Increasing Prevalence of Chronic Diseases drive the Demand for Magnetic Resonance Imaging Devices Market

Chronic diseases affecting large number of people all over the glove. According to the World Health Organization (WHO) report, the burden of these diseases is rapidly growing globally. The magnetic resonance imaging devices (MRI) imaging technique is a powerful diagnostic process which helps the healthcare professionals to diagnose the patients with accurate and suitable treatment. Thus, the rising number of chronic diseases is anticipated to propel the demand of the magnetic resonance imaging devices in upcoming years. 

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Data Bridge Market Research analyses that the magnetic resonance imaging devices market is expected to reach USD 8,263.26 million by 2027 from USD 6,028.64 million in 2019, growing with the steady CAGR of 4.0% in the forecast period of 2020 to 2027. Increasing aging population and rising awareness on early disease diagnosis will be major factors for boosting the demand for magnetic resonance imaging devices in the market.

Increasing healthcare expenditure and infrastructure across the world is expected to drive the market's growth rate

Increasing healthcare expenditure and infrastructure can aid the patient to take hassle-free advance treatment, due to this the patient receive better treatment and diagnostic procedure for fast recovery. Magnetic resonance imaging devices (MRI) are very useful for examining several types of diseases and to know the exact reason of disease in the body. The spending on health is made up with the combination of out-of-pocket payments, government expenditure and sources comprising activities by non-governmental organizations and health insurance. The rise in healthcare expenditure and better infrastructure has allowed the end users for adoption of advance magnetic resonance imaging devices (MRI) devices. Growth in the healthcare infrastructure is also increasing installation of advance high-field MRI systems in the diagnostic center and hospitals for providing proper imaging examination for better diagnosis.

Report Scope and Market Segmentation

Segment Analysis:

The magnetic resonance imaging devices market is segmented on the basis of field strength, modality, indication, end user and distribution channel.

• On the basis of field strength, global magnetic resonance imaging devices market is segmented into high-field MRI systems, mid-field MRI systems, low-field MRI systems and others.

In 2020, the high-field MRI systems segment of field strength segment is anticipated to dominate the fixation techniques market

High-field MRI systems segment is expected to dominate the global magnetic resonance imaging devices market with 83.14% market share because it forms stronger signals for diagnostic use. This works well for neurological, vascular, and orthopedic and this high-field MRI systems scans faster than low-field magnetic resonance imaging systems.

• On the basis of type, global magnetic resonance imaging devices market is segmented into closed MRI systems, wide bore MRI and open MRI systems. In 2020, closed MRI systems segment is expected to dominate the global magnetic resonance imaging devices market with 83.18% market share because these systems use high-frequency radio waves and powerful magnetic fields to obtain accurate images. Closed structures make it easy to obtain an error-free analysis and detailed selection of slices. 
• On the basis of modality, global magnetic resonance imaging devices market is segmented into stationary system, portable/mobile system and point-of-care (POC) system. In 2020, stationary system segment is expected to dominate the global magnetic resonance imaging devices market with 71.58% market shares owing to the growing installation and acceptance of stationary medical imaging devices in diagnostic centers and hospitals.
• On the basis of indication, global magnetic resonance imaging devices market is segmented into brain and neurological, musculoskeletal, cardiology, mammography, oncology, pelvic and abdominal, gynecology, urology, dental and others.

In 2020, the brain and neurological segment is projected to hold the largest share of indication segment in the magnetic resonance imaging devices market

Brain and neurological segment is expected to dominate the global magnetic resonance imaging devices market with 24.22% market share because MRI devices can scan and monitor brain structures while patients perform cognitive tasks. It also shows neurological activity in the spinal cord and brain. This is a popular imaging technique which is used for research in neuroscience.

• On the basis of end user, global magnetic resonance imaging devices market is segmented into hospitals, diagnostic centers, imaging centers, specialty clinics, ambulatory surgical centers and academic & research institutes. In 2020, hospitals segment is expected to dominate the global magnetic resonance imaging devices market with 55.33% market share owing to the growing installation of MRI units. It is expected that the demand for the magnetic resonance imaging (RMRI) program increases in emergency services and trauma. The increasing demand for number of magnetic resonance imaging in teaching hospitals will further lead to the growth in upcoming years.
• On the basis of distribution channel, global magnetic resonance imaging devices market is segmented into direct tender and retail sales. In 2020, direct tender segment is expected to dominate the global magnetic resonance imaging devices market with 87.69% market share because most of the service suppliers buy the equipment from producers. It is noticed that direct sales revenue is higher which is impressive for magnetic resonance imaging devices market.  

Major Players

Data Bridge Market Research recognizes the following companies as the major magnetic resonance imaging devices market players in Aspect Imaging (Israel), CANON MEDICAL SYSTEMS CORPORATION (Japan), Siemens (Germany), General Electric Company (U.S.), Hitachi, Ltd. (Japan), Koninklijke Philips N.V. (Netherlands), Neusoft Corporation (China), ESAOTE SPA (Italy), FONAR (U.S.), Synaptive Medical (Canada),.

Market Development

• In January 2019, Koninklijke Philips N.V. launched a new imaging systems solutions in India which comprises Next MR Wave (Ingenia Elition and Ingenia Ambition). These MR solutions will provide clinicians with complete information thus resulting in diagnosis. This development increased the company product portfolio which aids the company to create adequate revenue. 
• In November 2018, Siemens Healthcare GmbH increased their MRI portfolio by launching Magnetom Altea (1.5 Tesla) and Magnetom Lumina (3 Tesla). This expansion has increased the product portfolio of company which has aided to create adequate revenue in the market.

Regional Analysis

Geographically, the countries covered in the magnetic resonance imaging devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in magnetic resonance imaging devices market during the forecast period 2020 - 2027

North America dominates the magnetic resonance imaging devices market because of the increase in the utilization of magnetic resonance imaging equipment to diagnose diseases in this region. Moreover, the increasing prevalence of chronic diseases will further boost the growth of the magnetic resonance imaging devices market.

Asia-Pacific is estimated to be the fastest-growing region in magnetic resonance imaging devices market the forecast period 2020 - 2027

Asia-Pacific is anticipated to be the fastest developing region during the forecast period of 2022 to 2029 because of increasing demand of MRI equipment. Furthermore, the rapidly growing analysis frequency and increasing government initiative to raise the awareness of the importance of analysis is further expected to boost the growth of the market in this region.

COVID-19 Impact Analysis

The outbreak of COVID-19 had negatively affected magnetic resonance imaging devices market due to the supply chain disruptions and government restrictions. The beginning of COVID-19 has hindered MRI demand owing to a decline in MRI equipment manufacture. As a result of this epidemic, the major market players saw a large drop in revenue in the market. The sale of MRI equipment was influenced by reallocation of falling patient visits, healthcare resources, supply chain interruptions, and other significant factors. However, market will recover its growth in the post-pandemic due to easing restrictions imposed earlier.

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