Pediatric MRI Market Analysis Insights by Latest Trends, Future Growth, Revenue and Demand

4D MRI Segment to Lead Pediatric MRI Market During 2021–2028

NEW YORK, UNITED STATES, March 9, 2022 /EINPresswire.com/ -- According to The Insight partnerslatest study on “Pediatric MRI Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and End User,” the market 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% from 2021 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.

The rising number of premature births and pediatric diseases and the increasing adoption of digital health technologies to improve patient care are major factors contributing to the market growth. However, safety challenges associated with pediatric MRI market growth. 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. MRI is used to help diagnose or monitor treatment for various conditions within the brain, chest, abdomen, pelvis, congenital abnormalities, and extremities. The rising number of premature births, surgical procedures, and technological advancements in imaging is driving the market growth.

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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 leading companies operating in the global pediatric MRI market.

Due to the COVID-19 outbreak, many cities are shutting down, causing cancellations or delays for treatments of health conditions and appointments of doctors/surgeons. The patients suffering from critical surgeries, such as neurosurgery, spinal surgery, and ENT surgery, require physical awareness and need to implement procedures in 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 in amid pandemic.

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Rising Number of Premature Births and Pediatric Diseases Fuel Pediatric MRI Market Growth

Preterm babies are born alive before the completion of 37 weeks of pregnancy. Several factors such as multiple pregnancies, infections, and chronic conditions can lead to preterm birth, and it has become a global problem in the last few years. Preterm birth can restrict the growth of babies. As per the World Health Organization (WHO), around 15 million preterm babies are born every year. The data also stated that ~184 countries have a 5–18% preterm birth rate of born babies. More than 60% of preterm births are recorded in Asia Pacific and Africa. Also, every year, nearly 1 million babies die due to preterm birth complications. 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. For instance, in January 2017, the study published in the Journal of American Academy of Neurology found that performing an MRI scan of a premature baby’s brain immediately after birth can reveal the “white matter” areas in a brain that is predictive of later disabilities.

As per the WHO, in 2019, an estimated 5.2 million children under 5 years died from preventable and treatable illnesses. Leading causes of most of these deaths were preterm birth complications, birth asphyxia, pneumonia, and congenital anomalies. However, these conditions are preventable or treatable with timely interventions. Thus, the increasing number of traumatic injuries and preterm births, and the rising prevalence of pediatric diseases propel the adoption of pediatric MRI, which drives its market growth.

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 is estimated to hold the largest share of the market in 2021. However, the 4D MRI segment is expected to register the highest CAGR during 2021–2028. 4D MRI is a cutting-edge imaging technique that offers more detailed picture of a heart and the aorta. Children suffering from pulmonary hypertension have a risk of cardiac event every time they undergo catheterization. 4D MRI allows the comprehensive evaluation of complex blood flow patterns by 3D blood flow visualization and flexible retrospective quantification of flow parameters.

Based on application, the pediatric MRI market is segmented into cardiology, orthopedics, neurology, oncology, and others. The orthopedics segment is estimated to register the highest CAGR in the market during the forecast period. The market growth for the orthopedics segment is attributed to the increasing number of surgeries owing to various musculoskeletal conditions and sports-related injuries.

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Pediatric MRI Market Worth US$ 5,688.18 million by 2028