Canada Magnetic Resonance Imaging (MRI) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Canada MRI Market Analysis

The Canada Magnetic Resonance Imaging (MRI) Market size is expected to grow from USD 227.11 million in 2023 to USD 309.26 million by 2028, at a CAGR of 6.37% during the forecast period (2023-2028).

The COVID-19 pandemic has profoundly affected patient access to the healthcare system in Canada. The impact of the pandemic raises questions about the resiliency and ability of the health system to continue to protect, promote and restore the physical and mental well-being of residents of Canada and to facilitate reasonable access to health services. Many jurisdictions postponed non-urgent care due to concerns about the spread of COVID-19, surge capacity, and hospitals being overrun with SARS-CoV-2 cases. The disruption to health care services affected diagnostic imaging examinations, tests, and procedures. According to a report from the Canadian Association of Radiologists 2021, the COVID-19 pandemic has had a dire effect on wait times for medical imaging procedures across the country. They were waiting an average of 50 to 82 days for CT scans and 89 days for MRI imaging. This is 20 to 52 days longer than the recommended 30-day wait time. Due to COVID-19, waitlists are even longer, putting Canada in crisis mode for medical imaging. The Canadian healthcare system is not equipped with well MRI imaging facilities to handle, and they left several patients untreated with MRI. So, the Canadian Association of Radiologists recommended that the Canadian government invest CAD 1.5 Billion in the imaging equipment and technology infrastructure. Hence, the COVID-19 pandemic has severely affected the market growth during the years 2021 and 2021.

With the growing geriatric population and increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, etc., the studied market of the magnetic resonance imaging (MRI) market is expected to grow in Canada during the forecast period of the study. Also, there is the presence of some of the key companies operating in the MRI market in Canada who are continuously improving their product offering and launching new ones and also engaged in various other business expansion measures such as collaborations, mergers, and acquisitions, among others that will also boost the growth of the studied market in the country over the years. For instance, in February 2020, Synaptive Medical received clearance from Health Canada for its Evry systems, a superconducting 0.5T head magnetic resonance imaging (MRI) system intended to provide MRI directly at the point of care.

Therefore, owing to the above-mentioned factors, the market studied is expected to witness steady growth over the forecast period.

Canada MRI Market Trends

This section covers the major market trends shaping the Canada MRI Market according to our research experts:

Low Field MRI Systems to Witness Significant Growth

Canada MRI Industry Segmentation

As per the scope of this report, magnetic resonance imaging is a medical imaging technique, which is used in radiology to produce pictures of the anatomy and the physiological processes of the body. These pictures are further used to diagnose and detect the presence of abnormalities in the body. The Canada Magnetic Resonance Imaging (MRI) Market is segmented by Architecture (Closed MRI Systems and Open MRI Systems), Field Strength (Low Field MRI Systems, High Field MRI Systems, Very High Field MRI Systems, and Ultra-high MRI Systems), Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal, and Other Applications). The report offers the value (in USD million) for the above segments.