Functional Brain MRI Segment has the Largest Share of Type in the Europe Pediatric MRI Market during 2021–2028
According to The Insight Partners market research study on “Europe Pediatric MRI Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Application, and End User” is expected to reach US$ 1,416.9 million by 2028 from US$ 880.5 million in 2021. The market is estimated to grow at a CAGR of 7.0% from 2021 to 2028. The report provides trends prevailing in the Europe Pediatric MRI market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the rising number of premature births, and pediatric disease, adoption of digital health technology to improve patient care are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the challenges such as safety challenges associated with pediatric MRI.
The European market is severely hit due to the exponential increase of COVID-19 cases in the region. Many nations are revealing more patients per day now than during the first wave earlier this year. Lockdowns are being reintroduced in UK, Spain, and Italy, and Ireland, as per the European Centre for Disease Prevention and Control (ECDC). Due to the second wave of COVID-19 crises, the government of many nations is heading towards mounting up testing capacity. Countries in the European regions were profoundly affected due to the COVID-19 pandemic. For instance, countries such as Italy, Spain, and France have recorded the most significant number of positive cases and have registered the maximum number of deaths. The pediatric MRI market witnessed some shortfall at the beginning of the COVID-19 crisis due to factors such as disruption in supply chain and demand due to lockdown announced by most European countries. Market players and end-user losses their business due to the temporarily shutting down of industries in various regions.
The market for pediatric MRI market is segmented into type, application, and end user. Based on type, it is segmented into functional brain MRI (fMRI), cardiac MRI, 4D MRI, and others. In 2020, the functional brain MRI (fMRI) segment is estimated to account for the largest market share in the Europe pediatric MRI market. The growth of the segment is attributed to increasing preterm birth and increasing incidence of traumatic brain injuries across the region. However, 4D MRI is estimated to register the highest CAGR during the forecast period.
Siemens Healthineers AG, Koninklijke Philips N.V., Hamilton Medical, LMT Medical Systems GmbH, Neoscan Solutions GmbH, and General Electric Company are among the leading companies in the Europe pediatric MRI market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in December 2020, LMT Medical Systems created the "Nomag IC Enhanced," an advanced MR Diagnostics Incubator that allows neonates and preterm babies to be moved straight from the NICU into the MR suite for testing using optimum, non-invasive Magnetic Resonance Imaging. Throughout the transit and MRI examination, the infant is safeguarded inside the life-sustaining, temperature and humidity-controlled MR-incubator.
The market for pediatric MRI market is segmented into type, application, and end user. Based on type, the Pediatric MRI market is segmented into functional brain MRI, cardiac MRI, 4D MRI, and others. Based on application, the pediatric MRI market is segmented into neurology, orthopedics, cardiology, oncology, and others. Based on end user, the pediatric MRI market is segmented into hospitals, diagnostic centres, and others. Geographically, the pediatric MRI market is segmented into Europe (Germany, UK, France, Spain, Italy, Rest of Europe).
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