Singapore MRI Market Analysis

Singapore MRI Market Executive Summary

The Singapore MRI Market is at around $7.97 Mn in 2023 and is projected to reach $12.88 Mn in 2030, exhibiting a CAGR of 7.1% 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 disrupt 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.

Approximately 250-300 cases of severe Traumatic Brain Injury are admitted to public hospitals annually leading to the rigorous use of MRI. The market therefore is driven by significant factors like the rise in geriatric population, increasing demand for advanced imaging technologies, and expanding healthcare spending. However, high cost, declining availability of helium, and limitations associated with MRI restrict the growth of the market.

The leading pharmaceutical companies include Siemens Healthineers and GE Healthcare for MRI machines. Canon Medical Systems Corporation, Fonar Corporation, and Fujifilm Holdings Corporation are also significant contributors to the MRI market, with continuous research and development activities.

Market Dynamics

Market Growth Drivers

Growing Geriatric Population: Singapore has an aging population, with the proportion of residents aged 65 and above expected to increase from 16.8% in 2022 to 23.8% by 2030. The elderly population is more prone to chronic diseases that require frequent medical imaging, driving up the demand for MRI services.

Increasing Demand for Advanced Imaging Technologies: The demand for advanced imaging technologies, such as MRI, is rising in Singapore to enable clearer and more accurate diagnostic results. MRI systems provide superior image quality compared to other imaging modalities, making them increasingly valuable for detecting and monitoring various medical conditions. Intraoperative MRI, which allows for real-time imaging during surgical procedures, is gaining traction in Singapore.

Expanding Healthcare Spending: Singapore has seen a steady increase in healthcare expenditure in recent years, with the government's commitment to providing universal healthcare coverage. This increased healthcare spending supports adoption of advanced medical technologies, including MRI systems. For instance, National University Health System (NUHS), is investing in new MRI systems to enhance their diagnostic capabilities and improve patient outcomes.

Market Restraints

Declining Availability of Helium: There is a declining availability of helium, a critical component in MRI systems, which is acting as a restraint for the MRI market. Helium shortage drives up the operating costs of MRI systems, making them less accessible.

High Cost of MRI: MRI machines are incredibly expensive. The price varies depending on factors like field strength and design (open vs. closed), but they can easily reach millions of dollars. This high upfront cost can be a significant barrier for hospitals and clinics, especially smaller facilities, considering the return on investment.

Limitations Associated with MRI: MRI scans can cause side effects that limit their adoption, such as claustrophobia, and discomfort for patients with metal implants, heart pacemakers, or metal chips/clips near the eyes. These side effects can lead to patient anxiety, refusal to undergo the procedure, and ultimately, hamper the growth of the MRI market in Singapore.

Regulatory Landscape and Reimbursement Scenario

Health Sciences Authority (HSA) is responsible for regulating medical devices in Singapore. The HSA classifies medical devices based on potential risks. MRI systems are generally considered Class C (moderate risk) or Class D (high risk) devices. Class D MRI requires a more rigorous evaluation route, including technical documentation, quality management system certification, and possibly pre-clinical and clinical data to demonstrate safety and efficacy.

The Screen for Life (SFL) program provides subsidized health screenings for Singaporeans and permanent residents (PRs) at low, fixed fees. Singaporeans can use up to $300 from their MediSave annually to pay for MRI scan costs related to diagnosing or treating medical conditions. Many insurance plans, including company health insurance, personal accident insurance, and integrated shield plans, cover the costs of MRI scans. These plans can help reduce the financial burden of MRI scans, making them more accessible to those who need them.

Competitive Landscape

Key Players

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

• GE Healthcare
• Koninklijke Philips NV
• Canon (Canon Medical Systems Corporation)
• Siemens Healthineers
• Fujifilm Holdings Corporation
• Bruker
• Vivo Surgical
• Esaote
• Mindray Medical International
• Lifetrack Medical Systems