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Global Magnetic Resonance Imaging (MRI) Devices Market – Industry Trends and Forecast to 2029

  • Medical Devices
  • Upcoming Report
  • May 2022
  • Global
  • 270 Pages
  • No of Tables: 80
  • No of Figures: 130

Global Magnetic Resonance Imaging (MRI) Devices Market, By Type (Conventional, Bio-based), Process (Trans-Esterification, Direct Esterification), Field Strength (High-Field Magnetic Resonance Imaging (MRI) Systems (1.5t to 3t), Low-To-Mid-Field Magnetic Resonance Imaging (MRI) Systems (<1.5t), Very-High-Field Magnetic Resonance Imaging (MRI) Systems (4t and Above)), Architecture (Closed Magnetic Resonance Imaging (MRI) Systems, Standard Bore Magnetic Resonance Imaging (MRI), Wide-Bore Magnetic Resonance Imaging (MRI), Open Magnetic Resonance Imaging (MRI) Systems), Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal and Other Applications), End Users (Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others) – Industry Trends and Forecast to 2029

Magnetic Resonance Imaging (MRI) Devices Market

Market Analysis and Size

Magnetic resonance imaging (MRI) is a radiological imaging technology that produces images of the anatomy and physical processes of the body. These images are further used to diagnose and detect the presence of anomalies in the body.

Data Bridge Market Research analyses that the magnetic resonance imaging (MRI) devices market, which was USD 7.24 billion in 2021, would rocket up to USD 11.46 billion by 2029 and is expected to undergo a CAGR of 5.91% during the forecast period of 2022 to 2029. 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.

Market Definition

Magnetic resonance imaging is imaging expertise in the medical field that generates inclusive pictures of the tissues and organs in the body through computer-generated radio waves and a magnetic field. Magnetic resonance imaging machines also captivities 3D images that can be observed from various angles. It is a non-invasive technique by which medical professionals study tissues, organs, and the skeletal system. Magnetic resonance imaging is generally used to monitor imaging tests of spinal cords and brains.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

By Type (Conventional, Bio-based), Process (Trans-Esterification, Direct Esterification), Field Strength (High-Field Magnetic Resonance Imaging (MRI) Systems (1.5t to 3t), Low-To-Mid-Field Magnetic Resonance Imaging (MRI) Systems (<1.5t), Very-High-Field Magnetic Resonance Imaging (MRI) Systems (4t and Above)), Architecture (Closed Magnetic Resonance Imaging (MRI) Systems, Standard Bore Magnetic Resonance Imaging (MRI), Wide-Bore Magnetic Resonance Imaging (MRI), Open Magnetic Resonance Imaging (MRI) Systems), Application (Oncology, Neurology, Cardiology, Gastroenterology, Musculoskeletal and Other Applications), End Users (Hospitals, Imaging Centers, Ambulatory Surgical Centers, Others)

Countries Covered

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.

Market Players Covered

Siemens (Germany), General Electric Company (US), Koninklijke Philips N.V., (Netherlands), Hitachi Ltd., (Japan), CANON MEDICAL SYSTEMS CORPORATION (Japan), Sanrad Medical Systems Private Limited (India), ESAOTE SPA (Italy), Aspect Imaging Ltd. (Israel), FONAR Corp., (U.S), Shenzhen Anke High-tech Co., Ltd., (China), Neusoft Corporation (China), AURORA HEALTHCARE US CORP (U.S), and  Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)

Market Opportunities

  • Increasing aging population
  • The novelty of new helium deposits

Magnetic Resonance Imaging (MRI) Devices Market Dynamics

Drivers

  • Continuous advancement in Magnetic Resonance Imaging technologies

The rising aging population, novelty of new helium deposits, the growing desire for high-field magnetic resonance imaging system over low-field magnetic resonance imaging system, increasing occurrence of chronic diseases drives the market growth.

  • Presence of universal health coverage

In major countries worldwide, it decreases the cost of numerous procedures, including magnetic resonance imaging. It encourages people to take tests or treatment at regular intervals, which is expected to impact the studied market's growth significantly.

  • Increasing adoption of the Magnetic Resonance Imaging (MRI) systems

Magnetic resonance imaging market growth would be boosted in emerging markets due to the increasing prevalence of chronic diseases and increased need for improved and advanced diagnostic imaging solutions over the study's projected period.

Opportunities

  • Various Growth Opportunities will Boost Market’s Growth

Furthermore, the factors such as the discovery of new helium deposits and increasing alertness about the benefits of early diagnosis are also expected to offer various growth opportunities to the market. There have been numerous developments in magnetic resonance imaging techniques, such as open architecture, high-field magnetic resonance imaging, superconducting (SC) magnets, and software applications. These technical progressions leading to the extra of low-field magnetic resonance imaging systems with high-field magnetic resonance imaging systems are estimated to generate lucrative chances for the market. Various technical advances in imaging equipment, such as software promotions and the use of superconducting magnets compatible with cardiac pacemakers, and inventions such as the introduction of 3D and 4D imaging with enhanced processing speed and automated workflow, are providing market growth opportunities.

Restraints/Challenges

  • Expensive Magnetic Resonance Imaging systems

Expensive magnetic resonance imaging systems hinder the market growth, inconsistent MRI systems in some patient population hamper the market growth, high maintenance and servicing charges acts as market restraints. Additionally, the increasing number of accidents and injuries is estimated to create affluent magnetic resonance imaging (MRI) market opportunities.

  • High Costs Will Limit The Growth

The high cost of magnetic resonance imaging systems, on the other hand, is projected to stifle market expansion. Furthermore, even refurbished low-field magnetic resonance imaging devices might cost a few million dollars, having a negative impact on the industry's expansion.

  • Incompatibility of Magnetic Resonance Imaging systems

In some patients and the decreasing compensation rates for magnetic resonance imaging, actions are projected to challenge the magnetic resonance imaging (MRI) market in the forecast period of 2022-2029. With improvements in magnetic resonance imaging systems, modern and sophisticated magnetic resonance imaging devices require a high level of technical capability that will also pose a trial.

This magnetic resonance imaging devices (MRI) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the magnetic resonance imaging devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

COVID-19 Impact on Magnetic Resonance Imaging (MRI) Devices Market

The COVID-19 epidemic had a minimal impact on the magnetic resonance imaging industry (MRI). Due to the government's lockdown and social distance limitations imposed in response to the COVID-19 pandemic epidemic, there have also been restrictions on the use of magnetic resonance imaging, as there is a high risk of contamination due to the use of huge equipment, which has hindered the market's growth. Furthermore, radiologists diagnosing. COVID-19 patients should only use diagnostic imaging equipment when absolutely necessary, according to guidelines. The market's growth was further hampered by the postponement of non-essential medical services because to the covid-19 epidemic. Several issues arose, such as the influence on outpatient imaging services, which had a detrimental impact on the industry.

Recent Development

  • At the 2021 Radiological Society of North America, Fujifilm Healthcare Americas Corporation unveiled the Velocity magnetic resonance imaging system, an innovative, high-field open magnetic resonance imaging system (RSNA). With its innovative open gantry, integrated radiofrequency (RF) coils, and reconstruction technologies, Fujifilm's Velocity magnetic resonance imaging system is designed to streamline workflow and improve the patient experience.
  • At the commencement of the 2021 European Congress of Radiology in March 2021, Hitachi unveiled two new permanent open magnetic resonance imaging systems. The APERTO Lucent Plus Open magnetic resonance imaging offers high-speed tests with motion-free pictures, as well as simple setup and operation for quick image return and an open design that enhances patient comfort.

Global Magnetic Resonance Imaging Devices (MRI) Market Scope

The magnetic resonance imaging (MRI) devices market is segmented on the basis of type, price range, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Conventional
  • Bio-based

On the basis of type, the magnetic resonance imaging (MRI) market is segmented into conventional and bio-based.

Process

  • Trans Esterification
  • Direct Esterification

On the basis of process, the magnetic resonance imaging (MRI) market is segmented into trans-esterification and direct esterification.

Field Strength

  • High-Field Magnetic Resonance Imaging (MRI) Systems (1.5t to 3t)
  • Low-To-Mid-Field Magnetic Resonance Imaging (MRI) Systems (<1.5t)
  • Very-High-Field Magnetic Resonance Imaging (MRI) Systems (4t and Above)

On the basis of field strength, the magnetic resonance imaging (MRI) market is segmented into high-field magnetic resonance imaging (MRI) Systems (1.5t to 3t), low-to-mid-field magnetic resonance imaging (MRI) Systems (<1.5t) and very-high-field magnetic resonance imaging (MRI) Systems (4t and Above).

Architecture

  • Closed Magnetic Resonance Imaging (MRI) Systems
  • Standard Bore Magnetic Resonance Imaging (MRI)
  • Wide-Bore Magnetic Resonance Imaging (MRI)
  • Open Magnetic Resonance Imaging (MRI) Systems

On the basis of architecture, the magnetic resonance imaging (MRI) market is segmented into closed magnetic resonance imaging (MRI) systems, standard bore magnetic resonance imaging (MRI), wide-bore magnetic resonance imaging (MRI) and open magnetic resonance imaging (MRI) systems. The closed magnetic resonance imaging (MRI) systems will account for the largest market share as it offers higher and powerful image quality and throughput.

Application

  • Oncology
  • Neurology
  • Cardiology
  • Gastroenterology
  • Musculoskeletal
  • Other Applications

On the basis of application, the magnetic resonance imaging (MRI) market is bifurcated into oncology, neurology, cardiology, gastroenterology, musculoskeletal and other applications.

End-Users

  • Hospitals
  • Imaging Centers
  • Ambulatory Surgical Centers
  • Others

On the basis of end-users, the magnetic resonance imaging (MRI) market is bifurcated into hospitals, imaging centers, ambulatory surgical centers and others.

Magnetic Resonance Imaging (MRI) Devices Market Regional Analysis/Insights

The magnetic resonance imaging (MRI) devices market is analysed and market size insights and trends are provided by country, type, price range, application and end-user as referenced above.

The countries covered in the magnetic resonance imaging devices (MRI) 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.

North America dominates the magnetic resonance imaging (MRI) market because of the region's high level of advanced healthcare skills,

The rising frequency of chronic diseases, the ever-growing senior population, and rising personal disposable income in Asia-Pacific are likely to drive significant growth during the projection period of 2022 to 2029.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The magnetic resonance imaging device (MRI) market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for magnetic resonance imaging devices  market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the magnetic resonance imaging devices  market. The data is available for historic period 2010-2020.

Competitive Landscape and Magnetic Resonance Imaging (MRI) Devices Market Share Analysis

The magnetic resonance imaging (MRI) devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to magnetic resonance imaging devices (MRI) market.

Some of the major players operating in the magnetic resonance imaging (MRI) devices market are:

  • Siemens (Germany)
  • General Electric Company (U.S.)
  • Koninklijke Philips N.V., (Netherlands)
  • Hitachi Ltd., (Japan)
  • CANON MEDICAL SYSTEMS CORPORATION (Japan)
  • Sanrad Medical Systems Private Limited (India)
  • ESAOTE SPA (Italy)
  • Aspect Imaging Ltd. (Israel)
  • FONAR Corp., (U.S.)
  • Shenzhen Anke High-tech Co., Ltd., (China)
  • Neusoft Corporation (China)
  • AURORA HEALTHCARE US CORP (U.S.)
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)

Research Methodology: Global Magnetic Resonance Imaging (MRI) Devices Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Customization Available

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.


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Frequently Asked Questions

The Magnetic Resonance Imaging (MRI) Devices Market value was USD 7.24 billion in 2021.
The Magnetic Resonance Imaging (MRI) Devices Market is projected to grow at a CAGR of 5.91% during the forecast period of 2022-2029.