UK MRI Market Analysis

UK MRI Market Executive Summary

The UK MRI Market is at around $172.64 Mn in 2023 and is projected to reach $234.94 Mn in 2030, exhibiting a CAGR of 4.5% 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 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.

UK has 6.1 MRI systems per Mn people. The market therefore is driven by significant factors like increasing prevalence of chronic diseases, rise in healthcare expenditure, and increasing awareness for early and accurate diagnosis. However, high cost, limited accessibility, and patient suitability restrict the market's growth.

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

Market Dynamics

Market Growth Drivers

Rising Prevalence of Chronic Diseases: A growing number of people in the UK are living with chronic diseases like cardiovascular diseases, cancer, neurological disorders, and musculoskeletal conditions. Approximately 3 Mn people in the UK are living with cancer, breast cancer and prostate cancer being the most common ones. These conditions often require MRI scans for accurate diagnosis and treatment planning, increasing demand for MRI services.

Increasing Awareness of Early Diagnosis: There is growing awareness about early diagnosis and treatment of diseases like tuberculosis is driving demand for diagnostic imaging like MRI. Initiatives like the "TB Alert" program are also focused on ensuring quick diagnosis and treatment of conditions like tuberculosis, boosting the need for diagnostic imaging technologies like MRI.

Increasing Healthcare Expenditure: UK's total healthcare expenditure reached £269 billion, with the share of GDP related to healthcare rising to 12.8%. This increased healthcare spending has been a major driver for the MRI market, as it has enabled greater investment in MRI machines and infrastructure. The National Health Service (NHS) in the UK performs over 4 Mn MRI scans annually, and the government-funded Medical Research Council has heavily invested in imaging research centers and networks across the country.

Market Restraints

High Cost of MRI: MRI machines are expensive, with the cost of 1.5T MRI systems ranging from $1-2 Mn, and high-field (3T) MRI systems costing around $2.5-5 Mn. The high cost of equipment and procedures limits the adoption of MRI technology among end users with constrained budgets.

Limited Accessibility: MRI scanners are primarily located in hospitals and specialized diagnostic centers, which can be a significant barrier for patients living in remote areas or those with limited mobility. This geographic concentration of MRI services can restrict access and lead to longer wait times.

Patient Suitability: MRI scans may not be appropriate for all individuals, which restricts their use due to factors like claustrophobia, as well as discomfort for patients with metal implants, heart pacemakers, or metal chips/clips near the eyes. These situations may result in patients feeling anxious, declining to proceed with the procedure, and ultimately impeding the growth of the MRI market in the UK.

Regulatory Landscape and Reimbursement Scenario

The Medicines and Healthcare Products Regulatory Agency (MHRA) is the responsible regulatory body that oversees the approval and use of MRI systems and related medical devices in the UK. It also sets standards and guidelines for the installation, operation, and maintenance of MRI equipment to minimize risks and ensure patient safety.

The NHS, which provides universal healthcare coverage in the UK, is the primary payer for MRI services. However, the reimbursement rates and policies for MRI scans within the NHS can vary depending on factors such as the clinical indication, the type of MRI scanner used, and the healthcare setting. Some private health insurance plans in the UK may cover the cost of MRI scans performed outside the NHS. However, coverage details and limitations will vary depending on the specific plan.

Competitive Landscape

Key Players

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

• GE Healthcare
• Canon Medical Systems Corporation
• Siemens Healthineers
• Philips Healthcare
• Hitachi
• Medserena Upright MRI
• United Imaging
• Vista Health
• Pro Scan Imaging
• Esaote