The pediatric MRI market was valued at US$ 3,655.32 million in 2022 and is projected to reach US$ 5,678.86 million by 2028; it is estimated to record a CAGR of 7.6% from 2022 to 2028.
Analyst Perspective:
The rising burden of preterm birth and pediatric conditions, the demand for advanced healthcare practices in pediatric care, government initiatives to raise awareness of pediatric conditions, and the increasing reach of novel pediatric imaging techniques are a few key factors driving the pediatric MRI market growth. In addition, the increasing focus of market players on new product development and strategic collaborations to develop advanced pediatric MRIs is expected to fuel market growth in the coming years. In terms of region, North America holds the largest pediatric MRI market share, followed by Europe. However, due to increasing cases of preterm births in countries such as China and India, Asia-Pacific is expected to record the highest CAGR in the pediatric MRI market during the forecast period.
Market Overview:
Pediatric magnetic resonance imaging (MRI) uses a magnetic field, radio waves, and a computer to produce detailed pictures of the inside of a child's body. It is used to diagnose or monitor treatment for various conditions within the brain, chest, abdomen, pelvis, congenital abnormalities, and extremities. The pediatric MRI market growth is attributed to a few key driving factors such as the rising number of premature births and pediatric diseases and the adoption of digital health technology to improve patient care. In addition, the rising collaborations and product launches to enhance pediatric care can fuel the global pediatric MRI market growth. The increasing campaigns to create awareness regarding pediatric safety is also projected to provide ample opportunities for the pediatric MRI market growth in the regions during the forecast period.
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Pediatric MRI Market: Strategic Insights
Pediatric MRI Market
-
CAGR (2022 - 2028)
7.6%
-
Market Size 2022
US$ 3.66 Billion
-
Market Size 2028
US$ 5.68 Billion
Market Dynamics
GROWTH DRIVERS
- The Rising Number of Premature Births, and Pediatric Diseases
- Adoption of Digital Health Technology to Improve Patient Care
FUTURE TRENDS
- Use of MRI Simulators to Adapt Children to MRI Scanners
OPPORTUNITIES
- Increasing Campaigns to Create Awareness Regarding Pediatric Safety
Key Players
- Siemens Healthineers AG
- Advanced Imaging Research Inc
- LMT Medical Systems GmbH
- Hyperfine Inc
- GE HealthCare Technologies Inc
- Neoscan Solutions GmbH
- Aspect Imaging Ltd
- NORAS MRI products GmbH
- Koninklijke Philips NV
- Time Medical Holding
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Functional Brain MRI
- Cardiac MRI
- 4D MRI
- Others
Application
- Neurology
- Orthopedics
- Cardiology
- Oncology
- Others
Product Type
- Equipment and Coil Design
Age Group
- Adolescent
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Pediatric MRI Market: Strategic Insights
-
CAGR (2022 - 2028)7.6% -
Market Size 2022
US$ 3.66 Billion -
Market Size 2028
US$ 5.68 Billion
Market Dynamics
- The Rising Number of Premature Births, and Pediatric Diseases
- Adoption of Digital Health Technology to Improve Patient Care
- Use of MRI Simulators to Adapt Children to MRI Scanners
- Increasing Campaigns to Create Awareness Regarding Pediatric Safety
Key Players
- Siemens Healthineers AG
- Advanced Imaging Research Inc
- LMT Medical Systems GmbH
- Hyperfine Inc
- GE HealthCare Technologies Inc
- Neoscan Solutions GmbH
- Aspect Imaging Ltd
- NORAS MRI products GmbH
- Koninklijke Philips NV
- Time Medical Holding
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Functional Brain MRI
- Cardiac MRI
- 4D MRI
- Others
- Neurology
- Orthopedics
- Cardiology
- Oncology
- Others
- Equipment and Coil Design
- Adolescent
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Driver:
Rising Number of Premature Births and Pediatric Diseases Drives Pediatric MRI Market Growth
Preterm babies are born alive before the completion of 37 weeks of pregnancy. Most preterm births occur in South Asia and sub-Saharan Africa. Several factors such as multiple pregnancies, infections, and chronic conditions can lead to preterm birth, and it has become a global issue in the last few years. Preterm birth can restrict the growth of babies. As per the report by the World Health Organization (WHO), approximately 15 million preterm babies are born every year. The report also stated that ~184 countries have a 5–18% preterm birth rate of born babies, and over 60% of preterm births are recorded in Asia Pacific and Africa. Also, every year, ~1 million babies die due to preterm birth complications. Preterm birth complications are the leading cause of death in children under the age of five and were responsible for ~900,000 deaths in 2019. According to the Centers for Disease Control and Prevention (CDC), as of 2021, approximately one in ten children born in the US were affected by preterm birth. The preterm birth rate increased by 4% in 2021, from 10.1% in 2020 to 10.5% in 2021. Per the WHO, the preterm birth rate ranged from 4% to 16% of babies born in 2020.
Magnetic resonance imaging (MRI) is a valuable tool that helps monitor the development of a preterm brain. The imaging modality helps assess numerous pathologies, such as periventricular leukomalacia, intraventricular hemorrhage, and periventricular hemorrhagic infarction. According to a study, “MRI Identifies Markers of Atypical Brain Development in Children Born Preterm,” published in the Radiological Society of North America, premature babies that develop autism, cerebral palsy, and other abnormalities as teenagers have minimal differences in their brain structures that can be detected with the help of quantitative MRI (qMRI). As per the WHO, in 2019, ~5.2 million children under five years died from preventable and treatable illnesses. Children under five years are vulnerable to infectious diseases such as malaria, diarrhea, pneumonia, HIV, and tuberculosis. According to UNICEF, pneumonia is the leading infectious cause of death in children under five, which is a major cause of death of ~700,000 children annually. However, these conditions are preventable or treatable with timely diagnosis.
Thus, the increasing cases of preterm births and rising prevalence of pediatric diseases are boosting the adoption of pediatric MRI, which is driving the market growth.
Segmental Analysis:
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Based on type, the pediatric MRI market is segmented into functional brain MRI (fMRI), cardiac MRI, 4D MRI, and others. The functional brain MRI (fMRI) segment held the largest share of the pediatric MRI market in 2022. However, the 4D MRI segment is anticipated to register the highest CAGR during 2022–2028. The market growth for the segment is attributed to the increasing preterm birth and increasing incidence of traumatic brain injuries across the world. Functional magnetic resonance imaging (fMRI) focuses exclusively on the brain and records metabolic activity over time. fMRI measures the minor changes in blood flow that occurs with brain activity. It inspects the brain's functional anatomy, checks the effects of strokes and other diseases, and guides brain treatment. fMRI has also improved researchers' understanding of developmental routes in children and the plasticity of neural networks in disease states. On the other hand, 4D medical imaging techniques improve the performance of MRI beyond three dimensions by incorporating time information. Children suffering from pulmonary hypertension have a risk of cardiac events every time they undergo catheterization. 4D MRI allows the comprehensive evaluation of complex blood flow patterns and flexible retrospective quantification of flow parameters.
Based on application, the pediatric MRI market is segmented into cardiology, orthopedics, neurology, oncology, and others. The neurology segment held the largest pediatric MRI market share in 2022 and is estimated to register the highest CAGR in the coming years. The market growth for the segment is driven by the increasing cases of traumatic injuries that demand faster and accurate imaging solutions. For injuries and disorders of the brain, neck, spine, and nervous systems, neuroimaging helps in ensuring accuracy. Pediatric neuroimaging involves a layer of specialization, as there are many intricacies involved with the brain development. The neurological applications of magnetic resonance imaging include the diagnosis of spinal cord and brain tumors, inflammation, infections, injuries, and others. MRI is also helpful in detecting and monitoring degenerative neurological disorders such as multiple sclerosis and documenting brain injury resulting from trauma.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Based on product type, the pediatric MRI market is bifurcated into equipment and coil design. The equipment segment held a larger share of the market in 2022 and is expected to register a higher CAGR during 2022–2028. The market growth for the segment is attributed to the various advantages, including reduced risks with pediatric and fetal imaging, decreased need for sedation and rescans, and optimized patient comfort especially for pediatric patients. MRI equipment for pediatrics allows safe pediatric cervical spinal motion restriction and immobilization techniques to effectively position, transport, and immobilize patients affected by spinal injuries or needing restraint.
Based on age group, the pediatric MRI market is segmented into fetal stage, neonatal stage (0–27 days), infant and toddler (28 days–23 months), child (2–11 years), and adolescent (12–18 years). The adolescent (12–18 years) segment held the largest share of the market in 2022. However, the child (2–11 years) segment is expected to record the highest CAGR during the forecast period. The market growth for the adolescent (12–18 Years) segment is attributed to the increasing cases of traumatic injuries that fuels the demand for faster and accurate imaging solutions. However, the market for the child (2–11 Years) segment is expected to grow in the coming years due to the growing cases of injuries, illnesses, and congenital abnormalities in children. According to the article titled 'Neuroblastoma Treatment' published in February 2022, the prevalence of neuroblastoma is about 1 case per 7,000 live births. The incidence is 10.54 cases per 1 million per year in children below 15 years. According to the same source, about 90% of patients are under five years old during diagnosis.
Based on end user, the pediatric MRI market is segmented into hospitals, pediatric clinics, diagnostic centers, and others. The hospitals segment held the largest share of the market in 2022 and is estimated to register the highest CAGR of 8.0% in the market during the forecast period. The market growth for the hospital segment is attributed to the rising prevalence of various diseases, increasing number of hospitals across the world, and rapidly growing different surgical procedures. Also, growing government funding for hospitals and rising hospitalization of pediatric patients bolster the pediatric MRI market growth.
Regional Analysis:
North America held the largest share of the pediatric MRI market in 2022. It dominates the global market due to factors such as technological advancements, increasing product launches, well-developed healthcare facility centers equipped with modern-age equipment and instruments, and technological advancements ensuring maximum patient convenience. The US holds largest share of the pediatric MRI market in North America owing to the growing technological advancements in pediatric imaging techniques and rising collaborations, approvals, and launches to enhance pediatric care. Furthermore, the rising number of premature births, increasing prevalence of pediatric diseases, and high demand for preventive care and imaging solutions drive the demand for pediatric MRI systems in the US.
In addition, the pediatric MRI market in Asia Pacific is expected to grow significantly in the coming years. The market growth in the region is attributed to the rising pediatric population and improvements in healthcare infrastructure with the increased availability of effective pediatric imaging tools. China and Japan are major contributors to the regional pediatric MRI market. China faces several obstacles in sustaining and enhancing people's health as a result of rapid socioeconomic developments, environmental issues, changing lifestyles, and rising urbanization. Road accident injury cases in children are also major public health concern in China. The accidents among children can lead to traumatic brain injuries, which is expected to fuel the pediatric MRI market in China. Additionally, Japan has reported an enormous increase in road traffic accidents, which drives the demand for pediatric MRI in the country. It is used to help diagnose a wide range of conditions in children that are caused due to injury, illness, or congenital abnormalities. It detects a variety of brain conditions and abnormalities such as cysts, tumors, bleeding, swelling, and problems with the blood vessels. Such aforementioned factors boost the pediatric MRI market growth in Japan.
Key Player Analysis:
The pediatric MRI market majorly consists of a few players such as Siemens Healthineers AG, Advanced Imaging Research Inc, LMT Medical Systems GmbH, Hyperfine Inc, GE HealthCare Technologies Inc, Neoscan Solutions GmbH, Aspect Imaging Ltd, NORAS MRI products GmbH, Koninklijke Philips NV, and Time Medical Holding. GE HealthCare Technologies Inc and Koninklijke Philips NV are the top two players operating in the market owing to their diversified product portfolio.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the pediatric MRI market. A few recent key market developments are listed below:
- In March 2023, Time Medical officially opened its new Hong Kong production facility at the MARS Centre at Tai Po INNOPARK, becoming the first large-scale medical equipment production facility in Hong Kong and the largest MRI production base in the Greater Bay Area and Southeast Asia. The production facility specializes in R&D and production of high value-add neonatal and breast screening superconductor MRI systems.
- In February 2023, Hyperfine, Inc. received CE Marking for the Swoop system, the world's first FDA-cleared portable MRI system. While the company maintains its commercial focus on the US, CE Marking opens the door for potential commercial expansion into the European Economic Area (EEA).
- In February 2023, Time Medical received US FDA approval for its neonatal MRI system, NEONA. It is the world-first superconducting MRI system dedicated to pediatric diagnosis and can significantly improve the precision and image quality of fragile newborns, infants, and children. This innovation is lightweight and compact to fit inside a NICU, greatly reducing the health risk of moving young patients around.
- In June 2022, Hyperfine, Inc. received the FDA 510(k) clearance and launched the Swoop system new sequences, expanding the system's capabilities, and allowing shorter brain scan times for patients. The system’s new software uses deep learning to deliver crisp, clear images that aid in clinical diagnosis.
- In June 2022, Hyperfine, Inc. completed registration and notification of the Swoop device in Australia and New Zealand. With this activity, the Swoop system is now available for purchase in both countries and includes the US FDA-cleared advanced reconstruction software using deep learning. Quantum HealthCare became the company’s product distributor for Australia and New Zealand.
Pediatric MRI Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2022 | US$ 3.66 Billion |
Market Size by 2028 | US$ 5.68 Billion |
Global CAGR (2022 - 2028) | 7.6% |
Historical Data | 2020-2021 |
Forecast period | 2023-2028 |
Segments Covered |
By Type
|
Regions and Countries Covered |
North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, Product Type, Age Group and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The factors driving the growth of the pediatric MRI market include the rising cases of premature births and pediatric disease and the adoption of digital health technology to improve patient care. However, limitations and safety challenges associated with pediatric MRI hamper the growth of the pediatric MRI market.
The global pediatric MRI market, based on type, is segmented into functional brain MRI (fMRI), cardiac MRI, 4D MRI, and others. The functional brain MRI (fMRI) segment held the largest share of the market in 2022. However, the 4D MRI segment is anticipated to register the highest CAGR during the forecast period.
The pediatric MRI market was valued at US$ 3,655.32 million in 2022.
The pediatric MRI market is expected to be valued at US$ 5,678.86 million in 2028.
The pediatric MRI market majorly consists of the players, including Siemens Healthineers AG, Advanced Imaging Research Inc, LMT Medical Systems GmbH, Hyperfine Inc, GE HealthCare Technologies Inc, Neoscan Solutions GmbH, Aspect Imaging Ltd, NORAS MRI products GmbH, Koninklijke Philips NV, and Time Medical Holding.
Pediatric MRI uses a powerful magnetic field, radio waves, and a computer to produce detailed images of the child's body. MRI is used to diagnose or monitor treatment for a variety of conditions within the chest, brain, abdomen, pelvis, and extremities. It is also used for imaging the joints and bones to diagnose sports-related injuries or to detect the presence of a tumor or infection in a joint.
The List of Companies - Pediatric MRI Market
- Siemens Healthineers AG
- Advanced Imaging Research Inc
- LMT Medical Systems GmbH
- Hyperfine Inc
- GE HealthCare Technologies Inc
- Neoscan Solutions GmbH
- Aspect Imaging Ltd
- NORAS MRI products GmbH
- Koninklijke Philips NV
- Time Medical Holding
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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