PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1423697
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1423697
According to Stratistics MRC, the Global Mobile MRI Service Market is accounted for $16.18 billion in 2023 and is expected to reach $26.33 billion by 2030 growing at a CAGR of 7.2% during the forecast period. A mobile MRI is a self-contained facility that includes a scanner, a control room, and sometimes a patient-changing space. Mobile MRI facilities provide the basis for establishing treatment plans and are used to determine a variety of disorders by enhancing communication between healthcare providers, which is crucial in delivering the best possible patient care. Mobile MRI services play a crucial role in expanding healthcare access, particularly in underserved or remote regions, contributing to improved patient care and outcomes.
According to WHO's data, chronic diseases are the leading global cause of death, accounting for nearly 71% of all deaths worldwide.
Growing prevalence of chronic diseases
Chronic conditions such as cardiovascular diseases, cancer, neurological disorders, and musculoskeletal issues require precise and regular diagnostic monitoring. Mobile MRI services offer a solution by providing on-the-go access to high-quality imaging technology, enabling early detection, accurate diagnosis, and efficient management of these conditions. As chronic diseases continue to increase globally due to factors like ageing populations, lifestyle changes, and environmental influences, the demand for convenient and timely diagnostic services intensifies. Thereby, it will propel the market's growth.
Established fixed-site imaging centres
Established fixed-site imaging centres often have a loyal patient base, advanced equipment, and established referral networks, making it challenging for mobile MRI services to penetrate the market. Patients may prefer the familiarity and comprehensive services offered by these centres, affecting the adoption of mobile MRI services. Also, fixed-site centres may leverage their infrastructure and capabilities to offer similar or enhanced services, creating a competitive barrier for mobile units to secure market share, especially in regions where fixed-site facilities are prevalent and trusted
Escalating demand for remote healthcare services
Mobile MRI units offer a solution by providing mobile access to high-quality imaging, catering to remote or underserved areas lacking fixed imaging facilities. This rising dependence on remote healthcare services, particularly in telemedicine settings, emphasises the critical role of mobile MRI services in providing prompt diagnosis and patient monitoring for patients in distant locations. Moreover, the flexibility and accessibility of mobile MRI technology align perfectly with the evolving landscape of healthcare delivery, presenting an opportunity to meet the demand for remote diagnostic services effectively.
Security and data privacy concerns
Mobile MRI services handle sensitive patient health information, raising the risk of data breaches, unauthorised access, or compromised confidentiality. Ensuring robust encryption, compliance with healthcare data regulations like HIPAA, and implementing stringent security protocols in remote settings are essential. Failure to address these concerns could erode patient trust, lead to legal repercussions, and hinder the widespread adoption of mobile MRI services, thereby impacting their market viability and hindering their integration into healthcare systems.
Covid-19 Impact
Initially, restrictions, reduced healthcare facility capacities, and prioritisation of COVID-19 patients led to a decline in non-urgent medical services, including mobile MRI diagnostics. However, as the pandemic evolved, the need for remote and flexible imaging solutions increased. Mobile MRI services gained prominence due to their ability to reach isolated areas, support overwhelmed healthcare systems, and provide safe diagnostic options, minimising exposure risks. Moreover, the pandemic accelerated technological innovations like telehealth integration, fostering the adoption of mobile MRI services for remote patient monitoring and diagnostics.
The leasing services segment is expected to be the largest during the forecast period
The leasing services segment is estimated to hold the largest share. Leasing services offer flexibility, allowing healthcare institutions to access advanced imaging technology without hefty upfront costs. These services provide benefits such as upgrades to newer equipment, maintenance support, and cost-effective solutions, especially for temporary or short-term diagnostic needs. Moreover, it enables healthcare facilities to manage resources efficiently, adapt to changing demands, and ensure access to high-quality mobile MRI services without significant capital investment.
The cardiovascular segment is expected to have the highest CAGR during the forecast period
The cardiovascular segment is anticipated to have lucrative growth during the forecast period. Mobile MRI services cater to cardiac imaging, providing detailed scans to evaluate heart health, detect anomalies, and assess blood flow and heart function. These portable units offer on-the-go cardiac evaluations, enabling the timely and accurate diagnosis of various cardiovascular disorders, including heart disease, myocardial infarction, and congenital heart defects. Moreover, it addresses the growing need for convenient, non-invasive imaging solutions to aid in early detection, treatment planning, and monitoring of heart-related ailments.
Asia Pacific commanded the largest market share during the extrapolated period due to increasing healthcare demands and technological advancements. With expanding access to remote and underserved areas, mobile MRI services offer diagnostic capabilities, catering to diverse medical needs. Factors such as rising chronic diseases, improving healthcare infrastructure, and the convenience of on-the-go diagnostics fuel market expansion. Additionally, governmental initiatives promoting healthcare accessibility further propel market growth.
North America is expected to witness profitable growth over the projection period. Mobile MRI services cater to diverse healthcare settings, including rural areas and temporary medical facilities, offering flexible and convenient diagnostic options. Increasing demand for on-demand imaging services, coupled with investments in healthcare modernization, fuels market growth. Moreover, collaborations between healthcare organisations and mobile imaging providers emphasise innovation and service expansion, indicating a promising trajectory for the North American mobile MRI service market.
Key players in the market
Some of the key players in the Mobile MRI Service Market include Shared Medical Services, DMS Health, HyperfineInc, Front Range Mobile Imaging Inc., Meridian Group International, Interim Diagnostic Imaging, Alliance HealthCare Services, Digirad Corporation, Siemens Healthineers, Akumin Inc, Accurate Imaging Diagnostics (AID), Center for Diagnostic Imaging (CDI), InHealth Group and Mobile MRI Solutions.
In June 2022, Hyperfine, Inc., finished the registration and notification processes in Australia and New Zealand for its Swoop Portable MRI System. This strategy led to strengthening of company's position in the mobile MRI services market coupled with geographical expansion.
In February 2022, Kingston Health Sciences Centre and Queen's University deployed a portable MRI system, the Swoop System. These systems improve patient care in remote areas of northern communities in Canada wherein access to conventional MRI is said to be limited.