Canada Magnetic Resonance Imaging Market Size, Share, and COVID-19 Impact Analysis, By Architecture (Open MRI Systems and Closed MRI Systems), By Application (Oncology, Gastroenterology, Neurology, Cardiology, Musculoskeletal, and Others), and Canada Magnetic Resonance Imaging Market Insights, Industry Trend, Forecasts to 2033.

Canada Magnetic Resonance Imaging Market Insights Forecasts to 2033

• The Canada Magnetic Resonance Imaging Market Size is Growing at a CAGR of 6.30% from 2023 to 2033
• The Canada Magnetic Resonance Imaging Market Size is Expected to Hold a Significant Share by 2033

The Canada Magnetic Resonance Imaging Market Size is Expected to hold a significant share by 2033, Growing at a CAGR of 6.30% from 2023 to 2033

Market Overview

The market for magnetic resonance imaging (MRI) in Canada is the sector devoted to the creation, marketing, and application of MRI systems for diagnostic imaging.  These devices create precise images of internal body structures using radio waves and magnetic fields, which help with the diagnosis of diseases like cancer, heart disease, and neurological disorders. Systems that use magnetic resonance imaging (MRI) have become essential for diagnostic imaging. About the medical field. One of the main factors propelling the market's expansion is the rising incidence of cardiovascular diseases in the country's population since cardiac MRIs are among the most widely utilized techniques for precisely diagnosing these conditions. In addition, the market for MRI systems is expected to grow during the forecast period due to a significant rise in cancer prevalence. Furthermore, government investment to encourage the utilization of MRI scanners in medical settings is anticipated to fuel market expansion.

Report Coverage

This research report categorizes the market for the Canada magnetic resonance imaging market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada magnetic resonance imaging market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada magnetic resonance imaging market.

Driving Factors

The Canada magnetic resonance imaging industry is driven by the rising medical imaging expenditures that have fueled ongoing research and development, which has produced innovative goods and expanded the market. Medical personnel are using this technology to boost efficiency and better comprehend treatment as the prevalence of chronic diseases rises. Additionally, the need for these systems is further fueled by the healthcare industry's emphasis on early diagnosis and customized treatment programs, and their value proposition is further enhanced by the incorporation of MRI systems into cardiovascular disease management, cancer radiation therapy, and surgical procedures.

Restraining Factors

The market for magnetic resonance imaging in Canada is hampered by issues such as high maintenance and MRI equipment costs, restricted access in rural areas, and long operation wait times brought on by limitations in the healthcare system. The market's expansion is further limited by strict regulations and the demand for qualified personnel to operate sophisticated MRI equipment.

Market Segmentation

The Canada magnetic resonance imaging market share is classified into the architecture and application.

• The closed MRI segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the architecture, the Canada magnetic resonance imaging market is divided into open MRI systems and closed MRI systems. Among these, the closed MRI segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. The increased market share of the closed MRI segment is ascribed to its multiple advantages over open MRI. In addition, compared to open MRIs, closed MRI imaging systems can diagnose more issues, which is driving market expansion.

• The musculoskeletal segment accounted for a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the application, the Canada magnetic resonance imaging market is divided into oncology, gastroenterology, neurology, cardiology, musculoskeletal, and others. Among these, the musculoskeletal segment accounted for a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period. The rise in musculoskeletal diseases, geriatric population, accidents, injuries, rapid technological advancements, and MRI equipment's advantages in diagnosing these conditions are contributing factors.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada magnetic resonance imaging market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Canon (Canon Medical Systems)
• Fujifilm Holdings Corporation
• GE Healthcare
• Koninklijke Philips NV
• Esaote SpA
• Hyperfine, Inc.
• Siemens Healthineers
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada magnetic resonance imaging market based on the below-mentioned segments:

Canada Magnetic Resonance Imaging Market, By Architecture

• Open MRI Systems
• Closed MRI Systems

Canada Magnetic Resonance Imaging Market, By Application

• Oncology
• Gastroenterology
• Neurology
• Cardiology
• Musculoskeletal
• Others