South Korea Spinal MRI Procedures Market Size, Share, Growth, Trends, and Industry Analysis: By MRI Procedures (Lumbar MRI Procedures, Cervical MRI Procedures, and Sacro-iliac MRI Procedures), By Sector (Public Hospitals/Universities, and Private (Private Hospitals, and Imaging Centres)), and Country Forecast 2019-2030.

In 2023, 626,000 MRI procedures were performed and are projected to grow at a CAGR of 3.4% over the forecast years to reach 785,000 procedures by 2030. An aging population, better healthcare spending, and technological research of MRI contribute to the demand for South Korean spinal MRI procedures because diagnostics become more accessible to patients. Government comprehensive insurance also drives demand, besides an increasing musculoskeletal disorder due to lifestyle and medical tourism. The constraints include the high costs of MRI machines, competition with faster imaging modalities, and regulatory barriers that could slow down growth.

Opportunities include integrating AI to bolster diagnostics and expand healthcare infrastructure in the most rural areas while unleashing 3D and portable MRI technology. Trends are towards more advanced MRI systems, non-invasive diagnostics, and specific outpatient imaging centers, making spinal MRI service easier and far more effective. Technology advancement and changing healthcare demands will drive the market, but it still has to deal with the challenges that might grow it for broader reaping.

Key Takeaways

• The South Korea Spinal MRI Procedures in 2023 were 626,000 growing at a rate of 2.7% from 2019.
• By procedure type, the Lumbar procedure segment has captured a 60.9% market share in 2023 with 381,000 MRI procedures.
• By sector, the Public Hospitals/Universities segment has accounted for a market share of 87.7% in 2023 with 549,000 MRI procedures.

Key Players in the South Korea Spinal MRI Procedures Market

The South Korean spinal MRI Procedures Market size is inclusive of several companies such as Philips Healthcare, Canon Medical Systems, Toshiba Medical Systems, Stryker, Zimmer Biomet, Abbott Laboratories, GE Healthcare, Resonance Health, Medtronic, Siemens Healthineers, and others.

Facts & Figures of MRI Procedures in South Korea

• In 2020, South Korea conducted more than 7.4 million MRI scans; by type, this means roughly 24% for spinal MRIs. Source: Korean Radiological Society
• As of March 2021, with Growing Numbers of Imaging Centers, it can be understood that more than 2,300 MRI machines have been installed in hospitals and imaging centers across South Korea, following their increased demand for diagnostic imaging. Source: Ministry of Health and Welfare.
• In 2021, about 55% of the MRI scans were carried out in private hospitals and thus show increasing privatization of medical imaging. Source: Health Insurance Review and Assessment Service
• In 2019, the age group 50 years and above accounted for about 65% of the spinal MRIs carried out, and thus, this was the most prominent age group where spinal MRIs were performed. Source: Korean Journal of Radiology.
• The average procedure time for a spinal MRI in South Korea is roughly 30 to 45 minutes, depending on the number of complexities of the case. (Korean Society of Magnetic Resonance in Medicine).
• There were approximately 2,700 certified radiologists in South Korea in 2022. A significant number were specializing in musculoskeletal imaging, including spinal MRI. (Korean Radiological Society).

South Korea Spinal MRI Procedures Market Key Developments

• In March 2024, Siemens Healthineers announced FDA Clearance for MAGNETOM Terra.X 7-Tesla magnetic resonance scanner which is the World’s first clinical eight-channel parallel transmit MR scanner.
• In 2023, At the Radiological Society of North America’s (RSNA) 2023 Annual Meeting, GE HealthCare unveiled SIGNA Champion, a remarkable 1.5T wide bore Magnetic Resonance Imaging (MRI) system. This cutting-edge system aims to improve MRI exams for patients globally by democratizing advanced AI and innovative features.