Extensive R&D Boosting Advanced MRI System Development

The World Population Ageing 2020 report forecasts that the global population of people aged 65 years and above will reach around 1.5 billion by 2050. The mounting aging population is generating a high requirement for MRI systems due to the rising incidence of chronic diseases within this age pool. Since geriatric care is intricate, healthcare units are rapidly deploying magnetic resonance imaging (MRI) systems to offer quick diagnosis and better treatment.

Additionally, the increasing research and development (R&D) activities being carried out in imaging modalities are expected to drive the MRI systems market at a steady rate in the years to come. The evolution of advanced products, such as hybrid MRI and MRI-compatible devices, on account of the R&D activities, will lead to the provision of better image quality, faster examination time, and better throughput. This is becoming important since diseases are themselves evolving, which is making it difficult to diagnose them using conventional technologies.

The application segment of the MRI systems market is categorized into spine, breast, cardiac, vascular, musculoskeletal, pelvic and abdomen, brain, head, and neck, and others. Among these, the brain, head, and neck category accounts for the largest market share due to the soaring number of brain injury cases across the world. Furthermore, the category is also expected to witness the fastest growth in the coming years owing to the growing prevalence of severe brain and neck injuries.

According to P&S Intelligence, North America has emerged as the largest user of MRI systems in the recent past due to the existence of advanced healthcare facilities and hefty healthcare expenditure in the region. Besides, the increasing geriatric population in this region will amplify the usage of MRI equipment in the coming years owing to the rising incidence of chronic illnesses among this population base. The United States Census Bureau says that “There were 40.3 million U.S. residents 65 years and older in the 2010 Census and more than 54 million on July 1, 2019”.

Whereas, Asia-Pacific (APAC) is expected to demonstrate the fastest growth in the MRI systems market in the years to come. This will be due to the rising prevalence of chronic disorders, booming elderly population, improving healthcare infrastructure, and surging technological advancements being made in imaging systems in the region. According to Cancer Australia, in 2020, 145,483 new cancer cases and 48,099 cancer deaths were recorded in Australia. Furthermore, the International Agency for Research on Cancer (IARC) states that nearly 1.3 million new cancer cases were diagnosed in India in 2020.

Thus, the growing geriatric population and increasing R&D in the medical devices industry will propel the need for MRI systems in the forthcoming years.??