MR Imaging in Neurosurgery Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Type (Conventional MR Imaging Devices, and Robotic-Assisted MR Imaging Devices), By Product Type (Systems, and Instruments & Accessories), By End-user (Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers, and Others), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global MR Imaging in Neurosurgery Market was valued at USD 96.36 Million in 2022 and is anticipated to reach a value of USD 148.37 Million by 2030 expanding at a CAGR of 5.6% between 2023 and 2030.

MR imaging also known as magnetic resonance imaging is a diagnostic procedure plays an essential role in neurosurgery. MR imaging in neurosurgery is the use of MRI technique to produce detailed images of organs including brain, nervous system, and the spine. MRI is a non-invasive imaging technology that creates magnetic field along with radio waves to produce detailed images of body's organs and structures. According to Johns Hopkins University, this MRI technology in neurosurgery provides a real-time brain image during surgery, enable health professionals to spot tissue anomalies and remove them precisely and securely. Based on type, the market for MR imaging in neurosurgery is classified into conventional MR imaging devices, and robotic-assisted MR imaging devices. MR imaging in neurosurgery devices play a crucial role in diagnosing, monitoring, and treating neurological disorders effectively. The market is influenced by factors such as increasing demand for non-invasive surgeries, growing prevalence of neurological disorders, rise in geriatric population, and rising healthcare expenditure.

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MR Imaging in Neurosurgery Market Major Driving Forces

Increasing Demand for Non-invasive Surgeries: One of the major factor supporting the marker growth is the rising consumer demand for non-invasive surgeries. In recent years, people are prioritizing non-invasive surgeries aims to minimize damage to human tissues and have a quick recovery with less discomfort.

Growing Prevalence of Neurological Disorders: The rising incidences of neurological disorders such as brain tumors, stroke, depression, and transnasal hemorrhage is influencing the growth of the market. Significant initiatives taken by government and private organizations to make people aware of the early diagnosis and treatment of brain disorders.

Rise in Geriatric Population: The rise in geriatric population is a significant driver for the growth of the global MR imaging in neurosurgery imaging market. The geriatric population requires extensive care, as they are more prone to illness owing to their low immunity level and longer recovery time.

Rising Healthcare Expenditure: Healthcare expenditure is rising across the globe leading to an increase in demand for effective treatments. As healthcare costs are continuously increasing, there is a high demand for advanced diagnostic tools to improve patient treatment. 

MR Imaging in Neurosurgery Market Key Opportunities

Technological Advancements: The rapid advancements in technologies such as artificial intelligence in MRI, open MRI, visualization software, functional MRI, high resolution MRI, and spectroscopy are expected to drive market growth. The rise in demand for quick and effective diagnostics boost in demand for advanced imaging techniques.  These advancements enable accurate and precise diagnostics, meeting the demand for efficient healthcare solutions.

Development of Cost-Effective Robotic-Assisted MRI Systems: The development of cost-effective robotic-assisted MRI systems is anticipated to create tremendous opportunities for market growth. The surgical robots developed by the manufacturers can be more efficient and reliable.  Robotic-assisted MRI systems can have safe sensors and microelectromechanical systems (MEMS) to prevent the robots from being harmed.  

Expanding Clinical Applications: Opportunities lie in continuous exploration of new applications for MR imaging in neurosurgery technology beyond medical imaging. Opportunities exist in fields such as precision medicine, drug development, preclinical research, environmental monitoring, and material science. Exploring applications in other fields can further diversify market and drive innovations.

MR Imaging in Neurosurgery Market Key Trends

·         The rise in product approvals for imaging systems is an another key factor propelling the market demand

·         Increasing demand for minimally invasive surgeries owing to their advantages is a major factor responsible for the market growth  

·         Leveraging artificial intelligence and machine learning technologies to enhance image processing and interpretation in MR imaging in neurosurgery

·         The trend towards developing portable, compact, and affordable MR imaging in neurosurgery devices are gaining traction

·         Ongoing innovation in MR imaging in neurosurgery technology to improve performance, resolution, and functionality

·         The development of cost-effective MRI systems with robotic assistance is a notable factor influencing the growth of the market

·         The emerging trend towards patient-centric care that emphasizing a personalized approach to treatment

Region-wise Market Insights

North America accounted for the largest market share at 39.4% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 6.0% between 2023 and 2030.

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North America is the largest region for global MR imaging in neurosurgery market due to rising prevalence of neurological conditions, strong healthcare infrastructure, and growing adoption of advanced technologies in the region. Moreover, strong presence of major MR imaging manufacturers, rising demand for minimally invasive surgery, and rising awareness of early diagnostics are driving market expansion. In Europe, the factors driving market expansion are increasing prevalence of neurological disorders, rising adoption of advanced MRI ad robotic systems, and government funding to support research and development in the region.  In Asia-Pacific, the market is characterized by growing aging population, increasing government spending on healthcare infrastructure, high prevalence of neurological disorders, and increased medical tourism which has created an increasing demand for MR imaging in neurosurgeries. The Middle East and Africa has been witnessing significant demand with increasing awareness about neurological disorders whereas, in Latin America, the market is influenced by the rising preference for minimally invasive surgeries, and improving healthcare infrastructure.

Market Competition Landscape

The global MR imaging in neurosurgery market is highly fragmented with the presence of well-established and emerging players. These major companies operating in the market are driving innovations, research activities, and latest developments in the global MR imaging in neurosurgery market.  Key players in the MR imaging in neurosurgery market engage in various strategies aimed at gaining a competitive edge. These strategies include product innovation, product approvals, mergers, acquisitions, and partnerships with other companies to meet evolving consumer preferences. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global MR imaging in neurosurgery market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Mindray Medical International Limited

·         GE HealthCare

·         Abbott Laboratories

·         Medtronic

·         Siemens Healthineers

·         Boston Scientific Corporation

·         LivaNova PLC

·         Stryker

·         Koninklijke Philips N.V.

·         Bio-Rad Laboratories, Inc.

·         Johnson & Johnson Services, Inc.

·         NeuroPace, Inc.

·         Canon Medical Systems Corporation

·         Hitachi High-Tech Corporation.