MR Imaging in Neurosurgery Market Growth Holds Strong

MR imaging market in neurosurgery is still in the development phase. Increased research and development activities are underway to develop more products.

The opportunity for growth of MR imaging market in neurosurgery lies in the development of cost-effective robotic-assisted MRI systems and the development of MRI-compatible robotic systems.

MR imaging in neurosurgery market was valued at $88.7 million in 2021 and is anticipated to reach $150.5 million by the end of 2031, registering a CAGR of 5.52% during the forecast period 2022-2031. The market is driven by factors such as the increasing prevalence of neurological disorders requiring surgical intervention, rising preference for minimally invasive surgeries, growing demand for intraoperative imaging, and technological advancements in the field of robotics and medical imaging.

Impact of COVID-19

The COVID-19 pandemic led to the deferral of MRI performance in the imaging industry. The impact of COVID-19 on imaging facilities is ambiguous, as some imaging techniques such as X-Ray and CT were actively used, whereas MRI and ultrasound were of limited use during the pandemic. Before the COVID-19 pandemic, MR imaging in neurosurgery was majorly undertaken in hospitals and clinical facilities. Owing to factors such as travel restrictions and the risk of transmission of the virus, there was a decrease in MR imaging in neurosurgery.

Recent Developments in Global MR Imaging Market in Neurosurgery

•    In June 2022, Hyperfine Inc. announced its expansion into Australia and New Zealand with Medical Device Registration and notification.
•    In June 2022, Hyperfine Inc. received FDA Clearance for its two new imaging sequences.
•    In May 2022, Koninklijke Philips N.V. received FDA 510(k) clearance for its latest breakthrough high-performance MR 7700 system.
•    In April 2022, FAULHABER integrated with a new subsidiary, named, PDT Präzisionsdrehteile GmbH from Nürtingen.
•    In March 2022, AiM Medical Robotics raised $3.4 million in seed financing to advance neurosurgery with MRI-compatible robotics.
•    In February 2022, Esaote S.p.A received FDA approval of the Magnifico Open MRI system.

Demand – Drivers and Limitations

Following are the drivers for MR imaging market in neurosurgery:

•    Increasing Prevalence of Neurological Disorders Requiring Surgical Intervention
•    Rising Preference for Minimally Invasive Surgeries
•    Growing Demand for Intraoperative Imaging 
•    Technological Advancements in the Field of Robotics and Medical Imaging

The market is expected to face some limitations too due to the following challenges:

•    High Cost of Investment in Robotic-Assisted MRI in Neurosurgeries
•    Limitations of MRI

Analyst Thoughts

According to Satyendr Singh Rajput, Lead Analyst, BIS Research, “The global MR imaging in neurosurgery is expected to witness significant growth in emerging economies due to factors such as the increasing prevalence of neurological disorders requiring surgical intervention, rising preference for minimally invasive surgeries as well as growing demand for intraoperative imaging across countries such as U.S., Germany, Canada, and France.”

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Some of the prominent established names in this market are:

•    AiM Medical Robotics
•    Aspect Imaging Ltd.
•    Brainlab AG
•    Canon Inc.
•    Deerfield Management
•    Esaote S.p.A
•    FAULHABER
•    Fonar Corporation
•    Fujifilm Holdings Corporation
•    General Electric Company
•    Hyperfine Inc.
•    Insightec
•    Koninklijke Philips N.V.
•    Medtronic plc
•    Monteris Medical Corporation
•    Profound Medical Corp.
•    Promaxo Inc. (neuro42, Inc.)
•    Siemens AG
•    Synaptive Medical
•    Zimmer Biomet Holdings, Inc.

How Can This Report Add Value to an Organization?

Type: The type segment helps the reader understand the different types of MR imaging in neurosurgery types available in the market. Moreover, the study provides the reader with a detailed understanding of the different products (systems and instruments, and accessories). Furthermore, the study also covers different segments of type (conventional MR imaging devices and robotic-assisted MR imaging devices).

Growth/Marketing Strategy: The global MR imaging market in neurosurgery has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been regulatory and legal activities, partnerships, alliances, and business expansions to strengthen their position in the market. For instance, in June 2022, Hyperfine Inc. received FDA Clearance for its two new imaging sequences, and in November 2021, Medtronic plc partnered with Rune Labs to improve its understanding of neurostimulation with brain data.

Competitive Strategy: Key players in the global MR imaging market in neurosurgery analyzed and profiled in the study involve established and emerging players that offer different products for MR imaging in neurosurgery. Moreover, a detailed competitive benchmarking of the players operating in the global MR imaging market in neurosurgery has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

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