Global Magnetic Resonance Imaging (MRI) Market – Industry Trends and Forecast to 2030

Magnetic Resonance Imaging (MRI) Market Analysis and Size

Many tumors, injuries, cancers, and other liver, kidney, bone, and tissue diseases globally need the magnetic resonance imaging system for early diagnosis of disease. The growing demand for magnetic resonance imaging leads to ongoing investments in establishing and thus increasing the market size and share. Therefore, these factors will help rapidly improve market structures that are anticipated to show huge growth during the forecasted period.   

Data Bridge Market Research analyses that the magnetic resonance imaging (MRI) market, which was USD 283.94 million in 2022, would rise to USD 498.91 million by 2030 and is expected to undergo a CAGR of 7.30% during the forecast period from 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Magnetic Resonance Imaging (MRI) Market Scope and Segmentation

Market Definition

Magnetic resonance imaging (MRI) is a medical procedure that gives three-dimensional images of the body and is used to diagnose the underlying disease. It is used to diagnose strokes, cancers, and other spinal abnormalities mainly affecting blood vessels and the brain. This technology is widely used when a tissue or nervous system problem exists. The major types of magnetic resource imaging devices and equipment are closed MRI and open MRI.

Global Magnetic Resonance Imaging (MRI) Market Dynamics

Drivers

• Increasing Awareness About the Health Concerns

The increasing health concerns are surging the demand for medical imaging technologies in different healthcare centers for diagnosis. For instance, 150,000 health and wellness centers with a budget of $ 1.8 billion allow the healthcare system to be more available in India. Also, growing health consciousness and the importance of health insurance are leading to major market growth. Thus, this factor boosts market growth.

• Increasing Technological Advancements by Market Players

Several advanced MRI machines such as multi-contract MRI scanners, silent MRI scanning technologies, and others let radiologists modify patients' image contrast post scanning, which is impossible with conventional imaging systems. For instance, Fujifilm Healthcare Americas Corporation, a U.S.-based medical technology company, launched its new velocity MRI System, an advanced high-field open MRI system, in 2021. The new product is designed to ease the workflow and improve the patient's experience. Thus, this factor enhances the market growth.

Opportunities

• Growing Adoption of Multimodality Imaging

Multimodality imaging plays an important role, mainly after introducing integrated positron emission tomography/computed tomography (PET/CT) and commercializing combined PET/magnetic resonance imaging (PET/MRI) systems. For instance, as per the research study published in BRJ Journal in 2021, simultaneous PET–MRI scanning and a single image reconstruction framework allow the comprehensive assessment of cardiovascular disease with enhanced PET image quality. It could considerably improve the diagnosis of heart diseases. Therefore, this factor boosts the market growth.  

• Increasing Research on Cancer Radiation Therapy

The growing research for cancer radiation therapy enhances the market segment's growth. For instance, ViewRay Inc. launched a phase III randomized controlled trial titled "Locally Advanced Pancreatic cancer treated with ABLAtivE stereotactic MRI-guided adaptive radiation therapy" for patients receiving a combination of chemotherapy and 5-fraction MRIdian SMART in 2022. The study shows superior overall survival in patients receiving post-chemotherapy MRIdian SMART. Thus, this factor boosts the market's growing rapidly.

Restraints/Challenges

• Side Effects Associated with MRI

There are major side effects that are witnessed with the application of MRI. Claustrophobia sometimes trouble fitting within the MRI scanner because it is a small, enclosed space. It is detrimental for patients with metal implants, heart pacemakers, or metal chips or clips in or around the eyeballs. Therefore, these factors hamper the market growth.

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.

Recent Development

• In 2020, Siemens launched its smallest and most lightweight whole-body MRI, High-V MRI. It has a unique blend of digital technologies and an increased 0.55-tesla field strength, which expands the spectrum of clinical applications for MRI scanners.

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                                                      

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
• Other Applications

End Users

• Hospitals
• Imaging Centers
• Ambulatory Surgical Centers
• 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 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 due to the increasing incidence of chronic diseases and growing personal disposable income within the region. Also, technological innovations and the increasing incidence of chronic conditions are expected to enhance the growth of MRI during the forecast period.

Asia-Pacific is expected to witness significant growth because of the existing advanced healthcare technologies within the region. Major countries such as China, India, and Japan are creating many growth opportunities by rapidly expanding the healthcare service industry and boosting market growth.

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 2011-2021.

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 (U.S.)
• Koninklijke Philips N.V., (Netherlands)
• Hitachi Ltd., (Japan)
• ESAOTE SPA (Italy)
• Aspect Imaging Ltd. (Israel)
• FONAR Corp., (U.S.)
• Neusoft Corporation (China)
• AURORA HEALTHCARE US CORP (U.S.)
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)

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