USD 4.8 billion
Magnetic Resonance Imaging (MRI) Market Size, Share, Growth Analysis, By architecture(Closed MRI systems, Standard bore MRI, Wide bore MRI and Open MRI systems), By Field Strength(Low Field Strength, mid Field Strength and high Field Strength), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2138 |
Region:
Global |
Published Date: February, 2024
Pages:
265
|Tables:
62
|Figures:
75
Magnetic Resonance Imaging (MRI) Market Insights
Magnetic Resonance Imaging Market size was valued at USD 5.20 billion in 2022 and is poised to grow from USD 5.57 billion in 2023 to USD 9.64 billion by 2031, growing at a CAGR of 7.10% in the forecast period (2024-2031).
Magnetic Resonance Imaging (MRI) is a powerful diagnostic tool for detecting diseases related to spine lesions, tumours, and strokes that affect blood vessels and the brain. The rising prevalence of diseases is propelling the market forward. According to the International Agency for Research on Cancer, there will be 19,292,789 new cancer cases worldwide in 2020. Furthermore, the growing demand for quick and accurate diagnostic procedures is expected to drive the adoption of MRI machines. These MRI machines are being installed in a number of countries. According to the OECD, the number of MRI units installed in the United States in 2020 was 34.54 per million population. In addition, the incorporation of artificial intelligence in MRI is expected to boost market growth.
Diagnostic technique advancements such as open MRI, visualisation software, and superconducting magnets are propelling the MRI market forward. The most recent advancements in MRI technology have been in the software. Furthermore, the development of cardiac pacemaker-compatible MRI systems is expected to propel the cardiology segment's market growth. In addition, various paramagnetic contrast agents, such as gadolinium-DTPA, are administered intravenously to provide sharp, precise, and accurate images in a shorter time frame. These MRI technological advancements are expected to drive market growth over the forecast period.
US Magnetic Resonance Imaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
mid Field Strength
Fastest Growth
mid Field Strength
Growth Rate
7.1% CAGR
Global Magnetic Resonance Imaging Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Magnetic Resonance Imaging (MRI) Market Segmental Analysis
Magnetic Resonance Imaging is segmented based on the architecture, Field Strength and region. Based on architecture, the market is segmented into Closed MRI systems, Standard bore MRI, Wide bore MRI and Open MRI systems. Based on Field Strength, the market is segmented into Low Field Strength, mid Field Strength and high Field Strength. Based on Region Magnetic Resonance Imaging Market is categorized into North America, Europe, Asia Pacific, Latin America and MEA.
Magnetic Resonance Imaging Market Analysis by Architecture
Based on Architecture, the closed MRI system segment held the largest market share, the closed MRI system employs powerful magnetic fields and high-frequency radio waves to get the detailed images. A closed structure allows for precise slice selection and error-free analysis. Due to the loud noise, patients in the closed MRI may feel claustrophobic and disturbed. These issues may lead to inaccurate results. Some market participants are focusing on developing wide bore and open MRI systems for claustrophobic and oversized patients. Some manufacturers of paediatric MRI machines even include drawings and cartoons on MRI machines to help calm children as they enter the scanner. Because open MRI systems are less enclosed, patients experience less anxiety and claustrophobia. As a result, an open MRI system is useful for diagnosing neonates. Radiologists, on the other hand, always prefer a closed MRI system.
Magnetic Resonance Imaging Market Analysis by Field Strength
Based Field Strength, Low field strength MRI machines have field strengths less than 1.5T, mid field MRI machines have field strengths ranging from 1.5T to 3T, and high field MRI machines have field strengths greater than 3T. The Mid field strength segment held the largest share in 2021 and is expected to grow significantly during the forecast period. These field-strength MRI machines capture images with greater precision and are relatively inexpensive. The high field segment is expected to grow at the fastest rate during the forecast period. Several research studies are being conducted to better understand the efficiency of high-field strength MRI machines in various clinical applications. Some companies have already begun developing high-field MRI machines and have received regulatory body approval. Only a few hospitals and research institutes have high-field strength MRI machines, including the Mayo Clinic, Brigham and Women's Hospital, The University of Iowa, and The University of Southern California. The installation of these high-field strength MRI machines in universities is expanding the universities' research portfolio. Due to a lack of advanced coils required for other clinical applications, 7T MRI machines are currently being studied only for brain and knee imaging. During the forecast period, the development of advanced coils to broaden the application of 7T MRI machines is expected to propel segment growth.
Global Magnetic Resonance Imaging Market By field strenght 2022 (%)
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Magnetic Resonance Imaging (MRI) Market Regional Insights
The global market was dominated by North America. The rising prevalence of chronic diseases in this region, such as breast cancer, cardiovascular disorders, and neurological diseases, is increasing the demand for imaging analysis. Throughout the forecast period, the region is expected to maintain its dominance. MRI is expected to grow during the forecast period due to technological advancements and an increase in the prevalence of chronic conditions. Rapidly growing European countries with high per capita income and well-defined healthcare policies, such as the United Kingdom, France, and Germany, are seeing an increase in demand for advanced diagnostic imaging modalities. Furthermore, the region's constant technological advancement, as well as large investments in healthcare research, are expected to propel the segment's growth.
Asia Pacific is expected to grow the fastest during the forecast period Because of the growing geriatric population and demand for advanced imaging modalities. Furthermore, the expanding medical tourism industry in Asian countries is expected to boost the growth of the advanced medical imaging industry during the forecast period. Countries such as India, China, and Japan are generating growth opportunities through a rapidly expanding healthcare service industry, the presence of skilled healthcare personnel, and advanced healthcare facilities and services at a lower cost than developed countries in North America and Europe.
Global Magnetic Resonance Imaging Market By Geography, 2022-2030
- Largest
- Fastest
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Magnetic Resonance Imaging (MRI) Market Dynamics
Magnetic Resonance Imaging Market Drivers
Need for Better Diagnostics to Bolster Market Growth
- Increasing Prevalence of Chronic and Serious Diseases Drive the Market Growth. Due to the increasing prevalence of almost all types of severe and chronic diseases, there has been a consistent high demand for medical imaging in today's current medical scenario. To effectively diagnose, treat, and manage chronic illness, an effective and technologically advanced imaging technique is required. Magnetic resonance imaging technology allows medical professionals to effectively use it as a treatment method due to its superior imaging properties and qualities. Imaging can be used to diagnose a variety of diseases, including brain and spinal cord anomalies, various types of cancers, injuries, certain types of cardiological problems, cysts, and tumours. Almost all of the medical conditions listed above have a high incidence rate worldwide. The increasing introduction of effective and low-cost imaging in emerging markets is expected to boost the global market's growth rate during the forecast period.
- The increasing technological advancements in imaging equipment are expected to contribute significantly to the global market's growth. Open MRI, which aids in the effective medical imaging of claustrophobic and overweight patients, is one of the technological advancements. Improvements in field strength and computing power of imaging equipment are also part of technological advancements. Because of advancements in the equipment's pulse sequences, these factors have resulted in faster imaging timings, better imaging quality, and higher spatial resolution.
Magnetic Resonance Imaging Market Restraints
High Cost to Hinder Market Growth
- Despite rising demand for technologically advanced imaging systems for the effective management and treatment of chronic diseases, certain critical constraints are impeding global market growth. The higher costs associated with the installation and maintenance of imaging equipment are one of the significant factors limiting the market's development. Installation and maintenance of these systems frequently necessitate complex infrastructure and associated costs, which many medical institutions are unable to undertake or provide. A significant portion of the installed base of MRI systems is spread across emerging markets such as Asia Pacific. As a result of the high cost of MRI systems, hospitals and diagnostic centres in developing countries purchase refurbished MRI systems to meet their imaging requirements. Refurbished systems are significantly less expensive than installing a newer system. Because of their low cost, hospitals and other healthcare institutions in developing countries frequently choose these systems. At the same time, another critical limitation is the voluntary product recall of many imaging systems due to human error, which causes market growth to slow.
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Magnetic Resonance Imaging (MRI) Market Competitive Landscape
Magnetic Resonance Imaging market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Magnetic Resonance Imaging Market Top Player's Company Profiles
- GE Healthcare
- Siemens Healthineers
- Philips Healthcare
- Toshiba Medical Systems Corporation
- Hitachi Medical Systems
- Esaote SpA
- Shimadzu Corporation
- Carestream Health, Inc.
- Hologic, Inc.
- Fujifilm Holdings Corporation
- Samsung Medison Co., Ltd.
- Neusoft Medical Systems Co., Ltd.
- Aurora Imaging Technology, Inc.
- Beijing Wandong Medical Equipment Co., Ltd.
- Time Medical Systems Co., Ltd.
- Medtronic
- Mindray Medical International Limited
- Xingaoyi Medical Equipment Co., Ltd.
- United Imaging Healthcare Co., Ltd.
- China Resources Wandong Medical Equipment Co., Ltd.
Magnetic Resonance Imaging Market Recent Developments
- December 2021 - CANON MEDICAL SYSTEMS CORPORATION integrated with Spectronic Medical's for the MRI Planner software of the company to strengthen its presence in the radiotherapy planning field.
- November 2021 - Koninklijke Philips N.V. produced an Al-enabled MR portfolio of smart diagnostic systems at Radiological Society of North America (RSNA) 2021 to boost its portfolio in imaging systems.
Magnetic Resonance Imaging (MRI) Key Market Trends
- One of the key prevailing market trends is the increasing number of product launches in the high strength segment, combined with the rising adoption of these high strength systems. Advances in technology have resulted in the development and subsequent marketing of high-strength imaging equipment. in October 2020, Siemens Healthcare GmbH will launch the Biograph Vision Quadra, a tomography/computed tomography (PET/CT) scanner to develop therapies and procedures to improve health outcomes. Several benefits associated with higher strength equipment, such as improved imaging qualities, are especially beneficial to certain types of imaging, such as vascular imaging. Superior imaging qualities, such as increased image sensitivity and better visualisation of physiological processes, are found in higher strength systems. According to Wainscot Media, Philips will participate in an urgent research project in April 2021 to investigate a potentially revolutionary use of this technology in cardiology.
Magnetic Resonance Imaging (MRI) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Magnetic Resonance Imaging market analysis, in terms of Architecture, the closed MRI system segment and based on field strength, The high field segment is expected to grow market value in the forecasting period. The Technological advancements in the strength of MRI drive the Magnetic Resonance Imaging market and High cost of MRI system and incompatibility with some patient populations is one of the factors that inhibits the growth of market. Whereas Dearth of skilled professionals is one of the challenges for the market for the forecasting period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 5.20 billion |
| Market size value in 2031 | USD 9.64 billion |
| Growth Rate | 7.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Magnetic Resonance Imaging (MRI) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Magnetic Resonance Imaging (MRI) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Magnetic Resonance Imaging (MRI) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Magnetic Resonance Imaging (MRI) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Magnetic Resonance Imaging (MRI) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Magnetic Resonance Imaging (MRI) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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