Global Portable MRI Market To Grow AT A CAGR Of 6.82% During The Forecast Period

The global portable MRI market size was worth around USD 3640 million in 2021 and is predicted to grow to around USD 6165 million by 2030 with a compound annual growth rate (CAGR) of roughly 6.82% between 2022 and 2030.

Portable MRI systems are mobile magnetic resonance imaging devices that do the same functions as traditional MRI machines and are more patient-friendly owing to the flexibility offered by them. During traditional MRI processes, a patient may have to wait for long hours and stay inside the confined system for a longer duration.

These systems are overall on the expensive side of medical treatments. While portable MRI machines can be taken to the patient’s house or wherever the patient is present in a medical facility, these cost less than traditional MRI scans and do not require the patient to wait for a longer duration. Portable MRI devices are gaining more attention because they can be widely used for improving healthcare infrastructure, especially in remote locations. In India, more than 30% of the population which is equivalent to 42 crore people do not have access to proper medical care.

As per a 2018 report submitted by the National Library of Medicine, more than 8 million people die every year because of a lack of access to health care. Such problems do not exist only in developing countries but in developed nations as well. Families USA, a non-profit organization that is a leading advocate of healthcare for American citizens, stated that nearly 26,000 people die every year because they do not have access to needed medical aid. These numbers are indicative of the fact that access to quality healthcare is a necessity and a point of consideration for all governments.

Portable MRI machines act as a stepping stone towards upgrading and making healthcare accessible to all at affordable prices. However, the global market needs more US Food and Drugs Administration approval to upscale the benefits of the product. Even though there are manufacturers that are way ahead in creating and selling portable MRI machines, more such players are needed for the global market to reach its true potential.

Covid-19 left a positive impact on the global market cap owing to the rise in the need for technology that could be taken to the patient instead of patients visiting healthcare facilities. Portable MRI scanners are widely used in Intensive Care Units. During the virus peak, the number of ICU admissions increased exponentially, and the adoption rate of portable MRI also plunged during this time.

The global portable MRI market is expected to follow a growing trend during the forecast period owing to the efficient outputs delivered by mobile MRI scanners. Extensive research is still going on to understand if portable MRI delivers the same results as traditional MRI machines. In 2021, a report published by the Yale research unit informed that mobile MRI devices are capable of providing life-saving stroke-related information to doctors in time. For the study, the research team at Yale conducted a comparison analysis of 144 patients from the Yale New Haven Hospital between the reports generated from portable MRI and traditional MRI devices. Neurologists who were responsible for interpreting the images correctly identified 80% of the intracerebral hemorrhages. The study was conclusive toward validating clinical applications of portable MRI devices during the detection and treatment process of a brain hemorrhage.

The limitations of resolution provided by portable MRI may restrict the global market growth. The ongoing research on technological advancements is expected to provide global market expansion opportunities. The issues related to initial high setup cost are projected to challenge market growth

The global portable MRI market is segmented by application, facility, and region.

Based on application, the global market is segmented into musculoskeletal, neurology, gastroenterology, and others. Applications in neurology dominated the global market in 2021. As per studies conducted at Harvard and Yale universities in 2021, portable MRI has proven to show efficient results in detecting the cause of stroke or stroke itself. Since mobile MRIs are capable of differentiating between types of stroke, they will be extremely useful for clinicians in remote areas. As per the 2022 report of the World Health Organization, more than 12.45 million people suffered from a stroke in the year 2019.

Based on facility, the global market segments are hospitals, ambulatory surgery centers, diagnostic centers, and others. The hospital segment dominated the global market in 2021. Portable MRI found wide applications, especially during medical treatment procedures for Covid-19 patients and those admitted to ICU. Biotech innovation in 2020 used a prototype portable MRI scanner to assess the brain injury of 50 patients. 20 out of those 50 patients were Covid-19 infected and showed altered mental status while the rest 30 presented with hemorrhage or ischemic stroke. The mobile MRI scanner was able to detect abnormalities in 40% of covid-19 infected patients and 97% of patients who were not infected. No adverse reaction was reported for the same.

North America is anticipated to lead the global portable MRI market owing to the increasing US FDA approvals and expansion strategies adopted by key players from the USA. The regional growth may also be attributed to the extremely advanced healthcare infrastructure of regions in North America, coupled with excellent medical reimbursement policies and the overall efforts undertaken by the government to improve the health-related architecture. There is a high awareness rate amongst the general population towards health issues and the adoption of measures to maintain good health which is anticipated to aid regional market cap growth. Europe may also grow significantly, majorly driven by government steps to either domestically create portable MRI machines or import them by attracting foreign investors and businesses in this segment.

The global portable MRI market is led by players like VoxelGrids, PrizMed Imaging, Philips Healthcare, Canon Medical UK Ltd., Siemens Healthineers, JMP Medical, Voxelgrids, Hyperfine, Canon Medical Systems, and GE Healthcare

Recent Developments:

• In February 2020, Hyperfine launched a state-of-the-art portable MRI machine that is 20 times less costly and 10 times lighter than traditional MRI devices. The mobile device is powered by a 0.064 Tesla magnet which translates to 10 times less power than the 1.5 Tesla magnet-powered MRI machines.
• In December 2021, M Health Fairview University of Minnesota Medical Center started the trial of a new portable MRI device called the Hyperfine Swoop Portable MR Imaging System ™. With this move, the medical center aims to open doors to multiple opportunities for its patients.        

This review is based on a report by Zion Market Research, titled “Portable MRI Market by Product By Facility (Hospitals, Ambulatory Surgery Centers, Diagnostic Centers, Others), By Application (Musculoskeletal, Neurology, Gastroenterology, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/portable-mri-market

The global portable MRI market is segmented as follows:

By Facility

• Hospitals
• Ambulatory Surgery Centers
• Diagnostic Centers
• Others

By Application

• Musculoskeletal
• Neurology
• Gastroenterology
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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