Market Trends of China Magnetic Resonance Imaging Industry
This section covers the major market trends shaping the China Magnetic Resonance Imaging Market according to our research experts:
Oncology is Expected to Witness Strong Growth Over the Forecast Period
Magnetic resonance imaging (MRI) is an imaging test that may be used to detect tumor/cancerous cells in the body. It may also be used to look for signs that cancer may have metastasized (spread) from where it started to another part of the body. MRI system uses powerful magnets and radio waves to make detailed, computer-generated cross-section pictures of the body which are later used by doctors in the diagnosis of cancerous cell/tissue.
As per the latest data from Globocan i.e., the year 2020, China has one of the highest burdens of cancer globally. The incidence of cancer is further rising in the country, which is expected to drive the growth of the oncology segment in the magnetic resonance imaging market in China over the years. For instance, as per the same report mentioned above, China reported 4,568,754 new cases of cancer in 2020, and the total number of five-year prevalent cases of cancer was 9,294,006, and the major forms of cancer prevalent in the country were lung (815,563), colorectum (555,477), stomach (478,508), breast (416,371), and liver (410,038) cancer.
Furthermore, as per the same report, it is projected that the cases of cancer may reach 5,811,629 by 2030 and 6,845,787 by 2040, which shows a tremendous increase in the cases of cancer in the country, due to which the demand for MRI scans is expected to increase in the country that may drive the growth of the studied segment in the MRI market.
Additionally, the presence of some of the key market leaders in the country and new product launches and collaborations are also expected to have a positive impact on the oncology segment in the country over the years. For instance, in June 2021, the Chinese University of Hong Kong and Aurora Medical Technology Hong Kong collaborated on the breast cancer research program. The joint project is expected to investigate the potential advantages and challenges of using breast-dedicated MRI for first-line breast cancer screening in Chinese women with dense breasts, for whom the efficacy of mammographic screening is significantly reduced.
Thus, owing to the factors mentioned above, the oncology segment in the magnetic resonance imaging (MRI) market is expected to grow in China.
