Canada MRI Market to be dominated by Low-To-Mid-Field MRI Segment through 2028
The
increasing installation of MRI scanners in clinics is expected to drive the
growth of Canada MRI market in the forecast period, 2024-2028.
According to TechSci
Research report, “Canada MRI Market-
By Region, Competition, Forecast and Opportunities, 2028”, the market is anticipated to grow at an
impressive rate in the forecast period, 2024-2028. This can be ascribed
to the increasing prevalence of chronic, cardiovascular, and neuro diseases. Similarly,
the growing demand for affordable systems with high image quality and the
development of new systems by key players will further propel the growth of
Canada MRI market over the years. Additionally, rising funds, investments, and
grants for research on MRI will escalate the growth of Canada MRI market in
coming years. Besides, the launch of innovative products and growing awareness
about new MRI systems among healthcare providers will further be expected to support
the Canada MRI market growth.
However, MRI machines are expensive, and the
high cost of acquisition, installation, and maintenance can make it challenging
for smaller hospitals and clinics to invest in this technology which can lead
to a lack of competition and higher prices for consumers. Although MRI is an
essential diagnostic tool, the reimbursement policies for MRI in Canada are
limited which may hamper the Canada MRI market growth during the forecast
period. Also, the MRI market is highly competitive, and the
industry is continually evolving, with newer machines offering improved
diagnostic capabilities. Keeping up with these technological advancements can
be a significant challenge for small and medium-sized healthcare providers which
can further restrict the growth of Canada MRI Market.
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Canada MRI market can be segmented by field strength, type,
architecture, application, end user, and region.
Based on field
strength, Canada MRI market can be segmented into high-field MRI systems (1.5t MRI systems, 3t MRI systems), low-to-mid-field
MRI systems (<1.5t), very-high-field MRI systems (4t and above). In
2022, high-field MRI systems segment dominated Canada MRI market and is
expected to continue maintaining its dominance throughout the forecast period.
This can be ascribed to the rising demand for higher precision image with
affordable price along with growing adoption of advanced MRI systems in the
clinics with rapid scanning features.
Based on application, Canada
MRI market can be segmented into brain
and neurological, oncology, spine and musculoskeletal, abdominal, cardiac, and
others. The oncology segment is expected to dominate Canada MRI market during
the forecast period on account of increasing prevalence of cancers which need quantitative
information by identifying the biological and physical properties of cancerous
tissue.
Major companies operating in Canada MRI market
are:
·
GE Healthcare Canada Inc
·
Philips Canada Ltd.
·
Siemens Healthcare Diagnostics Ltd/Canada
·
Canon Medical Systems Corp
·
Hitachi Solutions Canada Ltd
·
Hologic Inc
·
Aurora Imaging Technology Inc
In July 2022, FedNor
invested more than USD 2.3 million in medical technology and innovation in the
Thunder Bay region. In addition 2022, Thunder Bay Regional Health Sciences
Centre (TBRHSC) have received USD 684,110 to renovate and upgrade its medical
imaging suite and purchase cutting-edge equipment to expand the research and
development capacity.
In February 2022,
Hyperfine, Inc. creator of Swoop, the first FDA-cleared portable magnetic
resonance imaging (MRI) system, announced that Queen's University and Kingston
Health Sciences Centre are deploying a Swoop system as part of their health
services benefitting six communities located in the James Bay and Hudson Bay
Area.
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“Technological innovations coupled with the growing incidence of chronic
conditions is expected to drive the growth of the Canada MRI market during the
forecast period. Also, high per capita income and well-defined healthcare
policies are showing increased demand for advanced diagnostic imaging
modalities, which will further propel the growth of Canada MRI market during
the forecast period. Furthermore, the constant technological advancements in
the region along with large investments made in healthcare research is a major
factor influencing the growth of the Canada MRI market over the years. Besides,
growing medical tourism industry, presence of skilled healthcare staff and
advanced healthcare facilities, and services at a lower cost is expected to
create a lucrative growth of the Canada MRI market during the forecast period”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Canada MRI Market By Field Strength (High-Field MRI Systems
(1.5t MRI Systems, 3t MRI Systems), Low-To-Mid-Field MRI Systems (<1.5t), and
Very-High-Field MRI Systems (4t and above)), By Type (Fixed, Mobile), By
Architecture (Closed MRI Systems, Open MRI Systems), By Application (Brain and
Neurological, Oncology, Spine and Musculoskeletal, Abdominal, Cardiac, and Others),
By End User (Hospitals, Imaging Centers, Ambulatory Surgical Centers, and Others),
By Region, Competition, Forecast and Opportunities, 2028”, has evaluated the future growth potential of Canada MRI market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Canada MRI market.
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