The United Kingdom MRI market is projected to grow at a CAGR of 2.37% to reach US$0.79 billion by 2029, up from US$0.67 billion in 2022.
Magnetic Resonance Imaging (MRI) is a non-invasive medical imaging technique that uses a strong magnetic field, radiofrequency pulses, and a computer to generate detailed images of internal body structures. It is particularly useful for visualizing soft tissues, organs, and brain structures. The UK MRI market is influenced by factors such as the National Health Service (NHS), private healthcare sector, clinical applications, research and academic institutions, diagnostic imaging centers, public health initiatives, regulatory standards, healthcare funding and budgets, and patient referral systems. The NHS provides many MRI services, while private hospitals and clinics invest in advanced technology. MRI is widely used in clinical applications such as neuroimaging, musculoskeletal imaging, cardiovascular imaging, and abdominal imaging. Regulatory standards ensure the safety and effectiveness of medical devices, while healthcare funding and budgets influence the acquisition, maintenance, and accessibility of MRI technology. Factors such as the introduction of hybrid MRI systems, the availability of universal health coverage, and rising health awareness amongst the population are expected to act as major growth factors in the UK MRI market. Moreover, the rising prevalence of disease, technological advancement, and an increasing geriatric population are anticipated to provide lucrative opportunities to the market players who are planning to enter the market during the forecast period.
Increasing expenditure on healthcare
The UK's healthcare infrastructure is robust, with advanced medical technologies like MRI being a key focus. The increasing awareness of early diagnosis, increased disease incidence, technological advancements, government initiatives, and private sector investments in healthcare facilities are driving the demand for advanced medical imaging technologies. The National Health Service and private sector growth influence healthcare spending, leading to technological advancements and improved imaging capabilities. Increased funding for MRI machines and trained professionals can improve patient access. Government-led public health initiatives may increase demand for diagnostic services. Capacity challenges can positively impact MRI market growth. Research and innovation in healthcare lead to new techniques and protocols. Factors such as increasing healthcare expenditure and a rise in spending on testing and tracing medical services are expected to drive market growth during the forecast period. Total healthcare expenditure in 2020 was estimated at £269 billion which is an increase of 20% on spending in 2019. The share of GDP related to healthcare across the country rose to around 12.8% in 2020, from 10.2% in 2019. Moreover, rising demand for imaging procedures and heavy investments in imaging research will further drive market growth. The National Health Service in the UK performs over 45 million imaging procedures every year, of which 4 million are MRI scans. The Medical Research Council has heavily invested in imaging research. It funds imaging centers and imaging networks across the UK, which includes an imaging network of five internationally renowned UK universities, as part of a novel UK dementia platform.
Rising awareness of early disease diagnosis and treatment
By application, the diagnosis segment is expected to hold a major share of the market. The main factor attributed to the growth of the diagnosis segment is the rising prevalence of diseases such as tuberculosis and certain kinds of infectious diseases across the country. Growing awareness about the early diagnosis and treatment of diseases in the country is anticipated to support market growth in the coming years. Additionally, government initiatives in the country will further boost market growth. The United Kingdom has launched a program “TB Alert”, which is the national tuberculosis charity, raising public and professional awareness about TB. The main purpose of the program is to focus on making sure people with TB are diagnosed and treated as quickly as possible. Such initiatives in the country increase the demand for diagnostics, which in turn is anticipated to boost the segment’s growth.
March 2023- GE HealthCare has completed Phase I subject recruitment for a novel manganese-based macrocyclic magnetic resonance imaging (MRI) contrast agent. This new agent could expand GE HealthCare's MRI contrast agent portfolio, offering an alternative to gadolinium-based agents. The agent, which is endogenous and naturally eliminated from the body, has comparable relaxivity and is expected to be diagnostically similar to current gadolinium-based contrast agents. Its magnetic properties make it a viable alternative to gadolinium, and a non-gadolinium agent could help limit the environmental impact of post-patient excreted gadolinium.
In April 2023- GE HealthCare launched Pixxoscan, a non-ionic gadolinium-based contrast agent (GBCA) for Magnetic Resonance Imaging (MRI). The product, which has been reviewed using a regulatory decentralized procedure, will be introduced to European countries. It has the same composition and pharmaceutical form as Gadovist and has a high relaxivity, enhancing detection, delineation, and characterization in MRI. It is formulated at twice the concentration of gadolinium ions, reducing injection volume and providing a tighter bolus. Pixxoscan will add to GE HealthCare's MRI contrast media portfolio, allowing radiology departments to access agents supporting a wide range of MRI procedures.
| Report Metric | Details |
|---|---|
| Total Market Size in 2022 | USD 0.67 billion |
| Total Market Size in 2029 | USD 0.79 billion |
| Forecast Unit | Billion |
| Growth Rate | 2.37% |
| Study Period | 2017 to 2029 |
| Historical Data | 2017 to 2020 |
| Base Year | 2021 |
| Forecast Period | 2022 – 2029 |
| Segmentation | Type, Application |
| Companies |
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