Portable Magnetic Resonance Imaging (MRI) Market Report 2023-2032
The global portable magnetic resonance imaging (MRI) market was estimated at USD 3.73 billion in 2022 and it is expected to surpass around USD 6.37 billion by 2032, poised to grow at a CAGR of 5.49% from 2023 to 2032.
Key Pointers
Report Scope of the Portable Magnetic Resonance Imaging (MRI) Market
| Report Coverage | Details |
| Market Size in 2022 | USD 3.73 billion |
| Revenue Forecast by 2032 | USD 6.37 billion |
| Growth rate from 2023 to 2032 | CAGR of 5.49% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | Hyperfine Inc., Voxelgrids Innovations Pvt. Ltd., Canon Medical Systems, PrizMed Imaging Solution, Inc., Cobalt Health, Siemens Healthineers Ag, Koninklijke Philips NV, GE Healthcare, JMP Medical SP |
Magnetic resonance imaging (MRI) is a medical imaging technique that is generally used in the radiology segment of the healthcare industry. The technology is used to form pictures or create images of the physiological processes or anatomy of the body. Strong magnetic fields, radio waves, and magnetic field gradients are used to generate the image of body organs. MRIs do not use ionizing radiation or X-rays and hence they are different from computed tomography (CT) scans or positron emission tomography scans. The technology has high applications in a hospital or diagnostic facilities during the various stages of medical treatment.
When compared to CT scan, MRI provides better contrast to soft tissue images, but with stationary MRI scanning, patients may become uncomfortable due to longer and louder measurements while the patient is placed in a long and confined tube. This is where portable MRI scanners come to play. The technique can provide images of body parts on-site and in-time for example, in the Intensive Care Unit thus eliminating the need to transport the patient under critical care from one unit to another for MRI and avoiding subsequent life-threatening errors.
Portable MRI machines have made access to Medicare care uniform for the population of all income groups because traditional MRI can be unaffordable for low-income strata of society. However, portable MRI devices offer the same services at a reduced cost along with the benefit of carrying the MRI machine to patients' homes which makes high-quality medical care reachable to a higher number of people. Portable MRI has also managed to reduce the response time in conducting tests when a person undergoes certain reactions like a seizure, stroke, etc. With the reduced time in understanding the underlying reason for such conditions, the doctors have sufficient time to save the patients.
Facility Insights
Based on facility, the global market segments are hospitals, ambulatory surgery centers, diagnostic centers, and others. The hospital segment dominated the global market in 2022. Portable MRI found wide applications, especially during medical treatment procedures for Covid-19 patients and those admitted to ICU. Biotech innovation in 2020 used a prototype portable MRI scanner to assess the brain injury of 50 patients. 20 out of those 50 patients were Covid-19 infected and showed altered mental status while the rest 30 presented with hemorrhage or ischemic stroke. The mobile MRI scanner was able to detect abnormalities in 40% of covid-19 infected patients and 97% of patients who were not infected. No adverse reaction was reported for the same.
Application Insights
Based on application, the global market is segmented into musculoskeletal, neurology, gastroenterology, and others. Applications in neurology dominated the global market in 2022. As per studies conducted at Harvard and Yale universities in 2022, portable MRI has proven to show efficient results in detecting the cause of stroke or stroke itself. Since mobile MRIs are capable of differentiating between types of stroke, they will be extremely useful for clinicians in remote areas. As per the 2022 report of the World Health Organization, more than 12.45 million people suffered from a stroke in the year 2019.
Regional Insights
North America comprises the United States, Canada, and Mexico. A well-developed healthcare infrastructure, high awareness about portable MRI and its applications, and the local presence of industry leaders are some of the key factors responsible for the huge demand and, thereby, the highest share of North America in the market. For instance, North America's hospitals, diagnostics centers, and research laboratories are already equipped with portable MRIs after receiving approval from the Food and Drug Administration (FDA) in 2020.
In December 2022, Hyperfine announced that it received a Health Canada license and the commercial launch of Swoop in Canada. In February 2022, Queen's University and Kingston Health Sciences Centre deployed the Swoop System, a portable MRI system, to improve patient care in remote areas of northern communities in Canada where access to conventional MRI is limited. According to the data published by Hyperfine in their 2022 annual report, the company has installed more than 50 systems after receiving approval from various regulatory authorities. Hence, increasing demand for this system and investment by companies to develop and commercialize portable MRI are expected to accelerate market growth in the North American region.
Portable Magnetic Resonance Imaging (MRI) Market Segmentations:
By Facility
By Application
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Portable Magnetic Resonance Imaging (MRI) Market
5.1. COVID-19 Landscape: Portable Magnetic Resonance Imaging (MRI) Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Portable Magnetic Resonance Imaging (MRI) Market, By Facility
8.1. Portable Magnetic Resonance Imaging (MRI) Market, by Facility, 2023-2032
8.1.1. Hospitals
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Diagnostic Centers
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Ambulatory Surgery Centers
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Others
8.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Portable Magnetic Resonance Imaging (MRI) Market, By Application
9.1. Portable Magnetic Resonance Imaging (MRI) Market, by Application, 2023-2032
9.1.1. Neurology
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Musculoskeletal
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Gastroenterology
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Others
9.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Portable Magnetic Resonance Imaging (MRI) Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Facility (2020-2032)
10.1.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Facility (2020-2032)
10.1.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Facility (2020-2032)
10.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Facility (2020-2032)
10.2.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Facility (2020-2032)
10.2.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Facility (2020-2032)
10.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Facility (2020-2032)
10.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Facility (2020-2032)
10.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Facility (2020-2032)
10.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Facility (2020-2032)
10.3.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Facility (2020-2032)
10.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Facility (2020-2032)
10.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Facility (2020-2032)
10.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Facility (2020-2032)
10.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Facility (2020-2032)
10.4.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Facility (2020-2032)
10.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Facility (2020-2032)
10.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Facility (2020-2032)
10.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Facility (2020-2032)
10.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Facility (2020-2032)
10.5.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Facility (2020-2032)
10.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
Chapter 11. Company Profiles
11.1. Hyperfine Inc.
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Voxelgrids Innovations Pvt. Ltd.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Canon Medical Systems
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. PrizMed Imaging Solution, Inc.
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Cobalt Health
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Siemens Healthineers Ag
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Koninklijke Philips NV
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. GE Healthcare
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. JMP Medical SP
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers