The Asia-Pacific Magnetic Resonance Imaging (MRI) Market is expected to register a CAGR of 3.5% during the forecast period. The major factors driving the growth of the market in the Asia region is due to the advanced healthcare facilities, technological advancements, increase in the ageing population, rising incidence of diseases, growing demand for advanced healthcare facilities like MRI.

For instance according to the World Population Ageing 2019 report, in China population aged above 65 years or over is expected to reach 246.98 million by 2030 from 164.48 million in 2019. As the number of the elderly population is expected to rise in the near future who are more prone to chronic diseases such as cardiovascular and neurological diseases which will boost the market over the forecast period.

Thus, owing to the above-mentioned factors along with the fastest-growing economy in the Asia-Pacific region, healthcare industries, and advancement in medical research which is expected to show significant growth in the near future.

Key Market Trends

Neurology Segment is Expected to Hold Major Market Share and is Believed to Continue the Same Over the Forecast period

Magnetic Resonance Imaging (MRI) is the best tool for diagnostic imaging and neuroscience research. It provides morphological images with the highest spatial resolution and unmatched soft tissue contrast, as well as the unique functional information of the central nervous system (CNS).

MRI can also detect the disorders, along with performing the monitoring of degenerative disorders, such as multiple sclerosis, Alzheimer’s disease, dementia and it can even document brain injury from trauma.

According to Dementia Australia, approximately 459,000 Australians are living with dementia in 2020, and almost 1.6 million Australians involved in their center for care. It is also estimated that the number of people with dementia is expected to upsurge to 1.1 million by 2058. It is the leading cause of death of women in Australia, the second leading cause of death in this country and it is predicted to become the leading cause of death within the next five years.

Hence, the use of MRI is expected to increase in the coming years in the diagnosis of the disease which will drive the segment in the near future.

Competitive Landscape

The Asia-Pacific Magnetic Resonance Imaging (MRI) Market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and quality service provision, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices. Some of the companies involved in the market are Siemens Healthcare, GE Healthcare, Canon Medical Systems Corporation, Koninklijke Philips NV, Hitachi Ltd, Esaote SpA, Aurora Imaging Technology, and Neusoft Medical Systems Co. Ltd.

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