MRI Transport Market Overview
The MRI transport market size is projected to be valued at US$ 2,453.72 Mn in 2022 and is expected to rise to US$ 5,297.39 Mn by 2032. The demand for MRI transport is expected to grow at a significant CAGR of 6.2% during the forecast period. Magnetic resonance imaging (MRI) transport market growth factors include:
- An increase in the number of people suffering from neurological illnesses, spinal ailments, and musculoskeletal issues.
- Rising reimbursement rates around the globe are fueling demand for MRI devices, motivating manufacturers to invest more in R&D.
- MRI is becoming increasingly important in diagnosis, fueling the sales of MRI transport.
MRI Transport Market Value (2022)
US$ 7,120 Mn
MRI Transport Market Forecast Value (2032)
US$ 12,990 Mn
MRI Transport Market CAGR (2022-2032)
MRI transports are one of the few apparatus which are made with great care and by applying specific skills. These transports are made for specific patients who are subjected to an MRI (Magnetic Resonance Imaging). The MRI patient transport tools are made of nonmagnetic materials as MRIs consume radio and magnetic waves.
Most of the MRI transport materials are made with special care by keeping in mind the convenience of the patients. The MRI Transport market is spread across the global healthcare fabric. The MRI transport market is growing with the constant surge of the healthcare markets spread across the globe.
Technology is playing a key role in the invention and development of the entire healthcare system. The fast-paced growth of the healthcare based apparatus industry is also exhilarating the development of the MRI transport market.
The MRI scans are an extremely useful method of detecting an acute disease which is nesting inside a patient’s body. The MRI scan is extremely useful for finding abnormalities in the brain or in spinal cords. A report says that a massive population of the world is badly affected by the brain and other neurological diseases.
The numbers are extremely high in countries like USA and UK. The report also says that in the US in an average 66 percent men and approximately 92 percent women die every year because of some kind of neurological ailment. Neurologically ill population in the UK is also extremely high and its building.
More than 48 percent women of UK and 32 percent men of UK are victims of some sort of neurological disorders. The MRI transport market is directly dependent on the growth of the neurological disorders which is spreading steadily in the western hemisphere of the globe like a wildfire.
The numbers of the Alzheimer patients are multiplying which is again creating an alley of opportunity for the MRI transport market. More and more youths and middle-aged denizens are becoming the prey of brain tumour. The population affected with meningioma, malignant brain tumours are rising heavily in United States, Sweden, France, Australia, Israel and New Zealand, which is further promoting the growth of the MRI transport market globally.
Latest Trends and Opportunities in the MRI Transport Industry
The adoption of MRI transport is anticipated to grow as it is one of the most often utilized diagnostic imaging procedures in the world. It is frequently seen as crucial in the diagnosis, treatment, and management of a variety of serious disorders. The invention of MRI transport technology is recognized as a breakthrough in medical imaging since the method is non-invasive, possibly safe, and generates comprehensive pictures of anomalies in the human body. As the number of cancer and trauma cases increases globally, so does the utilization of imaging technologies for diagnosis, propelling the market growth.
Diffusion tensor imaging with tractography, neuroimaging comprising MR spectroscopy, perfusion imaging, and functional imaging employing the bold approach are projected to drive market growth throughout the forecast period. Furthermore, the rising development of intraoperative MRI and its applications in fields such as neurosurgery is projected to drive market expansion.
Increasing Product Launches and the Use of High-strength Equipment to Boost Growth
One of the significant prevalent market trends is the increasing number of product releases in the high-strength category, together with the rising acceptance of these high-strength systems. Advances in technology have resulted in the invention and subsequent commercialization of high-strength imaging equipment.
Several benefits associated with greater strength equipment, such as improved imaging quality, are especially advantageous to certain types of imaging, such as vascular imaging. Superior imaging features, such as enhanced image sensitivity and improved visualization of physiological processes, are seen in higher-strength systems.
What are the Major Challenges Players in the MRI Transport Industry Need to Look Out for?
Despite the numerous benefits of an MRI system, the costs of purchasing and installing these machines are high, which has a negative influence on market growth, particularly in developing nations. A low to mid-strength MRI equipment costs more than USD 1 million on average. Furthermore, the rising need for dwindling helium gas resources for cooling MRI equipment is raising wait times and decreasing productivity. Delayed product clearance and frequent product recall, mostly owing to a rigorous regulatory environment, are also having a significant influence on market growth.
MRI Transport market: Drivers
There are several key factors which are cementing the growth of the MRI Transport markets spread across several healthcare corridors of the world. The global healthcare is developing steadily. Research and development in healthcare have changed the entire attire of the healthcare ecosystem.
Several new inventions and massive investments, startups are reshaping the entire healthcare climate of the world. Which is also promoting the development of the niche healthcare apparatus makers like the MRI Transport makers.
Market need drives the growth of an industry. Like any other market, the MRI Transport market is also dependent on the demand which comes out from different domestic and international markets. The rise in the neurological diseases around the world is acting as a major catalyst in snowballing the size of the MRI Transport market.
The MRI transport market is also driven by the compound growth of the pathology market. The market is presently growing at a CAGR of 12 percent and it is expected to touch a few billion dollars by the end of 2021. This will definitely fuel the future growth of the MRI transport market.
MRI Transport market: Restraints
The major restraints in the growth of the MRI Transport market are the growth of the healthcare market which is extremely unorganised and fragmented in some parts of the world. The dominance of few countries in the MRI transport market is another prime deadlock which is pulling down the growth of the MRI Transport market.
The pricing and the export scene is completely controlled by few major healthcare tools manufacturing countries like US, UK, Australia and New Zealand. This autonomy is barricading the organic growth of the MRI Transport market in Asia and other Middle East countries.
MRI Transport market: Key Regions
The leading MRI Transport makers are located in the first world countries of the world such as US, UK, New Zealand and Australia. Though the Chinese and Indian MRI Transport market is developing fast but the market level is nowhere near to the size and quality of the markets spread in Europe and US.
MRI Transport market: Key Players
Some of the major players in the US such as Magnetica, Alstom in Australia are leading the pack. Though they are revamping their marketing strategies to tap the potential hidden in the emerging healthcare markets of India and China which are presently crowded with local MRI Transport makers.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, types, and applications.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.