Pune, INDIA, Aug. 24, 2021 (GLOBE NEWSWIRE) -- Pediatric MRI Market: Key Insights
According to our new research study on “Pediatric MRI Market to 2028 – Global Analysis and Forecast – by Type, Application, End User, and Geography,” the Pediatric MRI Market Size is projected to reach US$ 5,688.18 million by 2028 from US$ 3,425.90 million in 2021; it is expected to grow at a CAGR of 7.5% during 2021–2028.
Pediatric MRI Market: Competitive Landscape and Key Developments
Siemens Healthineers AG, Koninklijke Philips N.V., Hamilton Medical, Advanced Imaging Research dba SREE Medical Systems, LMT Medical Systems GmbH, Hyperfine, Neoscan Solutions GmbH, Aspect Imaging Ltd, Champaign Imaging, and General Electric Company are among key companies operating in the pediatric MRI market. Leading players are focusing on the new product launch, expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In May 2021, Neoscan Solutions unveiled a compact, light MRI scanner meant to reduce travel time and scan unwell babies as they sleep. According to a news release, this lightweight scanner uses digitizers and AWGs (arbitrary waveform generators) and differs from current MRI scanners, which weigh around eight tonnes and must be located on floors that can bear such weight, while also requiring more space and support equipment, as well as liquid helium supercooling, which requires special handling.
In Mar 2021, Koninklijke Philips N.V. and The Walt Disney Company EMEA announced a collaboration to test the effects of custom-made animation, including specially created Disney stories, within Philips Ambient Experience. Philips Ambient Experience is a solution that integrates architecture, design, and enabling technologies, such as dynamic lighting, video projections, and sound, to allow patients and staff to personalize their environment.
In Dec 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, noninvasive MRI. Throughout the transit and MRI examination, the infant is safeguarded inside the life-sustaining, temperature- and humidity-controlled MR-incubator.
In 2020, North America dominated the global pediatric MRI market. The market growth in the region is attributed to the increasing burden of pediatric diseases, surging product launches, and growing R&D Activities to develop advanced pediatric MRI devices. According to the Centers for Disease Control and Prevention (CDC), around 9.2 million children in the US are admitted to the emergency department for the treatment of accidental injuries, such as falls, road traffic, and burns. The increasing cases of traumatic injuries are expected to drive the demand for MRI solutions in the coming years. As per the American Academy of Pediatrics, about 3% to 4% of all babies born in the US have congenital abnormalities. The cases of congenital disabilities require effective imaging technologies to minimize complications, which propels the demand for pediatric MRI.
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The COVID-19 pandemic is straining public health systems across the world, interrupting, and delaying many kinds of critical health care. The patients suffering from critical surgeries, such as neurosurgery, spinal surgery, and ENT surgery, require physical awareness and need the implementation of procedures in the clinics. A recent study issued by the Radiological Society of North America in September 2020 stated that the COVID-19 pandemic significantly impacts pediatric radiology departments globally. More than 90% of study respondents indicate that radiology practices have undergone a moderate, effective, or complete change amid the pandemic.
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 market in 2020. However, the 4D MRI segment is anticipated to register the highest CAGR during the forecast period. By application, the pediatric MRI market is segmented into cardiology, orthopedics, neurology, oncology, and others. The neurology segment held the largest market share in 2020, whereas the orthopedics segment is anticipated to register a significant CAGR during 2021–2028. Based on end user, the pediatric MRI market is segmented into hospitals, diagnostic centers, and others. The hospitals segment held the largest market share in 2020. However, the diagnostic centers segment is anticipated to register a significant CAGR during 2021–2028.
Adoption of advanced technologies in healthcare settings, such as hospitals and pediatric specialty clinics, is increasing across the world. The adoption helps increase patient safety and minimize the overall turnaround time and hospital stay. In March 2017, Royal Philips and Phoenix Children's Hospital announced a 15-year agreement with a total value of up to US$ 65 million. As per the agreement, Philips will provide advanced imaging systems, patient monitoring, clinical informatics, and healthcare IT consulting services to Phoenix Children's Hospital. The hospital provides inpatient, outpatient, trauma, emergency, and urgent care in 75 pediatric specialties for patients in the US. Phoenix Children’s and Philips developed technologies, such as dose reduction, using pediatric MRI protocols that are now factory standards across the world. Therefore, the adoption of technological development in healthcare is driving the growth of the pediatric MRI market.
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Pediatric MRI Market: Segmental Overview
In terms of application, the orthopedics segment is anticipated to register the highest CAGR in the pediatric MRI market during the forecast period. The market growth for the segment is attributed to the increasing cases of musculoskeletal conditions and sports-related injuries.
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