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

  • Healthcare
  • Upcoming Report
  • Mar 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Magnetic Resonance Imaging (MRI) 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) Market

Global Magnetic Resonance Imaging (MRI) Market Analysis and Size

A large number of cases of tumors, cancers, injuries, and other forms of diseases in the liver, kidneys, bone, and tissues worldwide require the magnetic resonance imaging system. The increasing demand for magnetic resonance imaging leads to ongoing investments in establishing and growing the magnetic resonance imaging market size and share. Consequently, these factors will aid in rapid improvement of market structures that is expected to show substantial growth over the forecasted period.

  • Global magnetic resonance imaging (MRI) market was valued at USD 5.64 billion in 2021 and is expected to reach USD 9.34 billion by 2029, registering a CAGR of 6.5% during the forecast period of 2022-2029. The “closed magnetic resonance imaging (MRI) systems” accounts for the largest architecture segment in the magnetic resonance imaging (MRI) market within the forecasted period owing to the fact that it offers higher and more powerful image quality and throughput. 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.

Global Magnetic Resonance Imaging (MRI) Market Definition

Magnetic resonance imaging (MRI) is a medical procedure that produces three-dimensional images of the body. As a result, these images are used to diagnose the actual problem. It's used to diagnose cancers, strokes, other spinal abnormalities that affect blood vessels and the brain. This technology is typically used when a tissue or nervous system problem exists.

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, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa

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)

Magnetic Resonance Imaging (MRI) Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • Growing Diseases Require Diagnostic Services

The increasing prevalence of chronic diseases along with the rising adoption of diagnostic services are the most significant factor driving the growth for this market. Moreover, the ability of magnetic resonance imaging (MRI) of early detection of various conditions such as the orthopedic and cardiovascular substantially increases the success rates of the treatment that further favors its adoption across the globe and accelerates the overall growth of the market. Furthermore, the expanding senior population, which is more vulnerable to such medical issues, is driving up adoption.

Rising awareness about the benefits of early diagnosis and the advent of MRI-compatible pacemakers will further expand the magnetic resonance imaging (MRI) market's growth rate in the future. Furthermore, the expanding healthcare sector along with the government initiatives to make quality healthcare facilities accessible are also expected to fuel market growth.

Opportunities

  • Various Growth Opportunities will Bolster Market’s Growth

Moreover, the factors such as the discovery of new helium deposits and rising awareness about the benefits of early diagnosis are also projected to offer various growth opportunities to the market. There have been various advancements in MRI techniques, such as open architecture, high-field MRI, superconducting (SC) magnets, and software applications. These technological advancements leading to the replacement of low-field MRI systems with high-field MRI systems are estimated to generate lucrative opportunities for the market. Various technological advances in imaging equipment, such as software upgrades and the use of superconducting magnets compatible with cardiac pacemakers, as well as innovations such as the introduction of 3D and 4D imaging with accelerated processing speed and automated workflow, are providing market growth opportunities.

Restraints/Challenges Global Magnetic Resonance Imaging (MRI) Market

  • High Costs Will Limit The Growth

On the other hand, high cost of MRI systems is expected to obstruct market growth. Moreover, even refurbished low-field MRI systems can cost USD few millions, which will have negative impact on the growth.

Also, the factors such as the incompatibility of MRI systems in some patients and the declining reimbursement rates for MRI procedures are projected to challenge the magnetic resonance imaging (MRI) market in the forecast period of 2022-2029. With advancements in MRI systems, handling modern and sophisticated MRI equipment requires a high level of technical ability that will also pose a challenge.

This magnetic resonance imaging (MRI) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, 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 (MRI) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Post Covid-19 Impact on Magnetic Resonance Imaging (MRI) Market

Magnetic resonance imaging (MRI) market was moderately impacted by the outbreak of COVID-19. With the imposition of the government's lockdown and social distancing restrictions to curb the COVID-19 pandemic outbreak, there have also been restrictions on the usage of MRI as there are high chances of contamination due to the usage of large equipment, which has limited the market’s expansion. Also, according to guiding recommendations, radiologists diagnosing COVID-19 patients should only employ diagnostic imaging equipment when absolutely essential. Postponement of non-essential medical services amid the covid-19 outbreak also affected the growth of the market. Various challenges emerged, such as the effect on outpatient imaging services, which negatively impacted the market.

However, most healthcare providers prefer imaging over the other COVID-19 screening techniques because it offers a primary diagnosis in a short amount of time. Moreover, using all imaging modalities, including magnetic resonance imaging COVID-19 and its effect on distinct patients in each demography have been studied. With the advent of smaller and portable low-magnetic-field MRIs, magnetic resonance imaging is more widely adopted.Owing to such factors, the emergence of COVID-19, have been moderate on the market.

Recent Developments

  • In November 2020, Siemens launched its smallest and most lightweight whole-body MRI named High-V MRI. 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. Free of Magnetoms. Max significantly improves pulmonary imaging with MRI and enables for much more accurate scanning of patients with implants.

Global Magnetic Resonance Imaging (MRI) Market Scope

The magnetic resonance imaging (MRI) market is segmented on the basis of type, process, field strength, architecture, application and end users. 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) Market Regional Analysis/Insights

The magnetic resonance imaging (MRI) market is analyzed and market size insights and trends are provided by country, type, process, field strength, architecture, application and end users as referenced above.

The countries covered in the magnetic resonance imaging (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 prevailing advanced healthcare technologies within the region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rising prevalence of chronic diseases, ever growing geriatric population and increasing personal disposable income within the region.

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 (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 (MRI) market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the magnetic resonance imaging (MRI) market. The data is available for historic period 2010-2020.

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

The magnetic resonance imaging (MRI) 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 (MRI) market.

Some of the major players operating in the magnetic resonance imaging (MRI) market are 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) among others.

Research Methodology : Global Magnetic Resonance Imaging (MRI) 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 https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-magnetic-resonance-imaging-mri-market

Customization Available : Global Magnetic Resonance Imaging (MRI) Market

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) Market is Expected to Show a Value of USD 5.64 Billion in 2021.
The Magnetic Resonance Imaging (MRI) Market is Estimated to Register a CAGR of 6.5% During the Forecast Period of 2022 to 2029.
The Major Companies Operating in the Magnetic Resonance Imaging (MRI) Market are Siemens (Germany), General Electric Company (US), Koninklijke Philips N.V., (Netherlands), Hitachi Ltd., (Japan), CANON MEDICAL SYSTEMS CORPORATION (Japan) and Sanrad Medical Systems Private Limited (India).
The Countries Covered in the Magnetic Resonance Imaging (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.
The Magnetic Resonance Imaging (MRI) Market Report Curated by the Data Bridge Market Research Team Includes In-Depth Expert Analysis, Patient Epidemiology, Pipeline Analysis, Pricing Analysis, and Regulatory Framework.