At 7.4% CAGR, the Europe Pediatric MRI Market is Projected to be worth US$ 1,665.48 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Europe pediatric MRI market was valued at US$ 1,086.96 million in 2022 and is expected to reach US$ 1,665.48 million by 2028, registering a CAGR of 7.4% from 2022 to 2028. Rising cases of traumatic injuries and bone defects in children is the critical factor attributed to the Europe pediatric MRI market expansion.

Medical imaging is widely used to diagnose and treat many diseases. Radiation is commonly used in imaging, and this exposure raises questions and concerns for patients and providers. The initiatives by international organizations, such as WHO and United Nations Children’s Fund (UNICEF), to raise awareness regarding preterm birth and child health are likely to propel the adoption of pediatric MRI in hospitals and maternity clinics across middle-income countries in the coming years. For instance, in 2015, the United Nations established the Sustainable Development Goals (SDGs) to promote healthy lives and well-being for all children. These projects aim to reduce the cases of preventable deaths of newborns and under-5 children by 2030. Owing to these efforts, in 2019, 122 countries met the SDG target for under-5 mortality, and 20 countries are expected to meet the target by 2030. Under SDG, the number of under-5 deaths is expected to decrease by 11 million between 2019 and 2030. Therefore, increasing initiatives, especially in developing nations, to create awareness regarding pediatric safety are likely to offer lucrative growth opportunities for the pediatric MRI market during the forecast period. This is expected to drive the Europe pediatric MRI market during the forecast period.

On the contrary, limitations and safety challenges associated with pediatric MRI hurdles the growth of Europe pediatric MRI market. 

Based on type, the Europe pediatric MRI market is categorized into functional brain MRI, cardiac MRI, 4D MRI, and others. The functional brain MRI segment held 41.2% market share in 2022, amassing US$ 447.31 million. It is projected to garner US$ 700.94 million by 2028 to expand at 7.8% CAGR during 2022–2028.

Based on application, the Europe pediatric MRI market is categorized into neurology, orthopedics, cardiology, oncology, and others. The neurology segment held 42.2% share of Europe pediatric MRI market in 2022, amassing US$ 458.21 million. It is projected to garner US$ 729.05 million by 2028 to expand at 8.0% CAGR during 2022–2028.

Based on product type, the Europe pediatric MRI market is bifurcated into equipment and coil design. The equipment segment held 80.3% market share in 2022, amassing US$ 873.16 million. It is projected to garner US$ 1,360.07 million by 2028 to expand at 7.7% CAGR during 2022–2028.

Based on age group, the Europe pediatric MRI market is categorized into adolescent (11-18 Years), child (2-11 Years), infants and toddlers (28 Days-23 Months), neonatal stage (0-27 Days), and fetal stage. The adolescent (11-18 Years) segment held 44.3% share of Europe pediatric MRI market in 2022, amassing US$ 482.02 million. It is projected to garner US$ 741.59 million by 2028 to expand at 7.4% CAGR during 2022–2028.

Based on end user, the Europe pediatric MRI market is categorized into hospitals, pediatric clinics, diagnostic centers, and others. The hospitals segment held 52.1% share of Europe pediatric MRI market in 2022, amassing US$ 566.23 million. It is projected to garner US$ 884.78 million by 2028 to expand at 7.7% CAGR during 2022–2028.

Based on country, the Europe pediatric MRI market has been categorized into Germany, the UK, France, Italy, Spain, and the Rest of Europe.  Our regional analysis states that Germany captured 29.2% share of Europe pediatric MRI market in 2022. It was assessed at US$ 317.53 million in 2022 and is likely to hit US$ 509.58 million by 2028, exhibiting a CAGR of 8.2% during 2022–2028.            

Key players operating in the Europe pediatric MRI market are GE HealthCare Technologies Inc, Hyperfine Inc, Koninklijke Philips NV, LMT Medical Systems GmbH, Neoscan Solutions GmbH, NORAS MRI products GmbH, and Siemens Healthineers AG, among others.

• In May 2021, Neoscan Solutions launches MRI scanner for babies.
• In June 2020, Noras MRI Products receives MDR certificate.

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