Australia MRI Market - Forecasts from 2024 to 2029

The Australian MRI Market is projected to grow at a CAGR of 0.30% during the forecast period.

Magnetic Resonance Imaging (MRI), as the name implies, is a medical imaging technique that uses magnetic fields and computer-generated radio waves to form detailed images of the tissues and organs of the patient. These machines are typically large, tube-shaped magnets. When a patient lies inside one of these, the magnetic field causes all the water molecules in the body to realign temporarily. The computer-generated radio waves cause these aligned molecules to emit light signals, which are then used to generate cross-sectional MRI images. Based on the architecture, MRIs are divided into closed and open MRI systems. Based on field strength, the market is segmented into Low Field MRI Systems, High Field MRI Systems, Very High Field MRI Systems, and Ultra-high MRI Systems. Increasing government investments and competition among companies to meet rising healthcare demand are expected to drive market growth during the forecast period.

MARKET DRIVERS:

The extensive applications of MRI in various fields like cardiology, oncology, and neurology are estimated to propel market growth.

MRI has a wide range of applications and could be used to diagnose and detect innumerable diseases. According to WHO (World Health Organisation), with the increase in age, the number of health abnormalities, such as cancer, obesity, diabetes, dementia, and Alzheimer's, is expected to increase. According to Dementia Australia, 68.1% of aged care residents have moderate cognitive impairment. Dementia is said to be the second leading cause of death in Australia. In 2022, there will be an estimated 487,500 Australians currently living with dementia. This number is expected to rise to almost 1.1 million by 2058. According to the Australian Institute of Health and Welfare's estimations, in 2021, about 151,000 Australians were diagnosed with cancer, of which 49,000 deaths were observed. Furthermore, according to the Australian Bureau of Statistics, over 78.6% of Australians suffer from at least one chronic condition. Also, according to the Australian Institute of Health and Welfare (AIHW), by the end of June 2020, Australia had over 4.2 million elderly people over 65 years old. With the increase in the proportions of diseased and aged people, the need for improvement in the health sector is becoming more prominent.

Subsequently, the need for an improvement in the quantity and quality of highly precise MRI equipment will also increase with time to tackle increasing diseases and populations. The advancements in innovations, technologies, research, and development across Asia are bound to fuel the MRI market. These government initiatives are also bound to increase market growth in the healthcare sector. For instance, in 2022, the Australian government decided to fund about $537 billion over the next four years to make the health care system stronger. Furthermore, according to AIHW, in 2019-20, total healthcare spending was about $202.5 billion, with individuals spending about $7,926 per person.

Increasing research and advancement in the healthcare sector are expected to fuel market growth in the projected period. 

The healthcare sector is expected to experience significant market growth due to the continuous research and advancements conducted by companies and research institutes.Several collaborations and acquisitions deployed by companies and institutes are estimated to increase the market size. For instance, in August 2019, Fujitsu Australia, GE Healthcare, Macquarie University, and Macquarie Medical Imaging announced their collaboration for a research project on diagnosing and monitoring brain aneurysms and scanning swiftly and precisely using AI. In the collaboration, Fujitsu provided its artificial intelligence and digital solutions, while GE Healthcare contributed by offering its cutting-edge medical imaging technology. Also in 2019, Quantum Healthcare, an independent leading healthcare company, took over Carestream Health, a medical imaging service provider in Australia and New Zealand, for $ 4.2 million, to grow its presence in the medical imaging market.

Furthermore, a survey conducted by the Department of Health showed a 20% increase in the number of MRI scans compared to the last few years. A total of 1.3 million MRI scans were performed in 2019-20. Thus, the increase in medical advancements, rising population, increasing patients and diseases, and a flourishing health sector across the region are anticipated to propel the market growth during the forecasted period. However, at the same time, the poor hospital management systems, infrastructures, and patient databases in developing countries are expected to hamper the market expansion.       

MARKET RESTRAINT:

Shortage of qualified professionals

The growing demand for MRI services due to an aging population and chronic diseases has led to a shortage of trained professionals. This shortage can result in diagnostic delays, increased workloads, and potential burnout, affecting patient care quality. The limited availability of trained professionals may also affect healthcare accessibility, particularly in remote or underserved areas. To address this shortage, educational institutions and healthcare organizations should invest in training programs and educational initiatives to produce more qualified professionals in the field. This could help improve the quality of patient care and address healthcare disparities.

Key Developments:

• March 2023- Siemens MRI Scanner was installed at North Eastern Community Hospital's Benson Radiology Department in South Australia. The Siemens MRI scanner has been installed at North Eastern Community Hospital, providing a vital healthcare service to the northern suburbs. The 4 tonnes machine, which weighs 4 tonnes, will continue to offer a range of medical imaging services, including ultrasound, x-ray, bone density, mammography, and CT. Benson Radiology is pleased to report that the scanner is now part of the newly constructed radiology department.
• April 2021- Royal Philips has successfully installed its advanced digital diagnostic and interventional neurovascular imaging solutions in the Central Acute Services Building at Westmead Hospital in Sydney, Australia. The facility, fast-tracked under the NSW Government's COVID-19 response plan, features a digital imaging-enabled operating room and expanded imaging services. The centerpiece of a one billion Australian Dollar Westmead Health Precinct redevelopment project, the Central Acute Services Building is equipped with Philips' most advanced medical imaging technology, including Australia's first two Philips Magnetic Resonance intraoperative systems.

Key Market Segments

By Type

• Closed
• Open

By Application

• Screening
• Diagnosis
• Treatment Monitoring
• Research