Market Size of Canada Magnetic Resonance Imaging (MRI) Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 6.37 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Canada Magnetic Resonance Imaging Market Analysis
The Canada Magnetic Resonance Imaging (MRI) Market size is expected to grow from USD 227.11 million in 2023 to USD 309.26 million by 2028, registering a CAGR of 6.37% during the forecast period.
The COVID-19 pandemic profoundly affected Canada's magnetic resonance imaging (MRI) market due to the disruption to healthcare services and the involvement of diagnostic imaging examinations, tests, and procedures. For instance, according to a report from the Canadian Association of Radiologists in 2021, the COVID-19 pandemic affected wait times for medical imaging procedures nationwide. The patients waited for an average of 50 to 82 days for CT scans and 89 days for MRI imaging. This counted 20 to 52 days longer than the recommended 30-day wait time. Due to COVID-19, waitlists were longer, putting Canada in crisis mode for medical imaging. However, as the pandemic restrictions are eased, the market is expected to witness significant growth in the coming years due to the rise in the utilization of MRI equipment in hospitals and the emergence of advanced technologies in MRI equipment.
With the growing geriatric population and increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, etc., the studied magnetic resonance imaging (MRI) market is expected to grow in Canada during the forecast period. For instance, according to the Canadian Cancer Society 2022 report, 233,900 new cancer cases were diagnosed in Canada in 2022. The high burden of cancer is expected to augment the demand for MRI services for imaging, thereby boosting market growth over the forecast period.
Furthermore, investments by the government to support the implementation of MRI scanners in a healthcare setting are expected to contribute to market growth. For instance, in December 2022, approximately USD 20 million was invested by the Ontario government as operating funding to support the installation of 27 new magnetic resonance imaging (MRI) machines in hospitals across Ontario. Moreover, in January 2023, the Ontario government planned to expand the availability of the services performed in community surgical and diagnostic centers, with a significant focus on cataract surgeries, MRI and CT imaging, and colonoscopy and endoscopy procedures. Thus, government initiatives focusing on the implementation and utilization of MRI services in Canada are expected to drive market growth over the forecast period.
Thus, owing to the increase in chronic disease that utilizes MRI imaging for disease detection and the rise in strategic activities by the key players, the studied market is expected to witness significant growth over the forecast period. However, the high cost of the MRI system is expected to restrain the market growth over the forecast period.
Canada Magnetic Resonance Imaging Industry Segmentation
As per the scope of the report, magnetic resonance imaging is a medical imaging technique used in radiology to produce pictures of the anatomy and the body's physiological processes. These pictures are further used to diagnose and detect the presence of abnormalities in the body. The Canada Magnetic Resonance Imaging (MRI) Market is Segmented by Architecture (Closed MRI Systems and Open MRI Systems), Field Strength (Low Field MRI Systems, High Field MRI Systems, Very High Field MRI Systems, and Ultra-high MRI Systems), Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal, and Other Applications). The report offers the value (in USD) for the above segments.
By Architecture | |
Closed MRI Systems | |
Open MRI Systems |
By Field Strength | |
Low Field MRI Systems | |
High Field MRI Systems | |
Very High Field MRI Systems and Ultra-high MRI Systems |
By Application | |
Oncology | |
Neurology | |
Cardiology | |
Gastroenterology | |
Musculoskeletal | |
Other Applications |
Canada Magnetic Resonance Imaging (MRI) Market Size Summary
The Canadian magnetic resonance imaging (MRI) market is poised for substantial growth, driven by the increasing demand for advanced diagnostic imaging solutions. The market's expansion is fueled by the rising prevalence of chronic diseases, such as cancer and cardiovascular conditions, which necessitate the use of MRI for effective diagnosis and monitoring. The aging population further amplifies this demand, as older individuals are more susceptible to these health issues. Government initiatives and investments, particularly in Ontario, are enhancing the availability and implementation of MRI services across the country. These efforts are expected to significantly boost the market, as healthcare facilities upgrade their imaging capabilities to meet the growing needs.
The market is characterized by a competitive landscape with major players like Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Koninklijke Philips N.V. holding significant shares. The introduction of innovative technologies and strategic product launches, such as low-field MRI systems, are contributing to market dynamics. These systems offer cost-effective and patient-friendly alternatives to traditional high-field MRI machines, driving their adoption. Additionally, the musculoskeletal segment is experiencing growth due to the high prevalence of related diseases and the increasing installation of MRI machines in healthcare settings. Overall, the Canadian MRI market is expected to witness robust growth, supported by technological advancements, strategic investments, and a focus on enhancing diagnostic capabilities.
Canada Magnetic Resonance Imaging (MRI) Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Burden of Chronic Diseases
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1.2.2 Technological Advancement of MRI Systems
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1.3 Market Restraints
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1.3.1 High Cost of MRI Systems
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Buyers/Consumers
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1.4.2 Bargaining Power of Suppliers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Architecture
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2.1.1 Closed MRI Systems
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2.1.2 Open MRI Systems
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2.2 By Field Strength
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2.2.1 Low Field MRI Systems
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2.2.2 High Field MRI Systems
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2.2.3 Very High Field MRI Systems and Ultra-high MRI Systems
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2.3 By Application
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2.3.1 Oncology
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2.3.2 Neurology
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2.3.3 Cardiology
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2.3.4 Gastroenterology
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2.3.5 Musculoskeletal
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2.3.6 Other Applications
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Canada Magnetic Resonance Imaging (MRI) Market Size FAQs
What is the current Canada Magnetic Resonance Imaging (MRI) Market size?
The Canada Magnetic Resonance Imaging (MRI) Market is projected to register a CAGR of 6.37% during the forecast period (2024-2029)
Who are the key players in Canada Magnetic Resonance Imaging (MRI) Market?
GE Healthcare, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., Canon (Canon Medical Systems) and Siemens Healthineers are the major companies operating in the Canada Magnetic Resonance Imaging (MRI) Market.