Micro-Magnetic Resonance Imaging Market Size, Share & Trends Analysis Report By Type (Permanent Magnet, Superconductive Magnet), By End-use (Universities and Academic, Contract Research Organisations), And Segment Forecasts, 2022 - 2030

Report Overview

The global micro-magnetic resonance imaging market size was valued at USD 1.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. Micro-magnetic resonance imaging (MRI) is the imaging modality used in preclinical studies to conduct research on small animals for developing novel oncology treatments, identification of new drug candidates and chemical entities to treat cardiological, neurological, and infectious diseases. Due to its non-invasiveness, high spatial resolution, high-definition image quality, and non-ionizing radiation unlike micro-CT and micro-PET, this technique is highly adopted for the study of brain tissues and other soft tissues in small animals.

Studies on small animals like rats, rabbits, and mice, enable researchers to build a bridge between molecular discoveries and clinical implementation in diagnostic and therapeutics. Micro- MRI holds numerous advantages such as minimal site requirement for equipment installation, reduced maintenance cost, accurate animal positioning and monitoring, and non-damaging radiations, which have led to its increased adoption among scientists. Additionally, factors such as a rise in brain tumor screening and diagnosis using high magnetic field MRIs and increased preclinical trials for improved oncology treatment to improve patient outcomes, are responsible for influencing the market growth.

Prostate cancer diagnosis and screening, early detection of liver fibrosis, and novel screening techniques for neurodegenerative conditions are currently being studied in preclinical settings using micro-MRI. Companies such as Bruker, Siemens Healthineer, Mediso, MR Solutions, Aspect Imaging, United Imaging, and Times Medical Systems, are among the major players in the market for micro-magnetic resonance imaging. Integrated PET/Micro- MRI systems developed by companies such as Cubresa Inc. are proving highly efficient to track compound distribution and generate 3D images of biomedical processes in living animals.

Despite, the emergence of this novel screening technique, the outbreak of COVID-19, has led to a decline in the market for micro-magnetic resonance imaging due to a halt in research activities, dramatic decline in the economy, national lockdowns, shutting of logistic services, and limited research scientists at research laboratories due to the fear of virus spread. Manufacturers witnessed the closure of production facilities or operations with reduced capacity, leading to the postponement of sales activities, in turn declining the revenue generated. However, the market for micro-magnetic resonance imaging is said to bounce back by mid-2022.

End-use Insights

The preclinical imaging and testing facilities segment is expected to witness the highest CAGR of 5.0% in the forecast period. Increased research to develop advanced cancer therapies, brain aneurysm screening, and developing new drug molecules to treat critical diseases are factors that are likely to drive the segment growth in coming years. These centers have the capacity to invest in costly MRI equipment, thereby propelling the market growth. On the other hand, the universities and academics segment is said to acquire the largest share in the market, due to increased research funding from the government and market leaders and ongoing research on the reconstruction of peripheral nerve fascicles undertaken at university levels.

Research organizations and private biomedical science institutes are a part of the others segment in this market for micro-magnetic resonance imaging. Such organizations are actively collaborating with market leaders to develop high tesla preclinical MRI systems. For instance, Bruker and Champalimaud Foundation (Portugal) collaborated to develop the first-ever 18 T MRI for preclinical studies on advancing translational cancer and neuroscience research. The Champalimaud Foundation is involved in research on oncology and neuroscience. This 18T advanced system is likely to support the foundation’s in vivo research into cancer, brain plasticity, and neurodegenerative disease models.

Type Insights

The superconducting magnets segment dominated the market for micro-magnetic resonance imaging and accounted for the largest revenue share of 81.4% in 2021. This growth is due to their property of conducting a magnetic field without any electric resistance, enabling the magnet to produce much larger electric currents. Advantages of superconducting magnets such as high signal-to-noise ratio, enhanced resolution, and improved image quality, have influenced the performance of MRI systems used in clinical practice and preclinical research. These magnets are more reliable in case of quench, as it closely monitors helium levels and reports the abnormalities.

Additionally, the magnet is associated with an emergency system that enables heaters to be fired to initiate quench and quickly discharge the magnet if ever necessary. Thus, superconducting magnets are likely to mask the permanent magnets in the near future. However, the low price range and reduced need for electric power or coolant associated with the permanent magnets, have found their way into low field strength MRI. The conductor used in most MRI systems is niobium-titanium (NbTi) which is superconductive below 9.4K. Magnesium diboride (MgB2), is another emerging superconductive material for micro-MRI. The cryogenic nature of the magnet is attained due to the helium bathing in a structure called cryostat which surrounds the magnet. Magnets with a field strength of nearly 16 T are being developed that are likely to influence the growth of the market for micro-magnetic resonance imaging.

Regional Insights

North America dominated the micro-magnetic resonance imaging market and accounted for the largest revenue share of 29.7% in 2021. A large number of market leaders increased R&D centers in this region, and improved research activities for various end uses in this region. Additionally, per capita healthcare spending in the region and funding carried out by the National Institutes of Health (NIH) to support research also influenced market growth. Asia Pacific market is said to witness the highest growth rate of 5.4% in the forecast period. The launch of newer R&D centers mainly in China and Japan, a large number of Contract Research Organizations (CROs) in India, and outsourcing services conducted by market leaders in this region are said to influence the growth of the market for micro-magnetic resonance imaging. The demand for non-invasive procedures, better diagnosis, and increased research activities influence the market in the developing region. A rise in government initiatives to support research activities and diversification of market leaders in developing nations is likely to influence market growth.

Key Companies & Market Share Insights

The market for micro-magnetic resonance imaging includes the presence of large and small players. These players are constantly collaborating with Academic centers and Universities and other end-use areas to influence the preclinical studies in the market. In addition, these market players, are investing heavily in R&D to develop high magnetic field MRI systems for screening soft tissue and diagnosis brain aneurysm without damaging other tissues. Hence, the market leaders, are adopting, strategies such as collaborations, partnerships, and providing funding for strengthening their market presence and influencing the global market. Some of the prominent players in the micro-magnetic resonance imaging market include:

• Bruker

• Siemens Healthineer

• Phillips

• Varian

• Mediso

• MR Solutions

• Aspect Imaging

• Agilent

• Cubresa

• United Imaging

• Time Medical System

Micro-Magnetic Resonance Imaging Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global micro-magnetic resonance imaging market report based on type, end-use, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Superconductive Magnet

  • Permanent Magnet

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Universities and Academic

  • Biotechnology and Pharmaceutical Companies

  • Preclinical Imaging and Testing Facilities

  • Contract Research Organizations

  • Others

•  Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE