightec, a global healthcare company, has partnered with Fosun MedTech to expand access to focused ultrasound (FUS) treatment for neurological diseases in China. The joint venture aims to improve the lives of patients with essential tremor (ET) and Parkinson's disease (PD) by marketing and developing clinical efforts for the Exablate Neuro FUS system. Fosun Pharma, a subsidiary of Fosun Pharma, is a global innovation-driven pharmaceutical and healthcare industry group. Exablate Neuro uses magnetic resonance imaging to guide FUS energy to precise locations within the brain, treating over 10,000 people globally.

Segmentation

By Type

• Closed
• Open

By Application

• Screening
• Diagnosis
• Treatment Monitoring
• Research