Magnetic resonance imaging (MRI) is a useful diagnostic tool for detecting disorders such as lesions in the spine, cancer, and strokes that affect the blood vessels and brain. The rising prevalence of these disorders is likely to contribute significantly to market expansion. According to the American Cancer Society, there were 1,762,450 new cancer cases in the United States in 2019. Furthermore, the increasing desire for speedy and effective diagnostic treatments is projected to drive MRI machine usage. Hence, all these factors led to the high demand of MRI scanner in the market.
Data Bridge Market Research analyses that the MRI Scanner Market is expected to grow at a CAGR of 5.0% in the forecast period of 2021 to 2028 and is expected to reach USD 8,422.16 million by 2028. MRI market expansion will be aided by the government's increased investments, funding, and grants in the construction of imaging facilities over the forecast period. For illustration, the European government has designed payment rules that will rise the number of scans performed in imaging centers, hospitals, and other imaging facilities, resulting in an increase in the market for MRI scanners.
Key Findings of the Study
- The MRI scanner market is anticipated to reach a value of USD 8,422.16 million by 2028, with a CAGR of around 5.0% during the forecast period from 2021 to 2028.
- North America dominated the MRI scanner market in 2021 due to the presence of major key players and the increasing prevalence of chronic diseases in this region.
- Asia Pacific is expected to register lucrative growth over the forecast period of 2021 to 2028 owing to rising healthcare expenditure and rising geriatric population.
- The MRI scanner market was positively affected by COVID-19 outbreak. during the pandemic, the adoption rate of imaging technologies increased, resulting in high demand for the MRI scanner market.
- The neurology segment accounted for the largest share in 2021 at 48.50%. The upsurge in the number of cases of brain and neurological globally is expected to boost the MRI scanner market growth.
Increasing Prevalence of Chronic Diseases Across the Globe Coupled with Enhancing Demand for Effective Diagnostic Methods is Expected to drive the Market's Growth Rate
Magnetic resonance imaging (MRI) is a useful diagnostic tool for detecting disorders such as tumors, strokes, and spinal lesions that affect blood vessels and the brain. The increased prevalence of these disorders is projected to be a major factor in market expansion. According to the American Cancer Society, 19.2 million new cancer cases will be reported worldwide year 2020. The growing desire for effective and rapid diagnostic treatments is projected to the MRI scanner's adoption rate.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2021 to 2028
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Base Year
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2020
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Historic Years
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2019 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Portable Type, Desktop Type), Product (Closed MRI Systems and Open MRI Systems), Application (Oncology, Neurology, Cardiology, Pelvic and Abdominal, Musculoskeletal and Other Applications), End User (Hospital, Clinic, Ambulatory Surgical Centers, Scientific Research and Other), Distribution Channel (Direct Tender, Retail Sales)
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Countries Covered
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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.
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Market Players Covered
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Koninklijke Philips N.V. (Netherlands), Hitachi Ltd. (Japan), Siemens Healthcare GmbH (Germany), CANON MEDICAL SYSTEMS CORPORATION (Japan), General Electric (US), Aspect Imaging Ltd (Israel), ESAOTE SPA (Italy), Neusoft Corporation (China), Aurora Health Care (US), FONAR Corp. (US), Synaptive Medical (Canada), AllTech Medical Systems (US), Shanghai United Imaging Medical Technology Co., Ltd. (Jiading), Medonica Co. LTD (South Korea), IMRIS (Canada), Promaxo (California), SG HealthCare (UK), Elekta AB (Sweden), Beijing Wandong Medical Technology Co., Ltd (China), ASG Superconductors spa (Italy), MinFound Medical Systems Co., Ltd. (China), Hyperfine (US), SternMed GmbH (Germany), Time Medical Holding (Hong Kong)
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Data Pointers Covered in Report
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The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The MRI scanner market is segmented on the basis of product, type, application, end user and distribution channel.
- On the basis of product, the MRI scanner market is segmented into closed MRI systems and open MRI systems. In 2021, closed MRI systems segment is dominating the market with 83.76% market share due to the growing prevalence as well as incidence rate of chronic disorders.
- On the basis of type, the MRI scanner market is segmented into portable type and desktop type. In 2021, the desktop type segment is dominating the market with 84.34% market share due to the rising number of patients emphasizing effective and early diagnosis of diseases.
- The MRI scanner market is segmented into oncology, neurology, cardiology, pelvic and abdominal, musculoskeletal, and other applications. In 2021, neurology segment is dominating the market with 48.50% market share due to the upsurge in the number of cases of brain and neurological globally.
In 2021, the Neurology Segment is Projected to Hold the Largest Share of Distribution Channel Segment in the MRI Scanner Market
In 2021, the neurology segment is anticipated to hold the largest share of the global MRI scanner market because the MRI devices are used to monitor brain structures and scan the brain while patients perform cognitive tasks. Along with this, upsurge in the number of cases of brain and neurological globally will propel the market's growth rate. The neurology segment is growing with a CAGR of 6.4%.
- On the basis of end user, the MRI scanner market is segmented into hospital, clinic, ambulatory surgical centers, scientific research and other. In 2021, hospital segment is dominating the market with a 59.28% market share due to the rising number of hospitals in low and middle income countries.
- On the basis of distribution channel, the MRI scanner market is segmented into direct tender and retail sales. In 2021, the direct tender segment is dominating the market with 82.37% market share because direct tender holds the largest market share along with the highest CAGR because of the majority of service providers purchase devices from manufacturers, and higher direct sales revenue. Thus it is influential and rising in the market.
In 2021, the Direct Tender Segment of Application Segment is Anticipated to dominate the MRI Scanner Market
In 2021, the direct tender segment of this market will dominate the MRI scanner market because of the majority of service providers purchase devices from manufacturers, and higher direct sales revenue. Thus it is influential and rising in the market. The direct tender segment of this market is growing with a market CAGR of 5.3%.
Major Players
Data Bridge Market Research recognizes the following companies as the major MRI scanner market players in MRI scanner market are Elekta AB (Sweden), Beijing Wandong Medical Technology Co., Ltd (China), Aurora Health Care (US), IMRIS (Canada).
Market Development
- In May 2021 Royal Philips, a global leader in health technology and The Walt Disney Company, announced their collaboration for testing custom-made animation effects. It's a system that combines architecture, design, and enabling technologies including dynamic lighting, video projections, and sound to allow patients and employees to customize their surroundings to create a soothing environment. It's the first time Disney has worked on a clinical research initiative of this magnitude.
- In November 2021, GE Healthcare had announced the launch of new products across a range of medical imaging modalities at RSNA 2021 along with the common theme of developing more efficient imaging centers and radiology departments. A new MRI series and a new CT scanner are among the new products announced.
- In November 2020, Siemens Healthineers had shifted into new clinical fields along with its smallest as well as most lightweight whole-body MRI. Siemens Healthineers is introducing a new type of magnetic resonance imaging (MRI) equipment called "High-V MRI" with its Magnetom Free.Max1. The scanner's unique blend of digital technologies, as well as the increased 0.55 tesla field strength, expands the spectrum of clinical applications for MRI scanners. Magnetom Free.Max significantly enhances pulmonary imaging with MRI and enables for more accurate scanning of patients with implants.
Regional Analysis
Geographically, the countries covered in the MRI scanner 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 MRI Scanner Market during the Forecast Period 2021 - 2028
North America will continue to dominate the MRI scanner market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the increasing frequency of chronic diseases that further increases the demand for advanced imaging modalities such as MRI scanners, which will contribute to market expansion in the region. The United States dominates the North American MRI scanner market, with the desktop type segment predicted to grow at the fastest rate in the forecast period of 2021 to 2028, owing to increased use of MRI scanners for the diagnosis of several diseases.
Asia-Pacific is Estimated to be the Fastest Growing Region in MRI Scanner Market the Forecast Period 2021 - 2028
Asia-Pacific is expected to grow during the forecast period due to the well-establishing healthcare infrastructure and growing patient pool in this region. Due to an increasing senior population and technological improvements in the healthcare sector, Japan is the leading country in the Asia-Pacific MRI scanner market.
COVID-19 Impact Analysis
Since its emergence in December 2019, the COVID-19 virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. The outbreak of COVID-19 largely impacted the healthcare industry. Most healthcare providers prefer imaging over the other COVID-19 screening techniques because it offers a primary diagnosis in a short amount of time. COVID-19 and its effect on distinct patients in each demography have been studied using all imaging modalities, including magnetic resonance imaging. The industry has produced smaller and more portable low-magnetic-field MRIs due to advancements in radiology imaging techniques. COVID-19 can cause more significant consequences in people who have underlying medical issues. As a result, imaging technologies may be more widely adopted during a pandemic. Therefore, the market for MRI scanner impacted positively.
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