Pediatric MRI Market to Reach $5.67Bn by 2028 at 7.6% CAGR with Functional Brain MRI Segment Driving Growth During 2022–2028 | The Insight Partners

Pune, India, July 06, 2023 (GLOBE NEWSWIRE) — The Insight Partners Recently Published Report “Pediatric MRI Market Size Report, Share & Forecast to 2028 – COVID-19 Impact and Global Analysis by Type, Application, Product Type, Age Group and End User”; the market size was valued at $3.65 billion in 2022 and is projected to reach $5.67 billion by 2028; it is estimated to record a CAGR of 7.6% from 2022 to 2028. Based on product type, the equipment segment held a larger share of the market in 2022 and is expected to register a higher CAGR during 2022–2028.

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Global Pediatric MRI Market Report Scope:

Browse key market insights spread across 242 pages with 184 list of tables & 89 list of figures from the report, “Pediatric MRI Market Growth & Revenue Forecast to 2028 – COVID-19 Impact and Global Analysis by Type (Functional Brain MRI, Cardiac MRI, 4D MRI, and Others), Application (Neurology, Orthopedics, Cardiology, Oncology, and Others), Product Type [Equipment and Coil Design (Pediatric Head/Neck/Spine MRI Coil, Interchangeable Pediatric Brain Coil, Pediatric Blanket Coil, and Others)], Age Group [Adolescent (12–18 Years), Child (2–11 Years), Infants and Toddlers (28 Days–23 Months), Neonatal Stage (0–27 Days), and Fetal Stage], and End User (Hospitals, Pediatric Clinics, Diagnostic Centers, and Others)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/pediatric-mri-market

North America accounted for the largest share of the global pediatric MRI market in 2022. In the region, the US held the largest market share of pediatric MRI market and is anticipated to register the highest CAGR during the forecast period. The market in the country is growing owing to various factors such as rising number of premature births and increasing prevalence of pediatric diseases. In addition, the high demand for preventive care and imaging solutions drives the need for pediatric imaging systems. According to the Centers for Disease Control and Prevention (CDC), around 9.2 million children in the US are admitted to the emergency department due to accidental injuries caused by falls, road traffic accidents, and burns. Increasing cases of traumatic injuries propel the demand for MRI solutions, which fuels the pediatric MRI market growth.

Global Pediatric MRI Market: Competitive Landscape and Key Developments
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 are a few key companies operating in the pediatric MRI market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name in the pediatric MRI market. A few of the recent developments in the global pediatric MRI market are mentioned below:

In December 2021, Hyperfine Inc. partnered with Raising Malawi (Madonna’s Charitable Organization) to build and cooperate with Malawi’s only specialized pediatric hospital, the Mercy James Centre for Paediatric Surgery & Intensive Care (MJC). The partnership highlights the important research made possible at MJC with Hyperfine’s breakthrough portable MRI system.

Pediatric magnetic resonance imaging (MRI) uses a powerful magnetic field, radio waves, and a computer to produce detailed images of the required body part of a patient. MRI is used to diagnose or monitor treatment for a variety of conditions related to the chest, brain, abdomen, pelvis, and extremities. It is also used for imaging the joints and bones to diagnose sports-related injuries and detect the presence of a tumor or infection in a joint.

Adoption of Digital Health Technology to Improve Patient Care Drives the Global Pediatric MRI Market Growth:
The adoption of advanced technologies in healthcare settings, such as hospitals and pediatric specialty clinics, is increasing globally, improving patient safety and minimizing the overall turnaround time and hospital stay. The incorporation of artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), and other new technologies in healthcare, medicine, and scientific research has become increasingly important. Advancements in the miniaturization of sensors and other technologies also offer opportunities to collect physiological and functional data directly from patients participating in clinical trials, especially in children. Along with cell phones and other digital platforms, sensors provide a versatile tool for assessing patient responses to investigational treatments in the field of pediatrics.

Since the COVID-19 pandemic, the number of children suffering from mental health problems have increased rapidly. In October 2022, the President of the US announced prioritizing the expansion of the Pediatric Mental Health Care Access Awards program. The program allows pediatric care providers to ensure telehealth services for expert mental health care. As it is normal for young patients to feel anxious or stressed during treatment, several children’s hospitals, such as Sanford Children’s, Children’s Memorial Hermann, and Children’s Minnesota, use interactive patient engagement technology to entertain and distract patients undergoing medical procedures or treatments. Apps can help parents access their children’s health records and additional information. For example, Milestone Tracker, an app developed by CDC, provides checklists for parents to ensure their children are developing properly between the ages of 2–5. Similarly, SoftSpot is an FDA-approved and the Health Insurance Portability and Accountability Act (HIPAA)-compliant app powered by AI and Computer Vision (CV) technology. The app measure’s the skulls of newborn babies to detect cases of plagiocephaly or brachycephaly.

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In March 2017, Royal Philips and Phoenix Children’s Hospital announced a 15-year agreement worth US$ 65 million. Phoenix Children’s and Royal Philips developed dose reduction systems and other technologies that follow pediatric MRI protocols, which are factory standards across the globe. They also have an advanced 3D print laboratory that constructs life-size models of patients to study heart and brain physiology using MRI. Furthermore, research on advanced MRI technologies is also increasing across the globe. For instance, in September 2019, researchers from the University of Colorado School of Medicine identified a new imaging method named “fast MRI.” The method is effective in analyzing pediatric traumatic brain injuries (TBI), thereby eliminating risks related to radiation exposure and anesthesia. Therefore, the adoption of new technologies in healthcare is driving the pediatric MRI market growth.

Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):

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