The Canadian MRI market is projected to grow at a CAGR of 2.72% during the forecast period to reach US$574.936 million by 2029.
Magnetic Resonance Imaging (MRI), as the name implies, is a medical imaging technique that uses magnetic fields and computer-generated radio waves to form detailed images of the tissues and organs of the patient. These machines are typically large, tube-shaped magnets. When a patient lies inside one of these, the magnetic field causes all the water molecules in the body to realign temporarily. The computer-generated radio waves cause these aligned molecules to emit light signals, which are then used to generate cross-sectional MRI images. Based on the architecture, MRIs are divided into closed and open MRI systems. Based on field strength, the market is segmented into Low Field MRI Systems, High Field MRI Systems, Very High Field MRI Systems, and Ultra-high MRI Systems. Canada is home to a large pool of outstanding life science professionals, possessing skills and expertise in diverse fields. As per the OECD, with over 56% of adults meeting OECD criteria, Canada will be the most educated country in 2022. Among them, over 4.8 million have graduated from either the health sciences or STEM. Thus, significant growth could be anticipated in the market in the upcoming years.
MARKET DRIVERS:
MRI has a wide range of applications and could be used to diagnose and detect innumerable diseases. According to WHO (World Health Organisation), with the increase in age, the number of health abnormalities, such as cancer, obesity, diabetes, dementia, and Alzheimer's, were expected to increase. According to Canada Statistics, as of June 2021, 18.5% of the total population is comprised of the elderly population over 65 years old. In 2020, of the total geriatric population, 15.3% suffered from cardiovascular diseases, 18.6% from diabetes; 43.8% from high blood pressure; and 30% from high blood cholesterol. According to the Canadian Cancer Society, among cancers, the majority of cancer patients suffer from pulmonary cancer. Of the 29,600 patients suffering from the disease, 21,000 were reported dead. With the increase in the proportions of diseased and aged people, the need for improvement in the health sector is becoming more prominent. Subsequently, the need for improvement in the quantity and quality of highly precise MRI equipment will also increase with time to tackle increasing diseases and populations. The advancements in innovations, technologies, research, and development across the country are bound to fuel the MRI market.
Furthermore, according to the Canadian Institute of Health Information, in 2021, the overall health expenditure increased to over $308 billion, with a citizen spending about $8,019 per person. According to the International Trade Administration, Canada ranks eighth in the medical devices market, and in 2020 it is valued at around USD 8.6 billion. The Canadian government’s increasing investments are also expected to increase the demand for the healthcare sector. For instance, in January 2021, the government provided funding of $ 10 million to enhance public health research.
The market in the region is comprised of several major players, making the market in Canada highly competitive. For instance, in April 2019, Fujifilm Inc. announced its plan to establish a new medical system division in Canada. Fujifilm Canada Inc. is planning to add a large number of diagnostic imaging systems to its portfolio to expand its market size in Canada. Also, in January 2020, Siemens Healthineers, a German-based leading medical technology company, entered into a strategic partnership with a Canadian hospital network, Hamilton Health Sciences. The agreement was valued at around 270 million Canadian dollars, with the contract term spanning over 15 years, marking Siemens Healthineers’ largest contract volume in Canada. During this period, Siemens Healthineers will be providing comprehensive services for new imaging equipment across all Hamilton Health Sciences, to enhance the quality of healthcare through digital health solutions. Similar strategic expansions and acquisitions and growing demand for the healthcare sector are expected to fuel the market in the projected period.
Key Developments:
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2029 | US$574.936 million |
| Growth Rate | CAGR of 2.72% from 2022 to 2029 |
| Base Year | 2022 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Million |
| Segments Covered |
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| Companies Covered | |
| Customization Scope | Free report customization with purchase |
Key Market Segments