Asia Pacific MRI Market - Forecasts from 2024 to 2029

The Asia-Pacific MRI market is projected to grow at a CAGR of 5.48% during the forecast period, reaching US$8.848 billion by 2029, from US$6.091 billion in 2022.

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.

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. According to WHO statistics, in 2020, about 2,252,981 people were newly diagnosed with cancer, and reportedly, 1,444,528 patients died from cancer in the same year. Dementia is said to be the second leading cause of death in Australia. In 2022, there will be an estimated 487,500 Australians living with dementia. This number is expected to rise to almost 1.1 million by 2058. According to the Global Health Data Exchange in 2019, among 18.6 million patients suffering from cardiovascular diseases (CVD) worldwide, 58% of the patients were from Asia. 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, during FY 2020-21, the Indian National Health Mission has allocated Rs.2,233.48 crores for various maternal health initiatives. Nevertheless, the lack of equipment in hospitals and clinics, poor management and infrastructure facilities, and high expenses related to procurement and maintenance of MRIs might be major factors restraining the market growth.

The competitive key players in the market are estimated to propel the growth of the MRI market in the region.

The market in the region is comprised of several major players, making the market in the Asia Pacific highly competitive. In October, the 83rd China International Equipment Fair (CMEF 2020), the world's largest offline medical sector exhibition, attracted many key players to exhibit their recent developments and new state-of-the-art medical machinery in medical technology. United Imaging Healthcare's unprecedented ultra-wide 3.0T MRI grabbed everyone's attention. The equipment was game-changing and the world's largest MRI, 25% more spacious than conventional MRI. This could give first-class comfort to the patients, particularly patients with more body mass, pregnant women, and people suffering from claustrophobia. The country also launched the first-ever standardized medical image platform - a national radiology database - to enable the exchange and sharing of patients' information efficiently and as an initiative to implement smart healthcare using artificial intelligence. These developments ensure the leading position of United Imaging Healthcare in the MRI market across the entire region. As a member of the Organization for Economic Cooperation and Development (OECD), Japan has the highest number of scanning devices across the Asia Pacific region and worldwide. The country's well-developed and efficient healthcare system made the average cost of MRI scans cheaper than in the United States. This flexible pricing has led to an increase in the number of machines and scans in the country, subsequently increasing the market growth of MRIs in Japan.

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.

Key Developments:

• March 2023- Siemens MRI Scanner has been installed at North Eastern Community Hospital's Benson Radiology Department in South Australia, providing a vital healthcare service to the northern suburbs. The 4 tonnes machine will continue to offer medical imaging services such as ultrasound, x-ray, bone density, mammography, and CT. Benson Radiology is pleased to have the scanner part of the newly constructed radiology department.
• March 2022- Royal Philips showcased its AI-driven enterprise imaging portfolio at the Indian Radiological and Imaging Association's 74th Annual Conference. The company introduced the MR 5300 imaging system, which automates clinical and operational tasks. Other solutions included Incisive CT SmartWorkflow, 'Make in India' Ultrasound systems, EPIQ Elite and Affiniti, and Philips handheld point-of-care ultrasound Lumify, Azurion 7, C90, and R90 Digital Xray systems. Philips aims to provide fast, automated, and personalized exams for patients while promoting environmental and societal responsibility. The Affiniti Ultrasound System and Zenition C-Arm system are India's most esteemed series, offering quick and efficient diagnosis with low operating costs.

Key Market Segments

By Type

• Closed
• Open

By Application

• Screening
• Diagnosis
• Treatment Monitoring
• Research

By Country

• Japan
• India
• Australia
• China
• South Korea
• Others