Canada MRI Market Analysis

Canada MRI Market Executive Summary

The Canada MRI Market is at around $531.20 Mn in 2023 and is projected to reach $825.48 Mn in 2030, exhibiting a CAGR of 6.5% during the forecast period.

Magnetic resonance imaging (MRI) is a type of diagnostic test that can create detailed images of nearly every structure and organ inside the body. It uses strong magnetic fields and radio waves to produce detailed images of the inside of the body. The MRI machine is a large, cylindrical (tube-shaped) device that generates a powerful magnetic field around the patient and emits pulses of radio waves from a scanner. Some MRI machines resemble narrow tunnels, while others are more spacious. The intense magnetic field produced by the MRI scanner causes the atoms in your body to align in the same direction. Subsequently, radio waves are emitted from the MRI machine, which disrupts this alignment, causing the atoms to return to their original positions. As the radio waves cease, the atoms revert to their initial alignment and emit radio signals. These signals are then picked up by a computer, which transforms them into an image of the area being examined. This image is displayed on a viewing monitor.

Among member countries of the OECD, Canada has 10.05 units available per every million of its population. The market therefore is driven by significant factors like the rise in geriatric population, increasing prevalence of chronic diseases, technological advancements in MRI, and growing demand for early and accurate diagnosis. However, high cost, specialized infrastructure and site requirements, and strict regulatory approval restrict the growth of the market.

The leading pharmaceutical companies include GE Healthcare and Hitachi High-Tech Corporation for MRI machines. Toshiba, Inland Imaging, and Hyperfine Inc. are also significant contributors to the MRI market, with continuous research and development activities.

Market Dynamics

Market Growth Drivers

Technological Advancement: Continuous advancements in MRI technology are improving image quality, reducing scan times, and offering new applications. Features like AI-powered image analysis and lower-field MRI systems are making MRI more efficient, accessible, and patient-friendly, leading to wider adoption.

Growing Prevalence of Chronic Diseases: The growing prevalence of diseases such as cancer, heart diseases, and disorders of the bones and muscles in Canada is boosting the need for MRI scans for identification and oversight. Cancer remains the top reason for fatalities, making up approximately 25% of all fatalities. The significant impact of these health issues is pushing the need for MRI scans for early detection, diagnosis, and tracking of treatment effects.

Focus on Early Detection:  The growing emphasis on early disease detection further fuels the MRI market. Early and accurate diagnosis allows for timely intervention. Canadian healthcare providers are increasingly utilizing MRI technology's detailed scans for faster diagnoses, leading to better patient outcomes and driving market growth.

Market Restraints

High Cost: The significant capital and operational expenditures related to MRI equipment can have a considerable impact on market growth due to budgetary constraints, affordability issues, and accessibility challenges for healthcare providers and patients. These elevated costs impede the adoption and utilization of these advanced imaging technologies.

Competition from Alternative Imaging Modalities: Other medical imaging techniques like CT scans, ultrasound, and PET scans can be more cost-effective alternatives to MRI in certain applications. This competition from substitute products can limit the growth of the MRI market in Canada.

Shortage of Skilled Professionals: The shortage of qualified radiologists and MRI technicians in Canada is a critical factor impeding the growth of the MRI market. The lack of skilled personnel to operate and maintain these advanced imaging systems is limiting the adoption and utilization of MRI services, especially in rural and underserved areas of the country. This deficiency in trained professionals is obstructing access to MRI scans and hindering the expansion of MRI services nationwide.

Regulatory Landscape and Reimbursement Scenario

All MRI machines sold in Canada require approval from Health Canada, the federal department responsible for ensuring the safety, efficacy, and quality of medical devices.  Manufacturers must submit detailed documentation demonstrating the device meets Canadian standards. The Canadian Association of Radiologists (CAR) has established guidelines for the safe use of MRI, including standards for MRI facilities, staff training, and patient screening.

Canada has a universal public health insurance system called Medicare that provides coverage for medically necessary hospital and physician services, including MRI scans. Reimbursement rates for MRI scans can differ across provinces, impacting provider revenue and potentially influencing where MRI machines are installed. For example, provinces like Ontario provide more comprehensive coverage for MRI services, while others have more restrictive policies.

Competitive Landscape

Key Players

Here are some of the major key players in the Canada MRI Market:

• GE Healthcare
• Koninklijke Philips NV
• Canon (Canon Medical Systems Corporation)
• Siemens Healthineers
• Fujifilm Holdings Corporation
• Hitachi High-Tech Corporation
• Hyperfine Inc.
• Toshiba
• Neusoft
• Inland Imaging