Market Size of Global Portable Magnetic Resonance Imaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Portable Magnetic Resonance Imaging Market Analysis
The portable magnetic resonance imaging market is projected to register a CAGR of 7.0% during the forecast period.
The COVID-19 pandemic impacted the growth of the portable MRI market. For instance, an article published by the Israel Journal of Health Policy Research on July 2021 reported a 47.5% decline in MRI utilization during the first peak of the COVID-19 pandemic observed in Israel. Thus, the COVID-19 pandemic impacted the growth of the portable MRI market. However, in the current scenario, it is observed that with a reduction in COVID-19 cases, MRI utilization returned to near-normal compared to the beginning of the pandemic, and thus the market is expected to witness significant growth over the forecast period.
The portable MRI is a revolutionary development in the healthcare field. This development helps expand the applications and opens new possibilities where MRI can assist in diagnosing multiple diseases. The factors that are driving the growth of the studied market are cost-effectivity over conventional MRI, a wide range of applications, and increasing investment by market players. For instance, a research study published by NCBI in August 2021 reported that a portable MRI machine could diagnose cerebral hemorrhages, information that could save lives, especially in places or circumstances where easy access to advanced brain imaging scans is impossible. Hence, the demand for portable MRI is expected to increase over the years, which is expected to boost growth in the portable magnetic resonance imaging (MRI) market.
In addition, the wide application of portable MRI is leading to many investments in the area which is further expected to have a positive impact on the studied market. For instance, in February 2021, Hyperfine raised about USD 90 million in its Series D funding. The funds will be used to aggressively scale up the commercial expansion of the company's category-defining Swoop portable MR imaging platform in the United States and to accelerate the company's plans for multiple country launches.
Furthermore, the demand for innovative techniques in portable MRI equipments is expected to boost growth in the studied market. For instance, in February 2022, Queen's University and Kingston Health Sciences Centre deployed the Swoop System, a portable MRI system, to improve patient care in remote areas of northern communities in Canada where access to conventional MRI is limited.
Thus, due to the cost-effectivity over conventional MRI, a wide range of applications, and increasing investment by market players, the portable MRI market is expected to have healthy growth over the forecast period. However, low awareness of the portable MRI systems and non-established technology of the system is expected to restrain the market's growth during the forecast period.
Portable Magnetic Resonance Imaging Industry Segmentation
As per the scope of this report, portable magnetic resonance imaging is considered imaging offered by an MRI scanner that is portable and mobile. The device can provide imaging to the patient on-site and on time. The Portable Magnetic Resonance Imaging (MRI) Market is segmented by Application (Neurology, Musculoskeletal, Gastroenterology, and Others), Facility (Hospitals, Diagnostic Centers, Ambulatory Surgery Centers, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (USD million) for the above segments. The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD million) for the above segments.
| By Application | |
| Neurology | |
| Musculoskeletal | |
| Gastroenterology | |
| Others |
| By Facility | |
| Hospitals | |
| Diagnostic Centers | |
| Ambulatory Surgery Centers | |
| Others |
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Global Portable Magnetic Resonance Imaging Market Size Summary
The portable magnetic resonance imaging (MRI) market is poised for substantial growth, driven by its cost-effectiveness, broad range of applications, and increasing investments from key market players. This innovative technology has revolutionized healthcare by expanding the diagnostic capabilities of MRI, particularly in areas with limited access to conventional imaging systems. The market's recovery from the COVID-19 pandemic, which had initially caused a decline in MRI utilization, is now bolstered by the resurgence in demand as healthcare systems return to normal operations. The portable MRI's ability to diagnose conditions like cerebral hemorrhages in remote locations underscores its growing importance and potential for widespread adoption.
The neurology segment, in particular, is expected to experience significant expansion due to the rising prevalence of neurodegenerative diseases and the demand for effective diagnostic tools. The increasing incidence of conditions such as dementia and Alzheimer's, coupled with new product launches and advancements in portable MRI technology, is driving this growth. North America, with its well-established healthcare infrastructure and high awareness of portable MRI applications, holds a dominant position in the market. The region's growing geriatric population and rising dementia cases further fuel the demand for portable MRI systems. As regulatory approvals for new products continue, the market is anticipated to witness robust growth, supported by major players like Siemens Healthineers, Hyperfine Inc., and Canon Medical Systems.
Global Portable Magnetic Resonance Imaging 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 Cost-effectivity Over Conventional MRI and Wide Range of Applications
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1.2.2 Increasing Investment by Market Players
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1.3 Market Restraints
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1.3.1 Low Awareness and Doubts in Minds about Accuracy of Portable MRIs
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1.4 Porter Five Forces
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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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 (Market Size - Value in USD million)
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2.1 By Application
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2.1.1 Neurology
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2.1.2 Musculoskeletal
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2.1.3 Gastroenterology
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2.1.4 Others
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2.2 By Facility
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2.2.1 Hospitals
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2.2.2 Diagnostic Centers
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2.2.3 Ambulatory Surgery Centers
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2.2.4 Others
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Global Portable Magnetic Resonance Imaging Market Size FAQs
What is the current Global Portable Magnetic Resonance Imaging Market size?
The Global Portable Magnetic Resonance Imaging Market is projected to register a CAGR of 7% during the forecast period (2024-2029)
Who are the key players in Global Portable Magnetic Resonance Imaging Market?
Siemens Healthineers, Hyperfine Inc., Canon Medical Systems, Voxelgrids Innovations Pvt. Ltd. and PrizMed Imaging Solution are the major companies operating in the Global Portable Magnetic Resonance Imaging Market.
