MRI Guided Drug Delivery Market: Introduction
MRI guided drug delivery or magnetic resonance guided drug delivery is a part of an advanced drug delivery system that helps transport a therapeutic agent from the site of administration to the targeted area. The MRI guided drug delivery technique not only helps reduce non-target distribution of the drug but also increases drug concentration in the targeted area. The main advantage of MRI guided drug delivery is that the release of the therapeutic agent at a specific site can be quantified and also visualized by real-time settings.
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MRI Guided Drug Delivery Market: Drivers and Restraints
The growing demand for MRI guided drug delivery is because of its non-invasive or minimally invasive approach, which causes less side effects and less pain as compared to other alternatives. Other factors expected to drive the MRI guided drug delivery market include advancements in medical technologies, growing prevalence of cancer and other chronic diseases, increase in diagnostic rates among the population with chronic diseases, adoption in therapeutic areas for treatment purposes such as oncology (unresectable tumors, bone cancer, intra or extracrenial neoplasms, prostate cancer, breast cancer), woman’s health (uterine fibroids), neurological disorders, and cosmetic medicine, among others. However, MRI guided drug delivery is not a cost-effective method, which restricts its acceptance by patients. Less awareness towards the technique is another factor limiting the growth of the global MRI guided drug delivery market.
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MRI Guided Drug Delivery Market: Segmentation
Tentatively, the global MRI guided drug delivery market can be segmented on the basis of product type, application, indication, end user, and geography.
Based on product type, the global MRI guided drug delivery market is segmented as:
- MRI Guided Drug Delivery Combined with Ultrasound Radiation (Non-invasive)
- MRI Guided Drug Delivery without Ultrasound Radiation (Minimally Invasive)
Based on application, the global MRI guided drug delivery market is segmented as:
Based on indication, the global MRI guided drug delivery market is segmented as:
- Neurological Disorders
- Uterine Fibroids
- Others (e.g. Cosmetic Medicine)
Based on end user, the global MRI guided drug delivery market is segmented as:
- Diagnostic Centers
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MRI Guided Drug Delivery Market: Overview
The global market for MRI guided drug delivery is expected to generate significant revenue with a huge growth over the forecast period, due to the high demand for painless, non-invasive methods for the treatment of serious indications. Among the two product types of MRI guided drug delivery systems, non-invasive systems are expected to experience high demand across all end users. The hospitals end user segment is expected to contribute the highest share in the global MRI guided drug delivery market, due to requirement of highly developed infrastructure for such systems. Among various indications of MRI guided drug delivery systems, the cancer segment is expected to gain traction over the forecast period, primarily due to growing prevalence of cancer, and the availability of reimbursements. Some of the popular brands of MRI guided drug delivery systems include TULSA-PRO (Profound Medical Corp), NeuroBlate (Monteris), MRGFUS (Insightec Ltd.) etc.
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MRI Guided Drug Delivery Market: Regional Outlook
Geographically, the global MRI guided drug delivery market is segmented into North America, Latin America, Europe, CIS & Russia, Asia Pacific Excluding Japan, Japan, and the Middle East & Africa. North America’s MRI guided drug delivery market is expected to remain dominant in the global MRI guided drug delivery market, on the account of growing research applications of MRI guided drug delivery along with increased set up of advanced diagnostic laboratories in the region. Europe’s MRI guided drug delivery market is expected to contribute the second-largest revenue share in the global MRI guided drug delivery market throughout the forecast period, owing to the increased presence of distributors and suppliers for MRI guided drug delivery devices across the region. However, the fastest growth is expected from Asia Pacific, mainly from countries such as Japan and China, because they are attracting manufacturers with a lots of possibilities to explore their business in the MRI guided drug delivery sector.
MRI Guided Drug Delivery Market: Key Players
The global MRI guided drug delivery market is highly consolidated with a small number of global players operating in it. Some of the players identified in the global MRI guided drug delivery market are Chongqing Haifu Medical Technology Co., Ltd., Monteris, Profound Medical Corp, Insightec Ltd., Alpinion Medical Systems Co., Ltd., Episonica, and others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru, and Rest of Latin America)
- Europe [EU -4 (Germany, France, Italy, Spain), BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep., etc.), Rest of Europe
- CIS & Russia
- APEJ (Greater China, India, S. Korea, ASEAN Countries and Rest of APEJ)
- Middle East & Africa (GCC Countries, Turkey, Iran, Israel, South Africa, Rest of MEA)
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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Mr. Shambhu Nath Jha is a seasoned consultant and researcher. His research papers have been published in reputed websites and trade journals. His interests include philosophy and history.