Portable Magnetic Resonance Imaging (MRI) Market Report 2024

The portable magnetic resonance imaging (MRI) market size has grown strongly in recent years. It will grow from $3.29 billion in 2023 to $3.52 billion in 2024 at a compound annual growth rate (CAGR) of 7%. The growth observed in the historic period can be attributed to several factors include the rising prevalence of neurological disorders, increasing demand for point-of-care diagnostics, growing awareness regarding early diagnosis, the necessity for cost-effective imaging solutions, advancements in battery technology, and enhancements in image resolution.

The portable magnetic resonance imaging (MRI) market size is expected to see strong growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to several factors include longer battery durations for portable units, user-friendly interfaces with automated functionalities, cost reductions, favorable reimbursement policies, and advancements in cancer detection and treatment response monitoring. Major trends expected in this period include the integration of artificial intelligence and machine learning algorithms, combined use with other imaging modalities such as ultrasound or CT scan, improvements in resolution and sensitivity, emphasis on education and training, developments in regenerative medicine and research, and the implementation of patient-specific imaging protocols.

The increasing prevalence of dementia cases is expected to drive the growth of the portable magnetic resonance imaging (MRI) market in the coming years. Dementia encompasses a group of progressive neurological disorders characterized by cognitive decline, affecting memory, thinking, behavior, and daily functional abilities. The rise in dementia cases is primarily attributed to global aging populations and improved diagnostic capabilities that enhance detection rates of the condition. Portable MRI technology plays a crucial role in dementia diagnosis and monitoring by enabling on-site brain imaging to assess structural changes. This capability is valuable in various settings such as clinics and care facilities. For example, as reported by the Australian Institute of Health and Welfare in March 2024, approximately 411,100 Australians were living with dementia in 2023, with projections indicating this number could more than double by 2058. Hence, the increasing prevalence of dementia cases serves as a significant driver for the growth of the portable MRI market.

Major companies in the portable magnetic resonance imaging (MRI) market are concentrating on developing advanced solutions, such as mobile MRI scanners, to enhance accessibility and flexibility in medical imaging, particularly for remote and point-of-care settings. MRI scanners utilize strong magnetic fields and radio waves to produce detailed images of internal organs and tissues in the body. For example, in November 2022, Siemens Healthcare AG, a Germany-based healthcare company, introduced MAGNETOM Viato Mobile, a new 1.5 Tesla (1.5T) mobile MRI scanner specifically optimized for easy transportation to offsite locations. This scanner, featuring a 70-centimeter bore, is designed for installation in a trailer, enabling it to bring sophisticated medical imaging directly to patients who would otherwise face lengthy travel distances. Recently cleared by the FDA, MAGNETOM Viato Mobile underscores Siemens Healthineers' dedication to the mobile MRI market and its mission to enhance accessibility to high-end imaging technology. This innovation allows healthcare providers to deliver advanced medical imaging conveniently to patients, particularly in underserved regions.

In April 2023, Modular Devices Inc., a US-based provider of medical imaging solutions, acquired Interim Diagnostic Imaging for an undisclosed sum. This acquisition marks a significant advancement for Modular Devices by bolstering its mobile imaging capabilities. It enables the company to broaden its range of offerings, including mobile catheterization, interventional radiology, electrophysiology, magnetic resonance imaging (MRI), computed tomography (CT) lab solutions, and mobile cleanrooms, catering to healthcare and life sciences teams across the United States. Interim Diagnostic Imaging LLC, based in the US, specializes in providing mobile medical imaging services and solutions.

Major companies operating in the portable magnetic resonance imaging (MRI) market are TATA group, Siemens Healthineers AG, Koninklijke Philips N.V., Alliance HealthCare Services Inc., Akumin Inc., Esaote SpA, Meridian Group International Inc., JMP Medical Ltd, DMS Health Pvt. Ltd, Cobalt Health, Aurora Imaging Technology Inc., Kings Medical Group Inc., Hyperfine Inc., Burgess Diagnostics Ltd, Interim Diagnostic Imaging Ltd, PrizMED Imaging Solution Inc., Radiology Management Solutions Ltd, Medco Blue LLC, Odulair LLC, Lamboo Medical Ltd, Advanced Mobility & Shelter Technologies LLC.

North America was the largest region in the portable magnetic resonance imaging (MRI) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the portable magnetic resonance imaging (MRI) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the portable magnetic resonance imaging (MRI) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Portable magnetic resonance imaging (MRI) technology refers to compact and mobile versions of traditional MRI machines, enabling onsite imaging of patients in diverse environments such as hospital bedsides or remote locations. These devices produce high-quality diagnostic images, improving accessibility and convenience for both patients and healthcare providers.

There are three main types of portable MRI technologies, superconducting-magnet-based portable MRI, electromagnet-based portable MRI, and permanent-magnet-based portable MRI. Superconducting-magnet-based portable MRI machines utilize superconducting magnets to generate strong magnetic fields necessary for imaging while maintaining portability for easy transport and deployment in various settings. They are utilized in fields such as neurology, musculoskeletal imaging, gastroenterology, and others, serving end users including hospitals, diagnostic centers, ambulatory surgery centers, and more.

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The portable magnetic resonance imaging (MRI) market consists of sales of handheld magnetic resonance imaging, and pediatric magnetic resonance imaging. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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